gold price Archives - Republic Aeon https://republicaeon.com/tag/gold-price/ Know Your World! Sat, 19 Aug 2023 19:38:49 +0000 en-US hourly 1 https://wordpress.org/?v=7.1 https://republicaeon.com/wp-content/uploads/2022/11/cropped-RA_LIGHT_FINAL-removebg-preview-32x32.png gold price Archives - Republic Aeon https://republicaeon.com/tag/gold-price/ 32 32 Gold price falls 1.4% this week on strong US dollar. Opportunity to buy? https://republicaeon.com/gold-price-falls-1-4-this-week-on-strong-us-dollar-opportunity-to-buy/ Sat, 19 Aug 2023 19:38:49 +0000 https://republicaeon.com/?p=21336 Gold recovered somewhat from five-month lows on Friday as the dollar and bond yields fell. However, bullion was still on track for another weekly drop as strong US data bolstered expectations that the Federal Reserve will continue to raise interest rates. Spot gold fell to a five-month low of $1884 on Thursday as a result […]

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]]> Gold recovered somewhat from five-month lows on Friday as the dollar and bond yields fell. However, bullion was still on track for another weekly drop as strong US data bolstered expectations that the Federal Reserve will continue to raise interest rates. Spot gold fell to a five-month low of $1884 on Thursday as a result of good US economic data.

Spot gold was flat at $1,887.79 per ounce on Friday at 2:22 p.m. ET (1822 GMT), down 1.4% for the week. According to Reuters, US gold futures closed the day 0.1% higher at $1,916.5. Because of the dollar’s 0.2% decrease, which capped losses for the day, gold became more affordable for holders of other currencies.

When the US dollar fell from its highs on Friday, gold prices in India surged on the Multi Commodity Exchange (MCX), mirroring the rise in worldwide prices.

Gold futures for October delivery closed 88 or 0.15% higher at 58,378 per 10 grammes, compared to the previous close of 58,290 and the beginning price of 58,370 on the MCX.

According to Sugandha Sachdeva, Executive Director & Chief Strategist at Acme Investment Advisors, the yellow metal may consolidate for a while after breaching the key $1900 per ounce mark, but it has crucial support at $1880 and then $1865 per ounce, or 57500 per 10 gm mark, and is likely to garner buying interest at lower levels. For the next week, markets will be focused on the Fed Chair’s remarks at the Jackson Hole Symposium. This event may provide clarification on the central bank’s stance and prospective rate hikes, which may influence market sentiment. Positive indicators may aid in the stabilisation of gold prices.

Should you buy or sell?

Anuj Gupta, Head of Commodity and Currency Research at HDFC Securities

According to Gupta, gold prices are under pressure as the US dollar has risen in anticipation of a US Federal Reserve rate hike. The yellow metal has reached its lowest level in five months, while the US dollar has reached a nine-week high.

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“However, we anticipate a rebound in the price of precious metals as the market has reached oversold territory.” Friday’s gold prices on the international market have firm support at $1860. If it holds above $1900 and closes above $1910, we can anticipate a rebound in the price of gold. On the MCX, gold prices have immediate support at 58,000 per 10 GM, while they have firm support at 57,500 per 10 GM. On the upside, gold faces imminent resistance between 58,700 and 59,200,” Gupta added.

Sugandha Sachdeva, Executive Director & Chief Strategist at Acme Investment Advisors

According to Sachdeva, gold prices fell for a third consecutive week on foreign markets, hitting their lowest level since March, and for a second straight week on domestic markets. Weakness can be ascribed to the rising dollar index, which has risen for five straight weeks and surged to a two-month high, reducing demand for the traditional safe-haven commodity, gold. In spite of the robust state of the US economy, the value of the dollar has risen on fears that interest rates will remain high for a prolonged period of time. The Federal Reserve’s (Fed) hawkish minutes from its most recent meeting issued this week bolstered expectations for additional monetary tightening in the United States. This resulted in a further increase in the dollar index and functioned as a ceiling on gold prices.

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However, gold’s lacklustre demand persists despite China’s slowing economy. Investment funds such as SPDR’s global gold ETF saw significant redemptions this week, a trend that may indicate declining demand for the precious metal.

In the current scenario, central banks are projected to continue buying gold for the rest of the year, which would sustain gold prices even as investor demand declines. For the first time in three months, central banks became net buyers of gold in June. Central banks’ recent shift to net buying of gold shows that governments continue to value holding the precious metal in their foreign reserves. Because of this pattern, Sugandha predicted that future large declines in gold prices would be unlikely.

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]]> Gold prices today reached a new high level. https://republicaeon.com/gold-prices-today-reached-a-new-high-level/ Tue, 24 Jan 2023 20:08:17 +0000 https://republicaeon.com/?p=3685 Gold prices in India reached a new high Thursday, mirroring robust worldwide prices. In the local futures market, MCX gold increased by 0.4% to 57050 per 10 gramme, while silver increased by 0.5% to 68301 per kg. Spot gold increased 0.2% to $1,935.69 per ounce in global markets, aided by a lower US dollar. Investors […]

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]]> Gold prices in India reached a new high Thursday, mirroring robust worldwide prices. In the local futures market, MCX gold increased by 0.4% to 57050 per 10 gramme, while silver increased by 0.5% to 68301 per kg. Spot gold increased 0.2% to $1,935.69 per ounce in global markets, aided by a lower US dollar. Investors are looking forward to the release of fourth-quarter GDP growth projections in the United States later this week. Silver, among other precious metals, rose 0.4% to $23.54 per ounce.

Gold price

The US dollar has weakened in recent weeks as expectations for smaller rate hikes have increased. A weakening currency makes dollar-priced bullion more accessible to many buyers.

“COMEX Gold finished Monday’s session flat after sliding as low as $1912/oz. In today’s early session, Comex gold is trading near $1936/oz, up about 0.40%. Yesterday, the yellow metal experienced a violent swing, with the price first correcting towards $1912/oz due to a strong US dollar and rising bond yields. “However, the dollar wiped out the gains that helped gold recapture $1928/oz and closed on a flat note,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

Also read: RBI gives people more time to sign new contracts for existing lockers

“Traders will be looking at a flood of economic data from the United States this week ahead of the FOMC meeting next week. Today’s attention will be on PMIs from the Eurozone, the United Kingdom, and the United States, followed by the fourth-quarter GDP report from the United States on Thursday,” he added.

Gold prices in India have risen by 7,000 rupees per gramme since November, owing to a decline in US bond yields and a weaker currency, which has fueled a comeback in worldwide rates.

“On the investment demand front, SPDR gold ETF holdings grew to 917.05 tonnes as on 20th January 2023, from 912.14 tonnes in the previous week. The deteriorating prognosis for the global economy, notably the United States, and the potential of a Fed pivot have prompted some inflows. Having said that, India’s gold imports fell 79% year on year in December, to the lowest level in decades, as rising domestic prices likely impacted retail investor demand. India’s gold imports in 2022 will be 706 tonnes, down from 1,068 tonnes the previous year. Prospects of a US recession, cooling inflation and labour market, and a Fed shift may continue to support gold prices, according to Kotak Securities in a note.

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]]> Gold breaks 56K, Silver nears Rs 70,000 https://republicaeon.com/gold-price-rises/ Thu, 05 Jan 2023 21:20:57 +0000 https://republicaeon.com/?p=2214 Listen to the post: Gold Price: If you plan to buy gold, silver, or their ornaments in 2023, read on. If gold’s price rises today, it will surpass 56200, its all-time high. Wednesday, 10 gms of gold cost Rs 56142. Gold is sold just Rs 58 below its all-time high; a price increase today could […]

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]]> Listen to the post:

Gold Price: If you plan to buy gold, silver, or their ornaments in 2023, read on. If gold’s price rises today, it will surpass 56200, its all-time high. Wednesday, 10 gms of gold cost Rs 56142. Gold is sold just Rs 58 below its all-time high; a price increase today could set a new record.

Gold and silver have been rising for months. Gold prices rose on the third day of the first trading week of 2023. Gold cost Rs 561 per 10 grammes and silver Rs 149 per kg on Wednesday.

Gold breaks 56K, Silver nears Rs 70,000

Gold surpassed Rs 56000 per 10 grammes on Wednesday. Silver rose to near Rs 70,000 per kg. After the boom, gold costs Rs 58 per 10 grammes and silver over Rs 10,600 per kg. According to bullion market experts, gold and silver prices may continue to rise.

Gold closed Wednesday at Rs 56142 per kg, up Rs 561 per 10 grammes. On Tuesday, gold closed at Rs 55581 per 10 grammes, up Rs 418.

Along with gold, silver rose on Wednesday (Gold Price Update). Silver rose 149 rupees to Rs per kg. On Tuesday, silver rose Rs 878 per kg to Rs 69227 per kg.

14-24k gold price

On Wednesday, 24 carat gold rose by Rs 561 to Rs 56142, 23 carat by Rs 558 to Rs 55917, 22 carat by Rs 514 to Rs 51426, 18 carat by Rs 421 to Rs 42107, and 14 carat by Rs 328 to Rs 32843 per 10 grammes.

Gold down 58 and silver by 10600 from highs

Gold is Rs 58 per 10 grammes below its all-time high. Gold peaked in August 2020. Gold cost Rs 56200 per ten grammes then. Silver, at Rs 10609 per kg, was cheaper than its peak. Silver peaked at Rs 79980 per kg.

Buy gold now
According to bullion market experts, after Kharmas, the wedding season continues until Makar Sankranti on January 14. Gold and silver prices will rise further in the coming days. People say the price of gold will reach its highest level in 2023. If you have a wedding here, buy gold as soon as possible.

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