Gold Prices Financial News

said central banks bought over 290 tonnes of gold in the first quarter of calendar 2024–that’s the highest on record. The history of the financial markets shows that any spectacular fall in asset prices triggers a cascading effect on all asset prices. This is logical.

Gold prices have corrected sharply by 7 per cent or Rs 5,000 per 10 grams in the local markets after the government slashed basic custom duty on gold, and the lower costs will encourage more people to invest in the yellow metal, both as a commodity and as a financial asset, experts say. Analysts said customs duty cut has made gold imports cheaper. The move will help curb the rampant issue of gold smuggling, leading to growth in the organised jewellery sector.

World Gold Council (WGC), many consumers have shifted from jewellery to gold bars and coins as the prices of the yellow metal have surged, making it a preferred asset class among investors. Seasonal factors and high prices have dampened the demand for gold jewellery. At the same time, anecdotal reports indicate persistent demand for bars and coins, indicating a likely shift from jewellery to bars and coins for some consumers. Moreover, there hasn’t been significant distress selling of gold or profit taking from gold sales that are being reported, as consumers anticipate further price increases, said Kavita Chacko, research head, India, WGC. The period from mid-May to July is typically a slack season for jewellery purchasing. A potential revival in demand is expected with the onset of the festival season in the latter part of Q3. The sustained momentum in the domestic economy, coupled with favourable progress in monsoons and crop sowing, has raised expectations of an uptick in demand (both rural and urban) in the coming months.

silver September futures contracts opened flat on Thursday as the former opened up by 0.4% or Rs 298 at Rs 74,435 per 10 gram while the latter opened up by 0.48% or Rs 438 at Rs 92,380 per kilogram. The yellow metal has gained Rs 1,200/10 gm in the current week after slipping slightly from its all time high Rs 74,731 while silver has surged by Rs 700/kg in the same time period.

Gold prices held steady on Wednesday, with investors looking towards key U.S. inflation data that could shed more light on the Federal Reserve's interest rates trajectory. FUNDAMENTALS

Spot gold was up 1.1% at $2,380.91 per ounce as of 11:08 a.m. (1508 GMT). Bullion is up more than 2% for the week so far. U.S. gold futures gained 0.8% to $2,389.10.

Gold prices extended gains on Friday to their highest level in over a month following key U.S. jobs data that showed the labor market was softening, lifting expectations around a Federal Reserve interest rate cut in September. Spot gold was up 1.3% at $2,385.63 per ounce as of 2:10 p.m. (1810 GMT). Bullion is up more than 2% for the week so far.

Gold prices edged lower on Friday but were headed for their third consecutive quarterly rise, while investors looked toward key U.S. inflation data due later in the day that could throw some light on the Federal Reserve's stance on interest rate cuts. FUNDAMENTALS

Swiss National Bank on Thursday and weaker than expected US data across the board, gold prices climbed to a two-week high level of $2,366 on Thursday as traders expect the US Federal Reserve to follow suit soon, more so as the European Central Bank has already begun slashing its benchmark rate. However, stronger than expected US PMIs released Friday led to a sharp decline in the yellow metal prices. Spot gold was trading at $2,319, down nearly 1.70% on the day, at the time of the MCX closing on Friday. The metal was down nearly 0.55% on the week. The MCX August contract was at Rs 71,594 (LTP), down 1.37%.

Gold prices were flat on Friday but were on track for their second straight weekly gain as weak economic data from the U.S. boosted expectations that the Federal Reserve would cut interest rates this year. FUNDAMENTALS

Gold rate today: The gold price today has been significantly influenced by the rise in US dollar rates, a key factor in the current market dynamics. This increase in US dollar rates was primarily driven by better-than-expected US job data, which has had a direct impact on the gold price.

OMCs to hold petrol, diesel prices in Q1FY25; dismal earnings eyed over revised margins: Kotak's Sumit PokharnaKalantri further added, “Elections impact first appear in the currency market, consequently influencing the prices of commodities as a secondary outcome."On Wednesday, gold prices in New Delhi dipped by ₹80 to reach ₹72,820 per 10 grams on Wednesday, following the downward trend globally, as reported by HDFC Securities. In the previous session, the precious metal had closed at ₹72,900 per 10 grams.“Gold traded slightly weak today, hovering around ₹71,870 before the start of the evening session, within a minor range.

US PMI data, gold August futures at MCX opened flat at Rs 72,160 per 10 grams down by 0.06% or Rs 43, while silver July contracts stood at Rs 92,099/kg, up 0.07% or Rs 66. Domestic markets settled on a positive note. Gold August futures contract settled at Rs72,203 per 10 grams with a gain of 0.51% and silver July futures contract settled at Rs92,033 per kilogram with a gain of 0.51%.

Gold prices were flat on Thursday, as investors awaited a key U.S. inflation reading that could provide further insights into the Federal Reserve's policy path. FUNDAMENTALS

geopolitical tensions, gold prices steadied as MCX gold June futures opened on Wednesday at Rs 72,203 per 10 grams, up 0.03% or Rs 23 while MCX silver July contracts opened 0.23% higher at Rs 95,670/kg. In the last three days, silver prices have risen by Rs 5,100 per kg.

Gold prices on Tuesday fell by Rs 2,433 from a high of Rs 74,442 per 10 grams on May 20 to Rs 72,009 per 10 grams on May 27. MCX gold June futures today opened flat, down by Rs 98 at Rs 71,911 per 10 grams while July silver contracts opened at Rs 94,640, up by Rs32 or 0.03%. Gold held its gains as traders anticipated US inflation data this week, which could impact the timing of the Federal Reserve's decision to cut interest rates. After rising 0.7% on Monday, gold remained steady.

Gold prices were steady on Tuesday, as investors maintained a cautious stance ahead of key U.S. inflation data, which could provide more insight into the Federal Reserve's policy trajectory. FUNDAMENTALS

investors pared expectations of a U.S. interest rate cut after the Federal Reserve's latest meeting indicated that a delay in monetary policy easing is likely. FUNDAMENTALS

US Federal Reserve minutes show officials rally around higher-for-longer ratesMCX Gold traded lacklustre in the morning on Friday, May 24, tracking weak global cues. According to Reuters, gold prices in international markets hit a two-week low on Friday and were set for their biggest weekly loss in nearly eight months.Also Read: Gold slips to over one-week low on hawkish Fed, US dataAround 11:45 am, MCX Gold traded 0.02 per cent lower at ₹71,565 per 10 grams.Also Read: Gold pulls back from record highs, drops by ₹2,256 over 3 sessions on profit bookingGold prices are falling due to profit booking as investors believe the US Fed will not cut interest rates anytime soon and the rate reduction later this year will be shallow.Rahul Kalantri, VP of commodities at Mehta Equities, pointed out that gold prices are falling as investors have downgraded expectations of Fed rate cuts following the previous US economic release."S&P Global's May flash readings of the manufacturing, services, and composite PMIs reveal that US economic activity is increasing.

Gold prices were steady on Wednesday and hovered above key $2,400 level touched earlier this week, supported by safe-haven buying and the prospect of interest rate cuts from the U.S. Federal Reserve later this year. FUNDAMENTALS

Gold prices climbed to a record high on Monday after U.S. economic data last week cemented bets that the Federal Reserve could cut interest rates twice this year. FUNDAMENTALS