Gold Prices Financial News

Gold prices edged higher on Thursday, supported by a softer dollar and lower Treasury yields after data signalled cooling U.S. inflation, bolstering bets for an interest rate cut by the Federal Reserve.

Gold prices inched down on Wednesday ahead of a key U.S. inflation data that could offer insight into the Federal Reserve's interest rate trajectory.

Gold prices were flat on Tuesday, as investors awaited key U.S. inflation data that could provide more clues on the Federal Reserve's policy path.

Akshaya Tritiya, which is on May 10, has always seen fervent gold purchases stemming from the belief that investments made on this day would never diminish, thus bringing everlasting prosperity. Over the past three to four months, gold prices have shown significant volatility, experiencing roller coaster-like movements.

Jewellers are expecting Akshaya Tritiya sales to pick up as the prices of gold have softened a bit from Rs 73,000 per 10 gm level and are currently hovering around Rs 71,650 per 10 gm. Demand for everyday wear diamond jewellery as well as solitaires is also set to pick up, the trade expects.

Akshaya Tritiya approaches, several devotees buy gold on the occasion. Also recognized as Akti or Akha Teej in certain regions, Akshaya Tritiya holds significance for Hindu households worldwide. It symbolizes new beginnings and the welcoming of prosperity into one's life and household. The price of gold recently surged to record levels, with 24 karat gold surpassing the Rs 75,000 mark per 10 grams. Several factors contribute to the final amount a buyer must pay for a piece of gold jewelry, including the prevailing gold price, manufacturing charges, and the expenses associated with any diamonds or other gemstones incorporated into the piece. Given India's enduring tradition of buying gold during auspicious occasions like Akshaya Tritiya, it's crucial for individuals to conduct thorough research before making a purchase and understand how the price is determined for the precious metal.

Catch the glitter: Silver up 11% YTD on import volume, likely to outshine gold in near-term; How should you invest? Ahead of the auspicious occasion, the precious metal price declined by ₹150 to touch ₹72,300 per 10 grams on Wednesday in Delhi, according to HDFC Securities. According to analysts, gold prices often experience fluctuations during the Akha Teej festive season in India.

Gold prices were steady on Wednesday, while market participants awaited fresh cues from U.S. Federal Reserve officials for further clarity on the timeline for potential interest rate cuts.

Gold prices edged up for a second session on Tuesday, after recent economic data boosted bets that the Federal Reserve would cut interest rates later this year.

China's gold consumption rose 6% in first quarter this year; what is driving the rally? "The downside that we've seen over the last few weeks might actually be running out of steam, opening (the) door for gold prices to resume their upward trajectory," Daniel Ghali, commodity strategist at TD Securities, was quoted as saying Reuters. On Friday, data revealed that job growth in the U.S. decelerated more than anticipated in April, with the rise in annual wages dropping below 4.0% for the first time in nearly three years.

The majority of Indians believe that purchasing gold during festival occasions is auspicious and would benefit both individuals and families by bringing money and good fortune. Festivals also make gold purchases ideal because there are many exclusive deals offered by jewellers.

Gold and silver rate today on 29-04-2024: Check latest rates in your city “Of particular importance is the US interest rate decision, which is poised to strongly impact Gold. Anticipation of two rate cuts could provide support for gold, whereas emphasis on higher rates for a longer duration may exert pressure. Hence, the week ahead is anticipated to be pivotal for gold markets," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Gold rate today: On account of ease in the Iran-Israel war buzz and dent in the US Fed rate cut speculations in the upcoming US Fed meeting, gold prices witnessed strong profit-booking last week. Gold futures contract on the Multi Commodity Exchange (MCX) for June 2024 expiry ended its five-week rally and finished at ₹71,486 per 10 gm level, ₹2,472 per 10 gm or around 3.35 percent lower from its record high of ₹73,958 per 10 gm mark that it touched on 12th April 2024.

International and domestic gold and silver prices gained on Thursday after the Dollar eased after US first-quarter GDP rose less than expected in the first quarter. The rise comes on hopes the Fed could move to lower interest rates after weak GDP numbers.

Gold prices today: The yellow metal trimmed gains on Thursday, April 25, as US Treasury yields rose after gross domestic product (GDP) data showed signs of persistent core inflation, which in turn, lowered expectations of the Federal Reserve cutting interest rates anytime soon. Spot gold firmed 0.3 per cent at $2,321.70 per ounce after rising as much as 0.8 per cent earlier in the session. Prices were down over $100 from an all-time high of $2,431.29 scaled on April 12, fueled by geopolitical turmoil.

Gold hits over two-week low despite touching record highs in 2024; What's hurting the yellow metal's appeal? Since reaching a record high of $2,431.29 on April 12, bullion prices have retreated by over $100. Back home, Gold prices saw a slight increase on Wednesday, April 24th. Gold futures for June expiry on the Multi Commodity Exchange (MCX) recorded a modest uptick of 0.15% per 10 grams.

Income tax rule for gold: Amid fear of the Iran-Israel war, the gold rate today is in an uptrend bias. Despite the weak opening of the gold price today on the Multi Commodity Exchange (MCX), gold price in the domestic market has risen to the tune of 7.60 percent in April 2024 whereas it has delivered more than 15 percent return to the gold investors in YTD time. So, at this juncture, when the market experts are still expecting a bounce back in gold prices, it is important to know how the income tax rule applies to income booked from gold investments.

In India, gold prices vary by city thanks to several factors such as taxes, shipping costs, purity standards, and local demand and supply. Also read:

Gold rate today: Amid rising geo-political tension in the Middle East region on the rising fears of the Iran-Israel war, gold prices continue to scale high for the sixth week in a row. Interestingly, gold and silver prices have risen on the safe-haven demand despite rising US dollar rates. As gold and silver rates today are surging, the US dollar index is also scaling northward.

Gold rate today: On account of rising geo-political tension in the Middle East region, gold prices witnessed buying interest during the early morning session on Friday. Gold price on the Multi Commodity Exchange (MCX) opened upside and went on to touch an intraday high of ₹72,869 per 10 gm. In the international market, spot gold price also showed upside movement and came close to $2,400 per troy ounce levels in early morning deals.

Amid ongoing military conflict between Iran and Israel, financial markets globally have caught in a turmoil. Over the weekend, Iran launched a massive attack on Israel using hundreds of drones and missiles in what it called a response to a strike on its consulate in Syria. The geopolitical tensions in the Middle East have created jitters among investors who are now looking to stay away from riskier assets and taking refuge in gold due to its safe-haven appeal.