Gold prices in New Delhi experienced a significant increase, rising by over Rs 900 to reach Rs 72,460 per 10 grams. The rise in gold prices is attributed to the Fed's commentary and profit-taking in the dollar index. Gold August futures contract settled at Rs 72,403 per 10 grams with a gain of 1.19%. Silver prices also saw a substantial gain, rising over Rs 2,000 since the Fed's commentary to open at Rs 91,904 per kg. Silver September futures contract settled at Rs 92,021 per kilogram with a gain of 2.37%. The market expects range-bound movement in gold and silver due to the US holiday and volatility ahead of US job reports. Gold prices in India rose to 6,159.77 Indian Rupees (INR) per gram, up INR 1.58 compared to the previous day. The price for Gold per tola increased to INR 71,846.33 from INR 71,827.84. The rise in Gold prices is attributed to the reduced likelihood of a rate cut by the Federal Reserve, as indicated by upbeat US employment data. The US Dollar's strength and the People's Bank of China's halt in Gold buying also contributed to the increase. Central banks, including those in China, India, and Turkey, are the biggest buyers of Gold. Gold is considered a safe-haven asset and a hedge against inflation and depreciating currencies. Its price is inversely correlated with the US Dollar and risk assets. The price of Gold can be influenced by factors such as geopolitical instability, interest rates, and the behavior of the US Dollar. Meanwhile, silver prices continued to surge, rising by Rs 800 to reach Rs 86,000 per kg. However, silver prices dropped by Rs 500 to Rs 95,500 per kg on June 10. Spot gold prices in Delhi were trading at Rs 72,900 per 10 grams, up Rs 50 from the previous close. In the overseas markets, spot gold at Comex was trading at $2,341 per ounce. The rise in gold prices was attributed to disappointing US first-quarter GDP data, indicating a downturn in the US economy. Silver prices, on the other hand, were lower at $31.20 per ounce. The much-awaited US Personal Consumption Expenditures (PCE) data was expected to be released later in the day. The price of 24-carat gold dipped Rs 10, with ten grams of the precious metal selling at Rs 72,210. The price of silver fell Rs 100, with one kilogram of the precious metal selling at Rs 90,900. In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 72,360, Rs 72,210, and Rs 73,060, respectively. In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 66,190. The price of one kilogram of silver in Delhi is in line with the silver price in Mumbai and Kolkata at Rs 90,900. Spot gold was up 0.2 per cent at $2,331.38 per ounce, as of 0126 GMT. Spot silver rose 0.5 per cent to $29.91 per ounce, platinum was down 0.2 per cent at $978.42 and palladium lost 0.2 per cent to $903.25. According to a report by GSC Commodity Intelligence, the price of gold is expected to reach Rs 1,00,000 per tola due to several factors. Gold has given a 35 percent return in the past 8 months and 22 percent return since mid-February. The world's leading commodity research firm conducted a survey revealing that global debt has increased significantly, leading to a need for a safe haven asset like gold. Central banks are buying gold in large quantities for stability. Retailers and institutions are also buying gold, and there is a high demand for paper gold. The price of gold may reach $2700 per ounce by December 24, according to Goldman Sachs. The technical chart also shows a breakout in gold prices. The demand for gold is increasing due to geopolitical tensions, inflation, and central bank purchases, while miners have low gold inventory. The price of gold in India is currently Rs 72,550 per 10 grams, and it is predicted to reach Rs 1 lakh per tola soon. Gold has delivered robust returns of 13% in H1CY2024, with the best performance in 2020 at nearly 25%. However, the positives are now priced-in, according to Anuj Gupta, Head Commodity & Currency at HDFC Securities. Short-term traders should adopt a sell-on-rally strategy, while in the long term, gold is expected to test Rs 78,000-Rs 80,000 levels by the end of the year. The average returns by gold over the past five years are at 8.43%. Gold's biggest challenge now is the US economy, which may impact the dollar index and subsequently gold prices. Gupta expects a correction in bullion prices in the short term. Gold prices in Delhi surged by Rs 530 to Rs 73,080 per 10 grams, while silver prices jumped Rs 1,200 to Rs 92,500 per kg. In the global markets, spot gold at Comex was trading at USD 2,355 per ounce, up USD 16 from the previous close. The rise in gold and silver prices is attributed to weak US economic data, increased rate cut bets by the US Federal Reserve, fall in the dollar index, and rally in industrial metals. The US market is closed on Thursday for the Independence Day holiday. Focus will now shift to the nonfarm payrolls report due on Friday for more clarity on US rate cuts. Gold price today in India of 24 carat purity fell to Rs 73,080 per 10 gram on Saturday, July 06, 2024. The price of 22-carat gold was quoted at Rs 66,990 per 10 gm. On the other hand, 18-carat gold price stood at Rs 54,810 per 10 gm. Silver price today in India was up by Rs 100 per unit to Rs 93,300 per kg. Commodity experts have given a bullish gold price forecast for next week. The recent data signals that the US economy has recently undergone a slowdown, which may lead to an interest rate cut by the US Federal Reserve in September. Market analysts have said that swaps traders are currently pricing in a 70% chance of a rate cut by the US Fed in September. Saigon Jewelry Company gold ring price rose 0.26% to VND76.2 million (US$2,997.9) per tael on July 5, 2024. Gold bar price was unchanged at VND76.98 million per tael. Globally, 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. U.S. gold futures settled 1.2% higher to $2,397.7. Traders are also pricing in a rising chance of a second rate cut in December. The dollar slipped to a three-week low against its rivals after the jobs data, making gold less expensive for other currency holders, while yield on the benchmark U.S. 10-year Treasury note crept lower. [82096e72]
The price of gold in the domestic market increased by Rs 2,400 per tola (11.6638 grams) last week, reaching Rs 144,400 per tola on Friday from Rs 142,000 per tola on Sunday, according to the records of the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA). The increase in price was attributed to seasonal factors. International media reports suggest that gold prices remain steady near a two-week high due to weaker US economic data, which has led to speculation of potential interest rate cuts. The price of silver also increased by Rs 80 per tola, reaching Rs 1,870 per tola on Friday from Rs 1,790 per tola on Sunday.