1 week Ago
Latest News Gold prices in India remained steady last week, however, silver prices witnessed volatility with a sharp downside. A host of factors flickered the sentiment in these precious metals , including traders mixed opinions on whether the Federal Reserve will cut rates by 25 bps or 50 bps in the upcoming policy. Also, a stumbling dollar index and downtrend in treasury yield further supported gold prices.
It is believed bullion will continue to see an upside in 2024 as long as geopolitical tension persists. What Drove Gold Last Week? As per Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services, Gold prices have recovered from above support levels at 70850, partially supported by bargain buying, a weaker dollar and a fall in treasury yield amid rising expectations of a rate cut by the U.S.
Fed, adding support have been a corrective move in global equities that is pushing investors towards safe-haven assets." Gold Prices In India: Overall, 24K, 18K, and 22K gold prices last week surged marginally. The precious metals ended the week at Rs 72,870 in 24K per 10 grams, while 22K was at Rs 67,2000 in 18K grams on September 7, 2024.
Gold prices were down from their highest level of Rs 73,310 in 24K/10 grams and at Rs 66,800 22K/10 grams in September month so far. The prices of gold is unchanged on September 8, as its previous day. The start of September is green for yellow metal despite its volatility.
Last month, gold prices soared by nearly 4%. MCX Gold, Silver Prices: While the commodity market is closed on September 7 and September 8, due to the weekend holiday, the price outlook is for the next trading session. Accordingly, on Friday, MCX gold futures with October expiry ended at Rs 71,460 per 10 grams, marginally up ahead of Ganesh Chaturthi.
MCX silver futures with December expiry ended at Rs 82,864 per 1kg, also higher compared to the previous session. Mer said, "On charts..
. prices hold support at 71700/ 71500, while on the upside resistance holds at 72270/ 72520." International Gold Prices: As per Reuters, Gold prices eased on Friday, retreating from near-record levels reached earlier in the session after mixed U.
S. jobs data cast doubts on the scale of interest-rate cut from the Federal Reserve later this month. Spot gold fell 0.
8% to $2,495.86 per ounce, having hit its highest since Aug. 20, when gold last scaled a record peak.
U.S. gold futures settled 0.
7% lower at $2,524.60. Also, SMC Global Equities said, the Dollar Index failed to maintain its highs, and a similar trend was seen in US Treasury yields.
Precious metals diverged, with gold holding its ground, while silver experienced a sharp drop over the past two weeks due to declines in riskier assets. Gold demand in India will continue to be in trend due to the festival season with the onset of Ganesh Chaturthi. Earlier, Goldman Sachs stated to 'Go For Gold'.
So far in 2024, gold prices have continued to glitter despite economic uncertainty and geopolitical tensions. The uptrend is likely to continue in 2025 as well, with Goldman Sachs predicting spot gold at $2,700 per ounce in the near term. Goldman Sachs strongly believes commodities are safer investment options, due to their diversifying roles including hedging returns during supply disruptions.
Not to forget, during economic strife, commodities make up the base materials that fuel the engines of society, and hence they're more attractive than compared to equities. However, the global broker has the highest confidence in gold to stand out among other commodities, and accordingly, expects a price upside in the near term..
