Gold Market
Daily movements in the gold market and what is driving them.
Gold is currently trading around ₹1.5 lakh per 10 grams. An analyst expects it to move towards ₹2 lakh–₹2.1 lakh over the next 12 months, driven by rupee weakness, customs duties and global trends.
Spot gold gained 0.6% to $4,381.32 as a subdued dollar and renewed US-Iran tensions supported prices. Investors now await US inflation data for the next rate move.
TD Securities says gold has held firm despite higher Fed rate hike odds. The next big test is US inflation data, with structural demand still underpinning the metal.
Gold rose more than 1% on Wednesday, supported by the US Treasury's announcement of a bond buyback for September 10, even as the US Dollar clawed back some losses and yields edged higher.
Gold and silver prices declined for a second day on the MCX as traders assessed Middle East tensions, rising crude oil, and a 60% chance of a Fed rate hike. US inflation data is the next focus.
Gold rebounds from a one-week low near $4,340 as the US dollar weakens. However, expectations of further rate hikes and rising geopolitical tensions cap the upside ahead of US inflation data.
Gold prices fell on Wednesday as intensifying conflict in the Middle East pushed crude oil higher, stoking inflation fears and raising expectations of a US interest rate hike.
TD Securities remains constructive on the South African Rand, citing gold prices above $4,000/oz and resilient global risk sentiment as key supports despite domestic political noise.
India Gold Metaverse has appointed Nirakar Chand, former CEO of Diamond India, as Managing Director of BullionX, its technology platform for bullion markets.