Gold Market
Original summaries of the reporting that moves the gold price, with every source linked.
Gold declined about 0.4% on Monday after Fed Chair Kevin Warsh signalled further tightening. A rise in oil prices and US Treasury yields added pressure, though the metal remains up over 9% for August.
After a strong rally in gold and silver, ICICI Direct's Pankaj Pandey advises investors to adopt a long-term perspective and not chase short-term gains.
HSBC has named Titan Company and Kalyan Jewellers as its preferred jewellery stocks, with Buy ratings and target prices of Rs 5,550 and Rs 770 respectively.
Gold and silver ETFs fell up to 4% on August 31 after hawkish Federal Reserve remarks pushed bond yields higher and strengthened rate-hike expectations, while US-Iran tensions fuelled inflation concerns.
Spot gold fell 0.7% to $44,423.84 per ounce, hitting its lowest in nearly two weeks after Federal Reserve Chair Kevin Warsh indicated that interest rate hikes may be needed to curb inflation.
Gold prices fell ₹9,500 per 10 grams over four sessions and silver dropped ₹7,700 per kg after Fed Chair Kevin Warsh's comments raised expectations of higher US interest rates.
Gold steadied near $4,450 an ounce on Monday after suffering its steepest loss in over two months, as Fed Chair Kevin Warsh's commitment to fighting inflation drove bets on a September rate rise.
Gold snapped a five-week winning streak, falling 3.4% as Fed comments on inflation and possible tightening spooked markets. Despite the drop, gold remains up 30% year-over-year.
September is set to bring fresh volatility for gold, with US jobs reports and geopolitical tensions taking centre stage after a notable price decline.