Gold Market
Vedanta has deployed portable drilling rigs at two exploration projects in Chhattisgarh, targeting gold and critical minerals such as nickel, chromium, and platinum group elements. The rigs can drill up to 1,000 metres, well beyond the typical 300-400 metre range.
Gold pulled back sharply from a 15-week high of $4,697 on Tuesday, weighed by a stronger US dollar and rising oil prices amid geopolitical tensions. However, technical indicators and robust physical demand suggest the bullish trend may persist.
Gold and silver prices opened lower on the MCX on Tuesday, pausing a rally, as markets turned cautious ahead of US inflation data and a speech by Fed Chair Kevin Warsh at Jackson Hole.
Societe Generale says gold has broken out of a small base formation and reclaimed its 200-day moving average, extending a rebound. Key support is near $4,510, with hurdles at $4,730/$4,770 and $4,890.
Gold futures on the MCX rose ₹1,283 to ₹1,63,721 per 10 grams for October delivery, driven by fresh positions and firm spot demand. Globally, gold gained 0.99% to $4,648.78 per ounce.
Gold rose above $4,650 on Monday, its highest since mid-May. Lower US bond yields and a softer dollar, as expectations for a Fed rate hike fade, underpin the move.
Gold rose for a fourth consecutive session on MCX, gaining Rs 8,200 per 10g, while silver snapped a three-day rally, falling Rs 1,800/kg. Markets await US inflation data and a speech by Fed Chair Kevin Warsh.
An examination of gold's historical performance during recessions and financial crises, highlighting its role as a store of value and safe-haven asset.
Gold prices extended gains to a three-month high above $4,636 as investors focused on upcoming US inflation data and Federal Reserve Chair Kevin Warsh's speech at Jackson Hole.