Gold Rate Today Live Updates: Gold prices traded higher on Friday as investors awaited US Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Symposium for more cues on the scale of interest rate cut in September policy. MCX gold rate opened above ₹71,400 per 10 grams level, while Silver prices rose above ₹84,030 per kg level. International bullion prices that hit an all-time high of $2,531.60 on Tuesday, have fallen nearly 1% this week amid a rebound in the dollar index and rise in US 10-year Treasury yields. Central bank officials from around the world have gathered in Jackson Hole, Wyoming, for the annual Economic Symposium. Investors will be focused on Fed Chair Powell’s address today for clues on the timing and extent of the Fed rate cut and policy easing cycle. Catch the latest updates on our gold rate live blog:
Govt likely to discontinue sovereign gold bond issue, says report
The Government of India may discontinue the sale of Sovereign Gold Bonds (SGB) as they are considered an “expensive and complex” instrument, CNBC-TV18 reported on Thursday, August 22, quoting government sources. Bond investors put in ₹72,274 crore in 67 segments or tranches of SGB, as per the report. Four out of the 67 have fully matured, and the money has been sent back to the investors who bought the bonds.
Gold Rate Today Live: Key supportive factors for gold prices
Gold Rate Today Live: Gold prices have seen a sharp rally led by a slew of supportive factors. Here are some of those:
– Rate cut hopes: US Federal Reserve is expected to begin interest rate cuts from the September policy meeting. Traders have fully priced in Fed easing next month, with a 76% chance of a 25-basis-point cut, according to CME FedWatch tool. A low-interest rate environment tends to boost the non-yielding bullion’s appeal.
– Fed policymakers voiced support for starting rate cuts next month as inflation has eased and the labour market is showing signs of cooling, though one signalled he is in no rush to ease policy.
– SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.13% on Thursday.
– Geopolitical tensions in the Middle East have led to safe-haven buying in gold.
– A weak US dollar amid hopes of Fed rate cut is also supporting the gold prices.
– Additional insight: The correlation between gold prices and central bank policies, especially in a low-interest rate environment, is a critical factor to consider when analysing the movement of gold prices.
Gold Rate Today Live: Gold price gains over 3% in one month, jumps 12% YTD
Gold Rate Today Live: MCX gold rate has risen more than 3% in one month, while the yellow metal has given more than 12% return in 2024 so far. Gold price on MCX has risen by over ₹8,000 per 10 grams year-to-date (YTD) from the levels of around ₹63,300 in the beginning of January. Gold price hit a record high of ₹73,731 on July 17.
Gold Rate Today Live: Gold has support at $2,470–2,455, says Rahul Kalantri
Gold Rate Today Live: Gold has support at $2,470–2,455, with resistance at $2,502–2,518. Silver has support at $28.84–28.62, with resistance at $29.24–29.42. In INR terms, gold has support at ₹70,910–70,680, with resistance at ₹71,390–71,550. Silver has support at ₹82,850–82,180, with resistance at ₹84,340–84,940, said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.
Gold Rate Today Live: Gold trading range for the day is ₹70,335 – 72,315: Ajay Kedia
Gold Rate Today Live: Gold trading range for the day is ₹70,335 – 72,315. Gold eased as the dollar rose, with investors anticipating Fed Powell’s speech. Minutes from the Fed’s July 30-31 meeting indicated a strong likelihood of a rate cut next month. The meeting indicated that if economic data aligns with expectations, it would be appropriate to ease monetary policy. Fed’s Collins likely supports a rate cut at the US central bank’s policy meeting next month, said Ajay Kedia, Director, Kedia Advisory.
According to Kedia, support for MCX gold is placed at ₹70,765 – 70,335 levels, while resistance is seen at ₹72,315 – 71,755 levels.
– Additional insight: The impact of macroeconomic data releases and central bank statements on gold prices underscores the importance of staying informed about the latest economic developments for traders and investors in the gold market.
Gold Rate Today Live: 24 carat gold rate falls to ₹7,288.8 per gram
Gold Rate Today Live: Gold prices saw a slight decrease on Friday. The cost of 24 carat gold is ₹7,288.8 per gram, down by ₹481. The cost of 22 carat gold is ₹6,676.6 per gram, down by ₹440. The price change in 24 carat gold in the last one week has been -2.15% whereas in the last month it has been -3.6%.
Gold Rate Today Live: Comex gold fell over 1% in the previous session
Gold Rate Today Live: Comex Gold declined over 1% to below $2,490 per ounce on Thursday pressurized by a stronger dollar and rising Treasury yields while investors took the opportunity to lock in profits following recent record highs, noted Jigar Trivedi, Senior Research Analyst – Currencies & Commodities, Reliance Securities.
The dollar index rose 0.5% after US jobless claims exceeded expectations, and 10-year Treasury yields increased. Nonetheless, the dollar index may finish the fifth consecutive week with losses.
Meanwhile, data showed initial jobless claims rose slightly more than expected halfway through August, magnifying growing concerns of a moderating labor market in the US following the 818,000 downward revision to nonfarm payrolls for the year ending in March.
Gold Rate Today Live: Gold support near ₹70,700, resistance seen at ₹72,400: Jigar Trivedi
Gold Rate Today Live: “Attention now turns to the Fed Chair Powell’s speech at the Jackson Hole Economic Symposium, with expectations of dovish signals that could boost gold prices further. Fed officials have shown support for a potential rate cut next month, which would decrease the opportunity cost of holding gold. Most forecasts predict a 25-basis point rate cut, with some expecting up to 50 basis points,” said Jigar Trivedi, Senior Research Analyst – Currencies & Commodities, Reliance Securities.
MCX Gold October futures may find support near ₹70,700 per 10 grams and resistance around ₹72,400 per 10 grams. Comex Gold has a psychological resistance around $2,500 per ounce. In case, next week the dollar index rebounds further, we expect weakness in the yellow meal hence the outlook is bearish, Trivedi added.
Next week, the US will release consumer confidence for August and the provisional GDP for the second quarter and lastly the Core PCE Price Index for July. Hence from an economic data point of view, the week will be a crucial one, he said.
Gold Rate Today Live: 76% chance of a 25 bps Fed rate cut in September
Gold Rate Today Live: Traders have fully priced in US Fed easing next month, with a 76% chance of a 25-basis-point US Fed rate cut, according to CME FedWatch tool. A low-interest rate environment tends to boost the appeal for non-yielding gold.
Gold Rate Today Live: All eyes on Powell’s speech at Jackson Hole Symposium
Gold Rate Today Live: Central bank officials from around the world have gathered in Jackson Hole, Wyoming, for the annual Economic Symposium. Market participants will be focused on US Federal Reserve Chair Jerome Powell’s address today for clues on the timing and extent of the Fed rate cut and policy easing cycle.
Gold Rate Today Live: MCX Gold rate opens above ₹71,400 level
Gold Rate Today Live: MCX gold prices opened above ₹71,400 level on Friday tracking gains in international bullion prices. MCX gold rate opened higher by ₹280 at ₹71,474 per 10 grams level as against the previous close of ₹71,194. Silver prices on MCX also opened higher at ₹84,567 per kg as compared with the previous close of ₹83,736.
Gold Rate Today Live: Gold prices gain ahead of Powell’s speech
Gold Rate Today Live: Gold prices traded higher on Friday as investors awaited US Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Symposium for more cues on the scale of interest rate cut in September policy.
Gold Rate Today Live Updates: Gold prices traded higher on Friday as investors awaited US Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Symposium for more cues on the scale of interest rate cut in September policy. MCX gold rate opened above ₹71,400 per 10 grams level, while Silver prices rose above ₹84,030 per kg level. International bullion prices that hit an all-time high of $2,531.60 on Tuesday, have fallen nearly 1% this week amid a rebound in the dollar index and rise in US 10-year Treasury yields. Central bank officials from around the world have gathered in Jackson Hole, Wyoming, for the annual Economic Symposium. Investors will be focused on Fed Chair Powell’s address today for clues on the timing and extent of the Fed rate cut and policy easing cycle. Catch the latest updates on our gold rate live blog:
Govt likely to discontinue sovereign gold bond issue, says report
The Government of India may discontinue the sale of Sovereign Gold Bonds (SGB) as they are considered an “expensive and complex” instrument, CNBC-TV18 reported on Thursday, August 22, quoting government sources. Bond investors put in ₹72,274 crore in 67 segments or tranches of SGB, as per the report. Four out of the 67 have fully matured, and the money has been sent back to the investors who bought the bonds.
Gold Rate Today Live: Key supportive factors for gold prices
Gold Rate Today Live: Gold prices have seen a sharp rally led by a slew of supportive factors. Here are some of those:
– Rate cut hopes: US Federal Reserve is expected to begin interest rate cuts from the September policy meeting. Traders have fully priced in Fed easing next month, with a 76% chance of a 25-basis-point cut, according to CME FedWatch tool. A low-interest rate environment tends to boost the non-yielding bullion’s appeal.
– Fed policymakers voiced support for starting rate cuts next month as inflation has eased and the labour market is showing signs of cooling, though one signalled he is in no rush to ease policy.
– SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.13% on Thursday.
– Geopolitical tensions in the Middle East have led to safe-haven buying in gold.
– A weak US dollar amid hopes of Fed rate cut is also supporting the gold prices.
– Additional insight: The correlation between gold prices and central bank policies, especially in a low-interest rate environment, is a critical factor to consider when analysing the movement of gold prices.
Gold Rate Today Live: Gold price gains over 3% in one month, jumps 12% YTD
Gold Rate Today Live: MCX gold rate has risen more than 3% in one month, while the yellow metal has given more than 12% return in 2024 so far. Gold price on MCX has risen by over ₹8,000 per 10 grams year-to-date (YTD) from the levels of around ₹63,300 in the beginning of January. Gold price hit a record high of ₹73,731 on July 17.
Gold Rate Today Live: Gold has support at $2,470–2,455, says Rahul Kalantri
Gold Rate Today Live: Gold has support at $2,470–2,455, with resistance at $2,502–2,518. Silver has support at $28.84–28.62, with resistance at $29.24–29.42. In INR terms, gold has support at ₹70,910–70,680, with resistance at ₹71,390–71,550. Silver has support at ₹82,850–82,180, with resistance at ₹84,340–84,940, said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.
Gold Rate Today Live: Gold trading range for the day is ₹70,335 – 72,315: Ajay Kedia
Gold Rate Today Live: Gold trading range for the day is ₹70,335 – 72,315. Gold eased as the dollar rose, with investors anticipating Fed Powell’s speech. Minutes from the Fed’s July 30-31 meeting indicated a strong likelihood of a rate cut next month. The meeting indicated that if economic data aligns with expectations, it would be appropriate to ease monetary policy. Fed’s Collins likely supports a rate cut at the US central bank’s policy meeting next month, said Ajay Kedia, Director, Kedia Advisory.
According to Kedia, support for MCX gold is placed at ₹70,765 – 70,335 levels, while resistance is seen at ₹72,315 – 71,755 levels.
– Additional insight: The impact of macroeconomic data releases and central bank statements on gold prices underscores the importance of staying informed about the latest economic developments for traders and investors in the gold market.
Gold Rate Today Live: 24 carat gold rate falls to ₹7,288.8 per gram
Gold Rate Today Live: Gold prices saw a slight decrease on Friday. The cost of 24 carat gold is ₹7,288.8 per gram, down by ₹481. The cost of 22 carat gold is ₹6,676.6 per gram, down by ₹440. The price change in 24 carat gold in the last one week has been -2.15% whereas in the last month it has been -3.6%.
Gold Rate Today Live: Comex gold fell over 1% in the previous session
Gold Rate Today Live: Comex Gold declined over 1% to below $2,490 per ounce on Thursday pressurized by a stronger dollar and rising Treasury yields while investors took the opportunity to lock in profits following recent record highs, noted Jigar Trivedi, Senior Research Analyst – Currencies & Commodities, Reliance Securities.
The dollar index rose 0.5% after US jobless claims exceeded expectations, and 10-year Treasury yields increased. Nonetheless, the dollar index may finish the fifth consecutive week with losses.
Meanwhile, data showed initial jobless claims rose slightly more than expected halfway through August, magnifying growing concerns of a moderating labor market in the US following the 818,000 downward revision to nonfarm payrolls for the year ending in March.
Gold Rate Today Live: Gold support near ₹70,700, resistance seen at ₹72,400: Jigar Trivedi
Gold Rate Today Live: “Attention now turns to the Fed Chair Powell’s speech at the Jackson Hole Economic Symposium, with expectations of dovish signals that could boost gold prices further. Fed officials have shown support for a potential rate cut next month, which would decrease the opportunity cost of holding gold. Most forecasts predict a 25-basis point rate cut, with some expecting up to 50 basis points,” said Jigar Trivedi, Senior Research Analyst – Currencies & Commodities, Reliance Securities.
MCX Gold October futures may find support near ₹70,700 per 10 grams and resistance around ₹72,400 per 10 grams. Comex Gold has a psychological resistance around $2,500 per ounce. In case, next week the dollar index rebounds further, we expect weakness in the yellow meal hence the outlook is bearish, Trivedi added.
Next week, the US will release consumer confidence for August and the provisional GDP for the second quarter and lastly the Core PCE Price Index for July. Hence from an economic data point of view, the week will be a crucial one, he said.
Gold Rate Today Live: 76% chance of a 25 bps Fed rate cut in September
Gold Rate Today Live: Traders have fully priced in US Fed easing next month, with a 76% chance of a 25-basis-point US Fed rate cut, according to CME FedWatch tool. A low-interest rate environment tends to boost the appeal for non-yielding gold.
Gold Rate Today Live: All eyes on Powell’s speech at Jackson Hole Symposium
Gold Rate Today Live: Central bank officials from around the world have gathered in Jackson Hole, Wyoming, for the annual Economic Symposium. Market participants will be focused on US Federal Reserve Chair Jerome Powell’s address today for clues on the timing and extent of the Fed rate cut and policy easing cycle.
Gold Rate Today Live: MCX Gold rate opens above ₹71,400 level
Gold Rate Today Live: MCX gold prices opened above ₹71,400 level on Friday tracking gains in international bullion prices. MCX gold rate opened higher by ₹280 at ₹71,474 per 10 grams level as against the previous close of ₹71,194. Silver prices on MCX also opened higher at ₹84,567 per kg as compared with the previous close of ₹83,736.
Gold Rate Today Live: Gold prices gain ahead of Powell’s speech
Gold Rate Today Live: Gold prices traded higher on Friday as investors awaited US Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Symposium for more cues on the scale of interest rate cut in September policy.
