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Economic Times
16-07-2025
- Business
- Economic Times
Gold prices open higher at Rs 97,389 per 10 grams after 2-day fall. Should you invest at this price?
Taking support from global trade tensions, Gold August futures contracts at MCX opened higher today by Rs 178 or 0.18% at Rs 97,389/10 g after settling negatively in the previous trading session. In the last 2 days, gold prices have fallen by Rs 400. ADVERTISEMENT Meanwhile, silver September futures contracts surged by Rs 314 or 0.28% at Rs 1,11,800/kg after witnessing profit booking for the last 2 days. On Tuesday, gold and silver settled on a weaker note in the domestic and international markets. Gold August futures contract settled at Rs 97,211 per 10 grams with a loss of 0.58% and silver September futures contract settled at Rs 1,11,486 per kilogram with a loss of 1.28%. Gold and silver extended their fall in a highly volatile session after hotter U.S. inflation data and strength in the dollar U.S. CPI rose 0.3% in June against 0.1% in May, and CPI on a yearly basis came up at 2.7% against 2.4% in May. Annual core inflation rose to 2.9% in June month up from 2.8% in May. Hotter U.S. inflation data fades chances for early interest rate cuts by the U.S. Fed and intensifies selling in precious the data, US President Donald Trump said that consumer prices were low and the U.S. Fed should bring down interest rates now. U.S. central bank will probably need to leave interest rates where they are for a while longer to ensure inflation stays low in the face of upward pressure from the Trump administration's tariffs, Dallas Fed Bank President Logan said. ADVERTISEMENT 'The dollar index hit a 3-week high and crossed 98 levels once again, and also pushed gold and silver prices lower. However, uncertainty in the global financial markets due to higher trade tariffs could support prices at lower levels,' said Manoj Kumar Jain of Prithvifinmart Commodity Research. Today, the US Dollar Index, DXY, was hovering near the 98.57 mark, falling 0.05 or 0.05%. ADVERTISEMENT 'We expect gold and silver prices to remain volatile this week amid volatility in the global financial markets and U.S. trade tariff uncertainty, and gold prices could hold their support level of $3,280 per troy ounce and silver prices could also hold $36.40 per troy ounce levels on a weekly closing basis,' he added. ADVERTISEMENT Gold has support at Rs 96,950-96,600 and resistance at Rs 97,440-97,770 has support at Rs 96,950-96,600 and resistance at Rs 97,440-97,770 Silver has support at Rs 1,10,500-1,09,700 and resistance at Rs 1,12,200-1,13,000 Jain suggests traders avoid long positions in gold and silver in today's session ahead of the U.S. PPI and core PPI data, but investors can accumulate in the dips. ADVERTISEMENT Standard gold (22 carat) prices in Delhi stand at Rs 58,376/8 grams while pure gold (24 carat) prices stand at Rs 62,256/8 gold (22 carat) prices in Mumbai stand at Rs 57,360/8 grams while pure gold (24 carat) prices stand at Rs 61,112/8 grams. Also read: Mutual funds dump Rs 1,700 crore worth of 9 defence stocks. Too expensive to buy or smart exit? Standard gold (22 carat) prices in Chennai stand at Rs 56,744/8 grams while pure gold (24 carat) prices stand at Rs 60,432/8 gold (22 carat) prices in Hyderabad stand at Rs 57,072/8 grams while pure gold (24 carat) prices stand at Rs 60,792/8 grams. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
New Straits Times
16-07-2025
- Business
- New Straits Times
Gold nudges higher as focus turns to US tariff negotiations
NEW YORK: Gold prices edged higher on Wednesday, as investors digested economic data showing an increase in US consumer prices last month and awaited further clarity on US President Donald Trump's trade policy. FUNDAMENTALS * Spot gold was up 0.3 per cent at US$3,330.99 per ounce, as of 0052 GMT. US gold futures were steady at US$3,337.70. * US consumer prices increased in June by the most in five months amid higher costs for some goods, suggesting tariffs were starting to have an impact on inflation and potentially keeping the Federal Reserve on the sidelines until September. * Following the data, Trump said that consumer prices were low and the US Fed should bring down interest rates now. * The US central bank will probably need to leave interest rates where they are for a while longer to ensure inflation stays low in the face of upward pressure from the Trump administration's tariffs, Dallas Fed Bank President Lorie Logan said. * Gold, often considered as a safe-haven asset during times of economic uncertainties, tends to do well in a low-interest-rate environment. * Focus now shifts to US Producer Price Index data due at 1230 GMT on Wednesday for more cues. * Trump on Saturday threatened to impose a 30 per cent tariff on imports from Mexico and the European Union starting on August 1. However, Trump said on Monday he was open to further negotiations. * Keeping gold gains in check, the dollar and benchmark US 10-year Treasury yields held near multi week highs. * Spot silver gained 0.2 per cent to US$37.81 per ounce after hitting its highest level since September 2011 on Monday. Platinum eased 0.2 per cent to US$1,369.42 and palladium slipped 0.6 per cent to US$1,198.62.
Business Times
16-07-2025
- Business
- Business Times
Gold nudges higher as focus turns to US tariff negotiations
[BENGALURU] Gold prices edged higher on Wednesday (Jul 16), as investors digested economic data showing an increase in US consumer prices last month and awaited further clarity on US President Donald Trump's trade policy. Spot gold was up 0.3 per cent at US$3,330.99 per ounce, as at 0052 GMT. US gold futures were steady at US$3,337.70. US consumer prices increased in June by the most in five months amid higher costs for some goods, suggesting tariffs were starting to have an impact on inflation and potentially keeping the Federal Reserve on the sidelines until September. Following the data, Trump said that consumer prices were low and the US Fed should bring down interest rates now. The US central bank will probably need to leave interest rates where they are for a while longer to ensure inflation stays low in the face of upward pressure from the Trump administration's tariffs, Dallas Fed Bank President Lorie Logan said. Gold, often considered as a safe-haven asset during times of economic uncertainties, tends to do well in a low-interest-rate environment. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Focus now shifts to US Producer Price Index data due at 1230 GMT on Wednesday for more cues. Trump on Saturday threatened to impose a 30 per cent tariff on imports from Mexico and the European Union starting on Aug 1. However, Trump said on Monday he was open to further negotiations. Keeping gold gains in check, the US dollar and benchmark US 10-year Treasury yields held near multi-week highs. Spot silver gained 0.2 per cent to US$37.81 per ounce after hitting its highest level since September 2011 on Monday. Platinum eased 0.2 per cent to US$1,369.42 and palladium slipped 0.6 per cent to US$1,198.62. REUTERS
