Latest news with #JigarTrivedi
CNBC
a day ago
- Business
- CNBC
Gold retreats from five-week high as investors book profits
Gold eased on Tuesday as investors booked profits after prices scaled a five-week high, while market participants focused on trade talks ahead of U.S. President Donald Trump's August 1 deadline. Spot gold fell 0.3% to $3,385.20 per ounce. Earlier in the session, bullion hit its highest since June 17. U.S. gold futures were down 0.3% at $3,396.10. Gold prices edged lower amid profit-booking but remained close to the five-week high due to lingering uncertainty ahead of the August 1 tariff deadline, said Jigar Trivedi, a senior commodity analyst at Reliance Securities. "Gold is likely to stay bullish. A strong resistance is seen near $3,420. On the flip side, $3,350 is a support," he said. The U.S. dollar index steadied against its rivals. A stronger dollar makes greenback-priced gold more expensive for other currency holders. European Union diplomats said the bloc is exploring broader counter-measures against the United States as prospects for a trade agreement with Washington diminish. Trump has threatened 30% tariffs on European imports if no deal is reached before the August 1 deadline. U.S. Treasury Secretary Scott Bessent said the administration prioritises the quality of trade deals over timing. Focus is also on the U.S. Federal Reserve's monetary policy meeting scheduled for next week, where the central bank is expected to hold interest rates steady for now and potentially begin cuts in October. Gold tends to perform well in a low-interest-rate environment and during times of geopolitical and economic uncertainty. Spot silver fell 0.3% to $38.74 per ounce, platinum was down 0.4% to $1,433.20 and palladium declined 1.8% to $1,242.54. Russia's Nornickel, the leading global producer of palladium, lowered its palladium output forecast, now expecting between 2.677 and 2.729 million ounces compared with the earlier estimate of 2.704-2.756 million ounces.
New Straits Times
2 days ago
- Business
- New Straits Times
Gold retreats from five-week high as investors book profits
BENGALURU: Gold eased on Tuesday as investors booked profits after prices scaled a five-week high, while market participants focused on trade talks ahead of US President Donald Trump's Aug 1 deadline. Spot gold fell 0.3 per cent to US$3,386.25 per ounce by 0808 GMT. Earlier in the session, bullion hit its highest since June 17. US gold futures were down 0.2 per cent at US$3,398.40. Gold prices edged lower amid profit-taking but remained close to the five-week high due to lingering uncertainty ahead of the August 1 tariff deadline, said Jigar Trivedi, a senior commodity analyst at Reliance Securities. "Gold is likely to stay bullish. A strong resistance is seen near US$3,420. On the flip side, US$3,350 is a support," he said. The US dollar index edged up 0.1 per cent against its rivals. A stronger dollar makes greenback-priced gold more expensive for other currency holders. European Union diplomats said the bloc is exploring broader counter-measures against the United States as prospects for a trade agreement with Washington diminish. Trump has threatened 30 per cent tariffs on European imports if no deal is reached before the Aug 1 deadline. US Treasury Secretary Scott Bessent said the administration prioritises the quality of trade deals over timing. Focus is also on the US Federal Reserve's monetary policy meeting scheduled for next week, where the central bank is expected to hold interest rates steady for now and potentially begin cuts in October. Gold tends to perform well in a low-interest-rate environment and during times of geopolitical and economic uncertainty. Spot silver fell 0.3 per cent to US$38.81 per ounce, platinum was steady at US$1,437.65 and palladium declined 0.2 per cent to US$1,261.93. Russia's Nornickel, the leading global producer of palladium, lowered its palladium output forecast, now expecting between 2.68 million and 2.73 million ounces compared with the earlier estimate of 2.70 million to 2.76 million ounces.
Mint
5 days ago
- Business
- Mint
Gold price outlook: MCX gold rate likely to hold gains next week, may face resistance near ₹98,800 per 10 gms level
Gold prices on the Multi Commodity Exchange (MCX) advanced on Friday, mirroring gains in the international bullion market, supported by a weaker US dollar. Meanwhile, silver prices remained largely unchanged. MCX gold rate rose by ₹ 542, or 0.56%, to close the session at ₹ 98,015 per 10 grams. On a weekly basis, MCX gold prices registered a modest gain of 0.20%. In contrast, MCX silver prices edged down 0.01% to settle at ₹ 1,12,935 per kg. Over the week, silver price declined marginally by 0.05%, after touching a record high of ₹ 1,15,136 per kg earlier in the week. This followed a sharp 4.2% rally in the previous week. In the international bullion market, gold prices strengthened as safe-haven demand increased amid a softer US dollar and persistent geopolitical and economic uncertainties. Spot gold price rose 0.41% to $3,352.13 per ounce, while US gold futures settled 0.4% higher at $3,358.30 per ounce. However, on a weekly basis, Comex gold declined 0.17%. 'Gold prices posted its first weekly loss in three weeks, as stronger-than-expected US economic data reduced the immediate need for the Federal Reserve to initiate interest rate cuts,' said Jigar Trivedi, Senior Research Analyst at Reliance Securities. 'Retail sales in the US rebounded in June, and weekly jobless claims fell to a three-month low, both pointing to underlying economic strength despite prevailing tariffs,' he added. Reinforcing this sentiment, Federal Reserve Governor Adriana Kugler indicated that it would be appropriate to maintain interest rates at current levels for some time. However, San Francisco Fed President Mary Daly reiterated expectations of two rate cuts later this year. Despite the mixed policy signals, safe-haven demand for gold remained firm amid trade uncertainties and geopolitical tensions. 'President Trump's announcement of plans to notify over 150 trade partners of tariff rates, combined with the ongoing Russia-Ukraine conflict and unrest in the Middle East, have continued to support gold's appeal as a safe asset,' Trivedi noted. Market participants are anticipating two US Fed rate cuts by the end of this year, totalling 50 basis points, according to Reuters. Gold prices thrive during economic uncertainty, and lower interest rates boost investor demand as it is a non-yielding asset. Looking ahead, gold prices are likely to be influenced by a series of economic data releases and monetary policy decisions from key global central banks. In the US, upcoming data includes flash S&P Global PMIs, durable goods orders, and both existing and new home sales. On the global front, monetary policy announcements from the European Central Bank, the Central Bank of the Russian Federation, and the Central Bank of Turkey will be closely watched. According to Trivedi, support for MCX gold prices (August futures) is seen around ₹ 97,200 per 10 grams level, whereas resistance is seen near ₹ 98,800 level. 'The outlook for gold prices is flat-to-positive for the next week,' Trivedi said.
Mint
5 days ago
- Business
- Mint
Gold price outlook: MCX gold rate likely to hold gains next week, may face resistance near ₹98,800 per 10 gms level
Gold prices on the Multi Commodity Exchange (MCX) advanced on Friday, mirroring gains in the international bullion market, supported by a weaker US dollar. Meanwhile, silver prices remained largely unchanged. MCX gold rate rose by ₹ 542, or 0.56%, to close the session at ₹ 98,015 per 10 grams. On a weekly basis, MCX gold prices registered a modest gain of 0.20%. In contrast, MCX silver prices edged down 0.01% to settle at ₹ 1,12,935 per kg. Over the week, silver price declined marginally by 0.05%, after touching a record high of ₹ 1,15,136 per kg earlier in the week. This followed a sharp 4.2% rally in the previous week. In the international bullion market, gold prices strengthened as safe-haven demand increased amid a softer US dollar and persistent geopolitical and economic uncertainties. Spot gold price rose 0.41% to $3,352.13 per ounce, while US gold futures settled 0.4% higher at $3,358.30 per ounce. However, on a weekly basis, Comex gold declined 0.17%. 'Gold prices posted its first weekly loss in three weeks, as stronger-than-expected US economic data reduced the immediate need for the Federal Reserve to initiate interest rate cuts,' said Jigar Trivedi, Senior Research Analyst at Reliance Securities. 'Retail sales in the US rebounded in June, and weekly jobless claims fell to a three-month low, both pointing to underlying economic strength despite prevailing tariffs,' he added. Reinforcing this sentiment, Federal Reserve Governor Adriana Kugler indicated that it would be appropriate to maintain interest rates at current levels for some time. However, San Francisco Fed President Mary Daly reiterated expectations of two rate cuts later this year. Despite the mixed policy signals, safe-haven demand for gold remained firm amid trade uncertainties and geopolitical tensions. 'President Trump's announcement of plans to notify over 150 trade partners of tariff rates, combined with the ongoing Russia-Ukraine conflict and unrest in the Middle East, have continued to support gold's appeal as a safe asset,' Trivedi noted. Market participants are anticipating two US Fed rate cuts by the end of this year, totalling 50 basis points, according to Reuters. Gold prices thrive during economic uncertainty, and lower interest rates boost investor demand as it is a non-yielding asset. Looking ahead, gold prices are likely to be influenced by a series of economic data releases and monetary policy decisions from key global central banks. In the US, upcoming data includes flash S&P Global PMIs, durable goods orders, and both existing and new home sales. On the global front, monetary policy announcements from the European Central Bank, the Central Bank of the Russian Federation, and the Central Bank of Turkey will be closely watched. According to Trivedi, support for MCX gold prices (August futures) is seen around ₹ 97,200 per 10 grams level, whereas resistance is seen near ₹ 98,800 level. 'The outlook for gold prices is flat-to-positive for the next week,' Trivedi said. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Mint
7 days ago
- Business
- Mint
Gold-Silver ratio crashes nearly 20% from recent high. Will silver price outshine MCX gold rate this year?
The Gold-Silver Ratio (GSR), a key indicator used to measure the relative strength of silver to gold, has plunged nearly 20% in recent months — from a peak of 107 to around 88 currently — signalling a sharp outperformance of silver compared to gold. The drop in the ratio is driven by a contrasting trend in prices of the two precious metals. While MCX gold prices have declined nearly 2% in the past one month, silver prices have surged more than 7% over the same period. MCX silver price recently hit a record high of over ₹ 1,15,000 per kg. 'A steep fall in the Gold/Silver Ratio shows silver's significant outperformance, which usually hints at a broader shift in momentum toward risk-on behaviour in metals,' said Ajay Kedia, Director at Kedia Advisory. 'With abating uncertainties around US tariffs and geopolitical tensions easing, and with a favourable demand-supply outlook, silver is likely to continue outperforming gold this year.' According to Kedia, the GSR has broken down from its consolidation range of 90–91 on the charts, indicating further downside. He expects the ratio to drop towards 82.74 in the coming months. 'This implies that silver will continue to outperform gold in the near to medium term,' he said. Technically, resistance for the GSR is now seen at 90.42 and further up at 98.06, while the downside support lies at 82.74. Echoing a similar sentiment, Jigar Trivedi, Senior Research Analyst at Reliance Securities, said the nearly 20% crash in the GSR is a strong signal of silver's catch-up move after a period of undervaluation. 'Silver is both a monetary and industrial metal. Its long-term prospects are boosted by the global green energy push, inflation narratives, and a shifting stance by central banks,' he said. On price outlook, Kedia said that silver faces resistance around the $40 per ounce level, but a breach above could lead it to $42 – $43 levels. For MCX silver, he has set a target of ₹ 1,30,000 per kg for 2025, provided prices sustain above ₹ 1,15,000. In the short term, however, silver prices could see a dip towards ₹ 1,06,000 – ₹ 1,02,000 — levels which he believes offer a good buying opportunity. Gold prices, on the other hand, may continue to remain under pressure. Kedia expects MCX gold rate to trend lower, ending the year around ₹ 91,000 – 92,000 per 10 grams. Jigar Trivedi expects silver prices to trade in the range of $38 – $44 per ounce over the next four to six months. On MCX, his near-term forecast pegs silver prices in the ₹ 1,20,000 – ₹ 1,25,000 range, with a bullish long-term outlook. As industrial demand for silver strengthens — particularly from sectors like solar, EVs, and electronics — the white metal appears well-placed to continue its rally, outperforming its yellow counterpart in the months ahead. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
