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The Print
7 days ago
- Business
- The Print
Gold climbs Rs 400 to Rs 98,020/10 g; silver rises Rs 500
In the national capital, gold of 99.5 per cent purity appreciated by Rs 300 to Rs 97,800 per 10 grams (inclusive of all taxes) on Monday. The yellow metal had settled at Rs 97,500 per 10 grams in the previous market close. On Friday, the precious metal of 99.9 per cent purity had closed at Rs 97,620 per 10 grams. New Delhi, Aug 4 (PTI) Gold prices climbed Rs 400 to Rs 98,020 per 10 grams in the national capital on Monday due to fresh buying by stockists, according to the All India Sarafa Association. In addition, silver prices increased Rs 500 to Rs 1,10,000 per kilogram (inclusive of all taxes) on Monday. The white metal had finished at Rs 1,09,500 per kg on Friday. 'Gold prices traded very strong, driven by a weak rupee and disappointing US macroeconomic data on Friday. The data supported gold prices in the international market, which climbed to USD 3,355 per ounce. 'Tariff-related concerns and rupee depreciation added to the upside momentum. In the week ahead, investors will shift their focus to the upcoming RBI monetary policy meeting and US manufacturing data to provide further guidance on the trajectory of bullion prices in the near-term,' Jateen Trivedi, VP Research Analyst — Commodity and Currency, LKP Securities. Meanwhile, spot gold was trading flat at USD 3,363.83 per ounce in New York. 'Spot gold is trading at USD 3,355 per ounce as risk assets are bid on rate cut hopes; however, sharp decline in the Indian rupee on tariff concerns supports the domestic gold prices,' Praveen Singh, Associate Vice President, fundamental currencies and commodities, at Mirae Asset Share Khan, said. However, spot silver rose 0.43 per cent to USD 37.20 per ounce in the overseas markets. PTI HG TRB This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
News18
7 days ago
- Business
- News18
Gold climbs Rs 400 to Rs 98,020/10 g; silver rises Rs 500
Agency: New Delhi, Aug 4 (PTI) Gold prices climbed Rs 400 to Rs 98,020 per 10 grams in the national capital on Monday due to fresh buying by stockists, according to the All India Sarafa Association. On Friday, the precious metal of 99.9 per cent purity had closed at Rs 97,620 per 10 grams. In the national capital, gold of 99.5 per cent purity appreciated by Rs 300 to Rs 97,800 per 10 grams (inclusive of all taxes) on Monday. The yellow metal had settled at Rs 97,500 per 10 grams in the previous market close. In addition, silver prices increased Rs 500 to Rs 1,10,000 per kilogram (inclusive of all taxes) on Monday. The white metal had finished at Rs 1,09,500 per kg on Friday. 'Gold prices traded very strong, driven by a weak rupee and disappointing US macroeconomic data on Friday. The data supported gold prices in the international market, which climbed to USD 3,355 per ounce. 'Tariff-related concerns and rupee depreciation added to the upside momentum. In the week ahead, investors will shift their focus to the upcoming RBI monetary policy meeting and US manufacturing data to provide further guidance on the trajectory of bullion prices in the near-term," Jateen Trivedi, VP Research Analyst — Commodity and Currency, LKP Securities. Meanwhile, spot gold was trading flat at USD 3,363.83 per ounce in New York. 'Spot gold is trading at USD 3,355 per ounce as risk assets are bid on rate cut hopes; however, sharp decline in the Indian rupee on tariff concerns supports the domestic gold prices," Praveen Singh, Associate Vice President, fundamental currencies and commodities, at Mirae Asset Share Khan, said. However, spot silver rose 0.43 per cent to USD 37.20 per ounce in the overseas markets. PTI HG TRB (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
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Business Standard
01-08-2025
- Business
- Business Standard
Gold prices to drop? Analyst decodes near-term strategy amid tariff threats
Considering the US GDP data, weekly job report, hot PCE report and calm in the wider markets despite tariffs, gold is susceptible to further decline in the near-term, says Praveen Singh of Mirae Asset Praveen Singh Gold: Recovers on lower yields but remains vulnerable Performance: On July 29, spot gold tumbled on reassuring US GDP and ADP data and closed solidly lower as bears tested the 100-DMA support at $3,268. Despite a hotter-than-expected US PCE Price Index released on July 31, the yellow metal, at the time of writing this article, was changing hands at $3,296, up around 0.6 per cent for the day. Its recovery was driven by slightly lower US yields and tentative safe haven buying ahead of the August 1 tariff deadline. Still, the metal is down nearly 1.2 per cent this week. Data roundup: US PCE Price Index (June) rose 0.3 per cent Month-on-Month (M-o-M), matching the forecast of 0.3 per cent but higher than the revised 0.2 per cent increase observed in May, while year-on-year (Y-o-Y) increase was 2.6 per cent vs the forecast of 2.5 per cent, which was higher than the revised 2.4 per cent increase in May. Core PCE registered an increase of 0.3 per cent M-o-M, which was in line with the forecast of 0.3 per cent, but was higher than the prior reading of 0.2 per cent. Core PCE Y-o-Y at 2.8 per cent moved further away from the Fed's target of 2 per cent as it turned out to be hotter than the expected reading of 2.7 per cent, as even prior data was revised higher from 2.7 per cent to 2.8 per cent. Employment cost index in Q2 at 0.9 per cent was higher than the estimate of 0.8 per cent. Initial jobless claims and continuing claims were lower than their respective forecasts. Earlier, US data released on July 30 showed that a pickup in net exports added 5 per cent to GDP growth in Q2, which boosted the inflation-adjusted US growth to an annualised pace of 3 per cent in Q2 vs the forecast of 2.6 per cent. However, the economic growth in the first half of 2025 averaged merely 1.25 per cent, slower than the 2024 pace. Final sales to private domestic purchases rose 1.2 per cent in Q2, the slowest growth since the end of 2022. ADP employment change came in at 104K vs the forecast of 76K. The Fed's monetary policy decision announced on July 30 was somewhat hawkish. The central bank kept the rates unchanged at 4.25 per cent-4.50 per cent. The Fed Chair said that they have not made any decisions regarding the September meeting, as more data is needed to act amid uncertainty over tariff impacts. Odds of a September rate cut have dipped to below 50 per cent. US Dollar Index and yields: The US Dollar Index firmed up on hawkish FOMC outcome. At the time of writing, the Index was hovering around 99.97, up 0.15 per cent on the day, and at a 2-month high. Notwithstanding positive US data, ten-year US yields dipped 3 basis points (bps) to 4.34 per cent; 30-year yields eased by 2 bps to 4.88 per cent, too. Upcoming data: Today, the US nonfarm payroll report (July) will be released. The report will be crucial as investors look for clues to Fed rate cuts. A weakening job market would increase the odds of a rate cut. In addition, ISM manufacturing (July) and University of Michigan sentiment and inflation expectations (July final) data will also entertain investors. Tariff developments: Trump's tariffs on Mexico have been delayed for 90 days as trade talks will continue. It is to be noted that the US, citing fentanyl smuggling, has slapped 25 per cent tariffs on Mexico. The US has levied a 15 per cent tariff on South Korea and has also included major investments in American energy and shipbuilding in the trade agreement. The Trump administration has imposed 40 per cent tariffs on Brazil and has called the tariffs necessary as the administration sees Brazil's policies threatening US national security. President Trump was not hopeful of a trade deal with Canada as the nation prepared to recognize a Palestinian state. Challenge to Trump's tariffs: A group of small businesses and states has challenged the legality of Trump's tariffs in court. They argued that no emergency exists to allow the President to skip legal steps to impose tariffs. The US Court of Appeals for the Federal Circuit in Washington heard oral arguments on Thursday, but it may take weeks to deliver the verdict. Even then, the case may drag on for months as it may finally end up at the US Supreme Court. The Trump Administration has used the International Emergency Economic Powers Act (IEEPA) to impose tariffs. Gold demand soars in Q2: As per the World Gold Council, gold demand rose 3 per cent to 1,249 tons in Q2 on robust investment activities as investors hedged economic and geopolitical risks. Asian-listed funds accounted for 70 tonnes, while bar and coin demand increased by 11 per cent Y-o-Y. The central banks continue to buy gold as they added 166 tons in Q2, but it was the lowest level since 2022. The World Gold Council's annual central bank survey found that 95 per cent of reserve managers believe global central bank gold reserves will increase over the next year. Total gold supply increased 3 per cent to 1,249 tons as mine production rose to a fresh Q2 record. Recycling was up by 4 per cent Y-o-Y. Gold ETF and Comex inventory: Total known global gold ETF holdings fell for the third straight day and were noted at 91.646MOz as of July 30. Nonetheless, gold holdings are at a 2-year high level and are up 10.60 per cent year-to-date (YTD). Comex gold inventory currently stands at 38.51 MOz, down nearly 14 per cent from the all-time high level of 45.07 MOz seen on April 4. Outlook: Considering the US GDP data, weekly job report, hot PCE report and calm in the wider markets despite tariffs, gold is susceptible to further decline in the near-term. A hawkish Fed is bearish for the metal in the short term. A weak US nonfarm payroll report may lend some support to the metal, though. Unless US-China tension flares up once again, gold may remain under pressure, though investors need to monitor US-India trade developments also as Trump is trying to target Russia through secondary tariff threats on Russian oil purchases by China and India. Gold may decline to $3,228 (MCX October gold contract ₹97,000)/$3,200 (₹96,000) in the coming weeks, though medium-to-long term fundamentals remain constructive. Interim support is at $3,268 (₹98,000). Resistance is at $3,350 (₹1,00,500)/$3,375 (₹1,01,100). Exchange risk exists due to US-India trade frictions.
Time of India
01-07-2025
- Business
- Time of India
Gold price prediction today: Where are gold rates headed on July 1, 2025 and in the near-term?
Gold price prediction: Barring re-eruption of geopolitical jitters and trade frictions, gold is expected to trade with a slight bearish bias. (AI image) Gold price prediction today: Gold is expected to trade with a slightly bearish bias, analysts feel, considering the diminishing geopolitical tensions and positive talks of trade deals ahead of US President Donald Trump's tariff deadline. What is the gold price outlook for the coming days? Praveen Singh, Senior Fundamental Research Analyst- Currencies and Commodities at Mirae Asset Sharekhan shares his views on gold price outlook and what levels investors should watch out for: Gold Performance: On June 30, spot gold traded between $3,248 and $3,300 as the metal took support around $3250 for the second day in a row. The metal fell overnight on reduced safe demand due to the Iran-Israel ceasefire and trade deal optimism. However, the metal recovered in the European session and was stable in the US session on the Fed rate cut notions as US yields eased further. Markets look for more than 50 bps cuts ahead this year as US data, especially job data, are turning out to be disappointing amid somewhat contained inflationary pressure. Earlier, spot gold slumped 2.79% in the week ending June 27 on reduced safe haven demand and healthy risk appetite. Tariff developments: Markets are hopeful that the US will be able to finalize trade deals with several nations ahead of the July 9 deadline as talks with India, Japan and many other nations continue, while reportedly, the US is close to clinching deals with Mexico and Vietnam. In addition, the EU is hopeful of reaching some sort of trade agreement with the US before the deadline. President Trump said that he will not need to extend the pause on tariffs which are to take effect from July 9 as he intends to send a very fair letter to each country regarding their tariff rates. Data roundup: US data released Monday were weaker than expected as MNI Chicago and Dallas Fed manufacturing Activity both trailed the forecast. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 점점 커지는 모공들, 큰돈 쓰지말고 집에서 이렇게 해보세요 미그닥 Undo China's home sales slump continued in June as the value of new-home sales from the 100 largest property companies stood at 339 billion Yuan, a 23% decline from a year ago. China's manufacturing and non-manufacturing PMIs (June) came in at 49.70 (forecast 49.60) and 50.50 (forecast 50.30) respectively as composite PMI improved from 50.40 to 50.70. Upcoming data and events: US Senate Republicans are committed to meet the July 4 deadline to pass legislation that contains $3.80 billion tax breaks and spending cuts. The Senate is beginning an all-day session of amendment votes on Monday in which democrats may block any provisions that may increase costs for working families or small businesses as they remain concerned about the possibility of the bill increasing the deficit. The House may vote as soon as Wednesday provided the Senate can pass the bill. Democrats maintain that Trump's tax breaks are adding to the national debt. US data on cards today include ISM manufacturing (June), S&P global US manufacturing PMI, construction spending (May), and JOLTs job openings (May). China's Caixin PMIs (June) will also be in focus. The week is data-packed with crucial US data like ISM manufacturing (June), ADP employment change (June), nonfarm payrolls (June) and ISM Services Index (June). US Treasury Secretary sees rates falling: Treasury Secretary Bessent said it would not make sense to increase sales of longer-term securities at current yields as expects the whole yield curve to shift down as inflation falls. He said that some of the Fed officials already serving at the Federal Reserve are under consideration to head the central bank. US Dollar Index and yields: On June 30, the US Dollar Index fell to 96.85, a fresh cycle low marking the lowest level since February 2022. At the time of writing, the Index was hovering around 96.87, down nearly 0.50% on the day. The ten-year yields at 4.23% were down around 1% as the yields hover around 2-month low. 2-Year yields at 3.72% were down around 3 bps. Gold ETFs: As of June 27, total known global gold ETF holdings stood at 90.61MOz, highest since August 2023. ETF holdings are up 9.36% YTD as the ETFs recorded net inflows for the second straight month. ETFs were on track of recording a monthly inflow of more than 2 MOz after a decline of 0.68 MOz in May -- the first monthly decline this year. COMEX gold inventory: COMEX gold inventory stood at 37.048 MOz, which is down around 25% from the record high level of 45.072MOz seen on April 4, as buyers opt for physical delivery. Central Banks' gold reserves approach historic high: In the post-war Bretton Woods era, the stock of gold held by central banks peaked at 38,000 tons in the mid-1960s. Their reserves are approaching the historic high as the reserves reached 36,000 tons in 2024. Gold Price Outlook: In the very short-term, tariff news flows and risk appetite will be the most important factors governing gold prices . As such the yellow metal is well supported on huge ETF inflows, a weakening US Dollar, investors opting for physical delivery, rate cut expectations and a shaky Iran-Israel ceasefire deal. However, presently, investors are focused more on trade deals and expectations of a pickup in corporate earnings as Q2 results will start pouring in soon. In all possibility, the July 9 trade deal deadline will get extended as trade negotiations are likely to extend further. Deadline extension would be a bearish development for the yellow metal. In such a scenario, barring re-eruption of geopolitical jitters and trade frictions, gold is expected to trade with a slight bearish bias. It may decline to $3228 (MCX August gold contract Rs 94,100)/$3200 (Rs 93,300) in the very short-term; however, medium to long term prospects remain quite bright. Interim support is at $3247 (Rs 94,700). Resistance is at $3310 (Rs 96,600)/$3322(Rs 96,900)/$3350 (Rs 97,700).
Time of India
17-06-2025
- Business
- Time of India
Gold price prediction today: What will be the impact of Iran-Israel conflict - where are gold rates headed on June 17, 2025 and in the near-term?
Overall, as the things stand presently, gold is likely to trade with a slight bearish tilt. (AI image) Gold price prediction today: The ongoing Iran-Israel conflict has brought gold back into focus as a safe haven investment and gold rate has been rising for some days now. Praveen Singh, Senior Fundamental Research Analyst- Currencies and Commodities at Mirae Asset Sharekhan shares his views on gold price outlook and what levels investors should watch out for: Gold Performance: On June 16, spot gold surged to $3,451 in the overnight trade as Iran and Israel stepped up their attacks on each other in the weekend. Gold prices eased as the day progressed on the notion that the ongoing military conflict would be confined. The Wall Street Journal reporting that Tehran has signalled its willingness to deescalate the conflict and resume nuclear talks with the US provided the US does not join the Israeli attacks further boosted the downside pressure on the yellow metal. Reuters also reported the willingness of Iran to de-escalate as conveyed through Qatar, Saudi Arabia, and Oman. Spot gold traded between $3383 and $3451 on Monday. At the time of writing this article, the metal was changing hands at $3398, down nearly 1% on the day. The MCX August gold contract was trading at Rs 99,280, down roughly 1% on the day. Although, reportedly Iran is willing to defuse the conflict, Reuters has cited Iranian State media saying that Iran is preparing for the largest and most intense missile attack in history on Israeli soil. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trade Bitcoin & Ethereum – No Wallet Needed! IC Markets Start Now Undo Israeli's PM Netanyahu, in his direct address to the Iranian people, called for overthrowing the clerical regime. Earlier he said that for three decades, the central threat to Israel's existence has been Iran's nuclear programs. Casualties have been reported by both nations as Israel dealt the worst military blow to the Islamic Republic since it was invaded by Iraq in 1980. Spot gold surged 3.68% in the week ending June 13 as the metal rose sharply in the last two trading days of the week on geopolitical concerns emanating from the Middle East due to the Iran-Israel conflict. Gold ETF: Total known global gold ETF holdings stood at 88.85 as of June 13 as ETFs recorded net inflows for the third straight week. Holdings are up 7.25% YTD. Hedge fund managers reduce net bullish gold bets: As per CFTC data, money managers decreased their bullish gold bets by 657 net-long positions to 129,851 in the week ending June 10 as long-only positions fell 772 lots to 164,315 lots. The short-only total at 34,664 was the lowest in 11 weeks. Data roundup: China's data released on Monday morning were mixed as retail sales (May) came in at 6.4% Vs the estimate of 4.90%, while industrial production (May) at 5.8% lagged the estimate of 6%. Meanwhile, property market data continued to reflect weakness, though jobless rate edged lower from 5.1% to 5% Vs the forecast of 5.1%. US Dollar Index and yields: At the time of writing, the US Dollar Index, at 98, was hovering near a four-year low. Ten-year and thirty-year US yields were up by around 0.65% on inflation concerns due to rising oil prices. Upcoming data and events: Today's major US data on cards include retail sales advance (May), industrial production (May) and import and export price indices (May). The Bank of Japan will announce its monetary policy decision on June 17 wherein it is expected to keep the target rate unchanged at 0.5% amid trade uncertainty. The US Federal Reserve will deliver its monetary policy decision on June the FOMC is expected to keep the overnight Fed Fund rate unchanged at 4.25%-4.50%, traders will look forward to clues to possible rate cuts as CPI and PPI data of May have been somewhat comforting. The Bank of England is set to announce its monetary policy on June 19. Traders expect the Bank to keep the Bank rate unchanged at 4.25%; however, the Bank's hint at possible easing going forward would be the major attraction for traders. Gold Price Outlook: In the very short term, gold moves will depend on the Iran-Israel conflict. US President Trump has confirmed Iran's inclination to talk about de-escalating the ongoing military conflict. However, Israel also needs to reciprocate. Positive ETF inflows and weakness in the US Dollar also support the yellow metal. Overall, if both Israel and Iran agree to sort out their differences through dialogues and Iran agrees to hold a nuclear deal talk, gold will fall further. In that case, gold can fall to as low as $3228. However, if the situation remains uncertain and the conflict continues, gold will have a good buying support. Overall, as the things stand presently, gold is likely to trade with a slight bearish tilt, though there are multiple factors like fiscal concerns, weaker Dollar, central banks' buying gold, geopolitical concerns due to wars and conflicts elsewhere, and investors looking for alternatives to the US assets, etc., that are supporting the gold rally. Considering Israel-Iran conflict de-escalation, traders may take a light sell position in the metal for very short-term trading. It is to be noted that US retail sales data and upcoming FOMC meeting will also be on traders' radar. Support is at $3375 (Rs 98,600)/$3328 (Rs 97,200). Resistance is at $3450 (Rs 100,800)/$3500 (Rs 102,200)/$3580 (Rs 104,500). In case of worsening Iran-Israel conflict situation coupled with heightened tariff concerns, gold may rise to $3700 (Rs 108,100). 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