Gold prices steadied on Wednesday, after posting its biggest decline in a month in the previous session after a sticky U.S. inflation report boosted bond yields and slightly tempered hopes for a June interest rate cut from the Federal Reserve. FUNDAMENTALS Spot gold edged 0.1% up to $2,158.26 per ounce, as of 0151 GMT. U.S….
Gold prices surged to a fresh record high on Friday as data showing a rise in the U.S. unemployment rate boosted expectations that the Federal Reserve could begin cutting interest rates soon. Spot gold rose 0.7% to $2,173.49 per ounce by 10:42 a.m. ET (1542 GMT), while U.S. gold futures added 0.7% to $2,180.50. Bullion…
Gold prices inched higher on Monday, lifted by a softer dollar, as the bullion partially recovered from a slump last week on hot U.S. inflation data that cooled prospects of early rate cuts by the Federal Reserve. FUNDAMENTALS Spot gold was up 0.2% at $2,017.77 per ounce, as of 0050 GMT. Bullion lost 0.5% last…
Despite gold prices reaching new highs in 2023, silver – which is often called the sister metal of gold ended flat in the international markets. It started well in the first quarter, but multiple catalysts affected its fundamental outlook and suppressed prices in a tight range throughout the previous year. But in the domestic market,…
representative image India’s gold consumption in 2023 dropped by 3% from the previous year to 747.5 tonnes, according to World Gold Council (WGC) data, as price increase dampened jewellery sales. Demand for gold jewellery in 2023 dropped by 6% to 562.3 tonnes compared with 2022, WGC data released on Wednesday showed. The year, however, saw…
Gold prices advanced on Monday, as the metal’s appeal was boosted by safe-haven demand owing to tensions in the Middle East, while markets raised bets that the Federal Reserve will cut rates as soon as March. Spot gold was up 0.2% at $2,052.10 per ounce, as of 10:34 a.m. ET (1534 GMT). U.S. gold futures…
Somasundram PR, regional CEO India, World Gold Council MUMBAI: India will continue to see a rise in the consumption of gold backed by higher prosperity within the middle class and a rising awareness about its importance in portfolios, says Somasundaram PR, the regional CEO for India at the World Gold Council. “India will have to…
Representative image New Delhi: In a captivating economic narrative, India‘s gold market finds itself at a pivotal juncture, delicately manoeuvring through the interplay of age-old traditions and modern financial evolution. An in-depth econometric analysis sheds light on the intricate web of factors influencing the dynamics of one of the world’s largest gold-consuming nations. India, now…
Representative image New Delhi: The domestic jewellery retail industry is projected to grow at a yearly rate of 10-12 per cent in FY2024, said ICRA in a note revising its previous forecast of 8-10 per cent growth. The revised growth is mainly driven by the jump in gold prices. In H1 FY2024, jewellery consumption is…
Surging gold prices are prompting some Indians to exchange gold jewellery for new pieces as demand rises during the wedding season in the biggest consumer of the precious metal after China. More Indians are looking to reuse their gold, and the higher prices mean imports will remain pressured in the coming months, said Surendra Mehta,…
