How Much Is Gold Price Today ? |
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On Thursday, gold prices on the Multi Commodity Exchange (MCX) experienced an upward trend, influenced by a rise in international bullion prices.
This increase was largely attributed to the release of US inflation data, which came in lower than anticipated, thereby fueling expectations for potential interest rate cuts.
Additionally, the ongoing geopolitical tensions in the Middle East have heightened the appeal of gold as a safe-haven asset, prompting investors to seek refuge in the yellow metal amid uncertainty in global markets.
MCX gold prices commenced trading at ₹97,650 per 10 grams, reflecting an increase of ₹946, or 0.97%, compared to the previous closing figure of ₹96,704. This upward movement indicates a positive trend in the gold market, suggesting heightened investor interest or external economic factors influencing the price.
Similarly, silver prices also saw a rise, opening at ₹1,05,850 per kilogram, which is an increase from the prior closing price of ₹1,05,392.
The simultaneous rise in both precious metals highlights a potential shift in market dynamics, possibly driven by changes in demand, currency fluctuations, or broader economic indicators that investors are closely monitoring.
At 9:10 AM, the MCX gold rate experienced a notable increase of 1.38%, translating to a rise of ₹1,334, bringing the price to ₹98,038 per 10 grams.
In a similar trend, the MCX silver rate also saw an upward movement, climbing by ₹843, which corresponds to a 0.80% increase, resulting in a new price of ₹1,06,235 per kilogram.
This upward trajectory in precious metal prices reflects ongoing market dynamics and investor sentiment, highlighting the continued interest in gold and silver as valuable assets.
what is the price of gold today |
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In the global bullion market, gold prices experienced a notable increase, driven by escalating tensions in the Middle East and a decline in the value of the dollar.
Recent data indicating lower-than-anticipated inflation rates in the United States has heightened speculation regarding potential interest rate cuts by the Federal Reserve, as reported by Reuters.
As a result, the spot price of gold climbed by 0.6%, reaching $3,372.46 per ounce, while gold futures in the U.S. saw a more substantial rise of 1.5%, settling at $3,393. This upward trend in gold prices reflects the metal’s status as a safe-haven asset during periods of geopolitical uncertainty and economic fluctuations.
how much is an ounce of gold In USA |
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The US dollar index has recently declined to its lowest point in nearly two months, which has rendered gold and other bullion priced in dollars more appealing to international buyers.
This shift in the dollar’s value is significant as it enhances the purchasing power of foreign investors looking to acquire precious metals. Concurrently, the Indian rupee has strengthened against the US dollar, opening the trading session at 85.43 per USD, an increase of 8 paise from its previous closing rate of 85.51 per dollar.
This appreciation of the rupee not only reflects a favorable exchange rate for Indian traders but also indicates a broader trend of currency fluctuations that can impact global trade dynamics.
Gold is currently experiencing strong support in the short term. As the market anticipates the release of inflation data, specifically the Producer Price Index (PPI), along with jobless claims later today, fluctuations in price are likely to occur.
Nevertheless, the ongoing weakness of the U.S. dollar, coupled with heightened geopolitical tensions, indicates a prevailing bullish sentiment in the market, according to Jigar Trivedi, Senior Research Analyst at Reliance Securities. This combination of factors suggests that investors may continue to favor gold as a safe-haven asset amidst economic uncertainties.
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Ajay Kedia, the Director of Kedia Advisory, highlighted that the rising tensions in the Middle East, coupled with growing expectations for a Federal Reserve rate cut due to softer inflation figures in the United States, have significantly enhanced the appeal of gold as a safe-haven asset.
He pointed out that the gold-silver ratio has experienced an increase after a notable decline of 15% over the past 50 days, indicating a potential shift in market dynamics.
This trend suggests that investors may find it advantageous to buy gold, as it is likely to outperform silver in the near future, reflecting a strategic move towards securing value amidst geopolitical uncertainties and economic fluctuations.
Gold Price Outlook:
Jigar Trivedi suggests that if gold prices manage to surpass the $3,375 mark, it could lead to a potential rise towards the $3,400 threshold in the near future.
He further indicates that on the Multi Commodity Exchange (MCX), the gold price is likely to find support around the ₹97,500 level, while encountering resistance at approximately ₹98,400. In a similar analysis, Kedia anticipates that MCX gold prices may experience resistance at the ₹98,880 level, with support expected to be around ₹96,640. This analysis highlights the critical price levels that traders should monitor as they navigate the gold market in the upcoming sessions.
