Gold Rate Today Live Updates: Gold prices traded higher on Friday as investors awaited US Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Symposium for more cues on the scale of interest rate cut in September policy. MCX gold rate opened above ₹71,400 per 10 grams level, while Silver prices rose above ₹84,030 per kg level. International bullion prices that hit an all-time high of $2,531.60 on Tuesday, have fallen nearly 1% this week amid a rebound in the dollar index and rise in US 10-year Treasury yields. Central bank officials from around the world have gathered in Jackson Hole, Wyoming, for the annual Economic Symposium. Investors will be focused on Fed Chair Powell’s address today for clues on the timing and extent of the Fed rate cut and policy easing cycle. Catch latest updates on our gold rate live blog:
Gold Rate Today Live: Gold poised for weekly fall as Fed’s Powell grabs limelight
Gold prices inched up on Friday but were set for a weekly decline, as the U.S. dollar and Treasury yields rebounded ahead of Federal Reserve Chair Jerome Powell’s speech that could offer fresh insights on the central bank’s interest rate cuts plans. Spot gold rose 0.3% to $2,491.35 per ounce by 0602 GMT and U.S. gold futures gained 0.4% to $2,526.80.
“Gold’s stay below $2,500 could be temporary in nature, with the fundamentals still appearing favourable for the precious metal,” said Tim Waterer, chief market analyst, KCM Trade. After hitting an all-time high of $2,531.60 on Tuesday, bullion has fallen nearly 1% this week, hurt by a bounce in dollar index and benchmark U.S. 10-year yields
Gold Rate Today Live: New gold target by Anuj Gupta, Head of Commodity & Currency at HDFC Securities
The immediate target for the MCX gold rate today is ₹72,000 and ₹72,800, while in the international market, spot gold prices may touch 2,530 and $2,560 per ounce in the near term.
Gold Rate Today Live: Gold is likely to trade within a range of $2,480 to $2,525 in Comex, says Jateen Trivedi of LKP Securities
Market participants have largely priced in an expected 0.25bps interest rate cut for September, but a potential 0.50bps cut has not been fully factored in. While the anticipated September cut should provide some support for gold, the upside appears limited as further price movements will depend on how frequently and at what pace the Fed decides to implement additional cuts in future meetings. For the coming days, gold is likely to trade within a range of $2,480 to $2,525 in Comex, and between ₹71,000 to ₹72,350 in MCX.
Gold Rate Today Live: Gold holds decline before Fed speech that may offer rate clues
Gold held a decline, after markets pared wagers on steep US interest-rate cuts ahead of a speech by Federal Reserve Chair Jerome Powell that may provide fresh clues on the central bank’s monetary-policy path. Bullion closed 1.1% lower on Thursday, as the dollar gained the most in over a month due to concerns traders had overplayed prospects for aggressive easing before the end of the year. A stronger greenback is usually a negative for gold as it is priced in the US currency. Swaps pricing now indicate three 25-basis-point cuts across the remaining three Fed policy meetings this year, down from around four cuts priced in two days ago. The shift means swaps traders no longer expect a 50-basis-point cut in 2024. Focus is now on Powell’s address later Friday at the annual Jackson Hole symposium in Wyoming. Lower rates are generally positive for non-interest bearing bullion.
Gold Rate Today Live: Gold price on the domestic front could trade in a range of ₹70,400-71,500, says MOSL
Motilal Oswal Financial Services says:
“After the last Fed meeting, market participants started discounting a 50bps rate cut, and now the probability has shifted to a 25bps cut, leading to some pressure on billions. The market will now focus on Powell’s comments at the Kansas City Fed’s Jackson Hole, Wyoming, symposium later in the day. Gold price on the domestic front could trade in a range of ₹70,400-71,500.”
Gold Rate Today Live: US elections & more – 6 geopolitical events that will impact gold prices in 2024
Tensions in the Middle East: With no resolution in sight, especially as the first anniversary of Hamas’ invasion of Israel approaches, any further conflict is likely to increase demand for gold, driving prices even higher.
US Election: The upcoming November 2024 US election is another key event. Historically, election outcomes haven’t drastically shifted gold prices immediately, but the broader economic, trade, and diplomatic policies of the new president could trigger fluctuations.
Ukraine-Russia War: Now in its third year, the Ukraine-Russia war continues to create economic instability. Recent advances by Ukraine into Russian territory could signal a shift in the conflict. Any escalation, particularly involving more sanctions or market turbulence, could see investors flocking to gold as a safe haven, pushing prices up.
China-Taiwan Tensions: China’s increased gold reserves have sparked concerns that it is preparing for a potential conflict with Taiwan. Any rise in tensions or conflict could have significant global economic repercussions, leading to higher gold prices as investors seek protection against uncertainty.
BRICS Summit: BRICS nations have been major buyers of gold since 2022, and their upcoming October summit will focus on economic, social, and geopolitical issues. This could challenge the dollar’s dominance, with BRICS potentially using gold and oil to undermine the dollar’s status as the world’s reserve currency, impacting gold prices globally.
Climate-Related Disasters: Climate change is increasingly linked to gold market dynamics. Many gold-producing countries are also among those most vulnerable to environmental disasters. Any disruptions in gold supply due to climate-related events would likely result in a surge in prices.
Gold Rate Today Live: Gold Rate Today Live: Govt likely to discontinue sovereign gold bond issue, says report
The Government of India may discontinue the sale of Sovereign Gold Bonds (SGB) as they are considered an “expensive and complex” instrument, CNBC-TV18 reported on Thursday, August 22, quoting government sources. Bond investors put in ₹72,274 crore in 67 segments or tranches of SGB, as per the report. Four out of the 67 have fully matured and the money has been sent back to the investors who bought the bonds.
Gold Rate Today Live: Key supportive factors for gold prices
Gold Rate Today Live: Gold prices have seen a sharp rally led by a slew of supportive factors. Here are some of those:
– Rate cut hopes: US Federal Reserve is expected to begin interest rate cuts from September policy meeting. Traders have fully priced in Fed easing next month, with a 76% chance of a 25-basis-point cut, according to CME FedWatch tool. A low interest rate environment tends to boost non-yielding bullion’s appeal.
– Fed policymakers voiced support for starting rate cuts next month as inflation has eased and the labour market is showing signs of cooling, though one signalled he is in no rush to ease policy.
– SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.13% on Thursday.
– Geopolitical tensions in the Middle East have led to safe-haven buying in gold.
– A weak US dollar amid hopes of Fed rate cut is also supporting the gold prices.
Gold Rate Today Live: Gold price gains over 3% in one month, jumps 12% YTD
Gold Rate Today Live: MCX gold rate has risen more than 3% in one month, while the yellow metal has given more than 12% return in 2024 so far. Gold price on MCX has risen by over ₹8,000 per 10 grams year-to-date (YTD) from the levels of around ₹63,300 in the beginning of January. Gold price hit a record high of ₹73,731 on July 17.
Gold Rate Today Live: Gold has support at $2,470–2,455, says Rahul Kalantri
Gold Rate Today Live: Gold has support at $2,470–2,455, with resistance at $2,502–2,518. Silver has support at $28.84–28.62, with resistance at $29.24–29.42. In INR terms, gold has support at ₹70,910–70,680, with resistance at ₹71,390–71,550. Silver has support at ₹82,850–82,180, with resistance at ₹84,340–84,940, said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.
Gold Rate Today Live: Gold trading range for day is ₹70,335 – 72,315: Ajay Kedia
Gold Rate Today Live: Gold trading range for the day is ₹70,335 – 72,315. Gold eased as the dollar rose, with investors anticipating Fed Powell’s speech. Minutes from the Fed’s July 30-31 meeting indicated a strong likelihood of a rate cut next month. The meeting indicated that if economic data aligns with expectations, it would be appropriate to ease monetary policy. Fed’s Collins likely supports a rate cut at the US central bank’s policy meeting next month, said Ajay Kedia, Director, Kedia Advisory.
According to Kedia, support for MCX gold is placed at ₹70,765 – 70,335 levels, while resistance is seen at ₹72,315 – 71,755 levels.
Gold Rate Today Live: 24 carat gold rate falls to ₹7,288.8 per gram
Gold Rate Today Live: Gold prices saw a slight decrease on Friday. The cost of 24 carat gold is ₹7,288.8 per gram, down by ₹481. The cost of 22 carat gold is ₹6,676.6 per gram, down by ₹440. The price change in 24 carat gold in the last one week has been -2.15% whereas in the last month it has been -3.6%.
Gold Rate Today Live: Comex gold fell over 1% in previous session
Gold Rate Today Live: Comex Gold declined over 1% to below $2,490 per ounce on Thursday pressurised by a stronger dollar and rising Treasury yields while investors took the opportunity to lock in profits following recent record highs, noted Jigar Trivedi, Senior Research Analyst – Currencies & Commodities, Reliance Securities.
The dollar index rose 0.5% after US jobless claims exceeded expectations, and 10-year Treasury yields increased. Nonetheless, the dollar index may finish the fifth consecutive week with losses.
Meanwhile, data showed initial jobless claims rose slightly more than expected halfway through August, magnifying growing concerns of a moderating labor market in the US following the 818,000 downward revision to nonfarm payrolls for the year ending in March.
Gold Rate Today Live: Gold support near ₹70,700, resistance seen at ₹72,400: Jigar Trivedi
Gold Rate Today Live: “Attention now turns to the Fed Chair Powell’s speech at the Jackson Hole Economic Symposium, with expectations of dovish signals that could boost gold prices further. Fed officials have shown support for a potential rate cut next month, which would decrease the opportunity cost of holding gold. Most forecasts predict a 25-basis point rate cut, with some expecting up to 50 basis points,” said Jigar Trivedi, Senior Research Analyst – Currencies & Commodities, Reliance Securities.
MCX Gold October futures may find support near ₹70,700 per 10 grams and resistance around ₹72,400 per 10 grams. Comex Gold has a psychological resistance around $2,500 per ounce. In case, next week the dollar index rebounds further, we expect weakness in the yellow meal hence the outlook is bearish, Trivedi added.
Next week, the US will release consumer confidence for August and the provisional GDP for the second quarter and lastly the Core PCE Price Index for July. Hence from an economic data point of view, the week will be a crucial one, he said.
Gold Rate Today Live: 76% chance of a 25 bps Fed rate cut in September
Gold Rate Today Live: Traders have fully priced in US Fed easing next month, with a 76% chance of a 25-basis-point US Fed rate cut, according to CME FedWatch tool. A low interest rate environment tends to boost appeal for non-yielding gold.
Gold Rate Today Live: All eyes on Powell’s speech at Jackson Hole Symposium
Gold Rate Today Live: Central bank officials from around the world have gathered in Jackson Hole, Wyoming, for the annual Economic Symposium. Market participants will be focused on US Federal Reserve Chair Jerome Powell’s address today for clues on the timing and extent of the Fed rate cut and policy easing cycle.
Gold Rate Today Live: MCX Gold rate opens above ₹71,400 level
Gold Rate Today Live: MCX gold prices opened above ₹71,400 level on Friday tracking gains in international bullion prices. MCX gold rate opened higher by ₹280 at ₹71,474 per 10 grams level as against previous close of ₹71,194. Silver prices on MCX also opened higher at ₹84,567 per kg as compared with previous close of ₹83,736.
Gold Rate Today Live: Gold prices gain ahead of Powell’s speech
Gold Rate Today Live: Gold prices traded higher on Friday as investors awaited US Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Symposium for more cues on the scale of interest rate cut in September policy.
