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The Print
a day ago
- Business
- The Print
Gold plunges Rs 930 to Rs 97,670/10 g amid easing off Israel-Iran tensions
On Friday, gold of 99.5 per cent purity declined by Rs 850 to Rs 97,200 per 10 grams (inclusive of all taxes). It had settled at Rs 98,050 per 10 grams in the previous market session. According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had closed at Rs 98,600 per 10 grams on Thursday. New Delhi, Jun 27 (PTI) Gold prices plunged Rs 930 to Rs 97,670 per 10 grams in the national capital on Friday as traders rushed to selling amid easing off Middle East tensions and favourable reports about a trade deal between the US and China. 'Gold prices continue to correct as strong profit booking sets in, with safe-haven demand easing due to the lack of fresh geopolitical triggers. 'Crude oil prices also declined after Iran signalled restraint by avoiding strikes on key oil infrastructure and transport routes, particularly the Strait of Hormuz which is one of the most critical choke points for global oil shipments,' Abans Financial Services' Chief Executive Officer Chintan Mehta said. This de-escalation has reduced immediate risk premiums across markets, pressuring gold further, Mehta added. In addition, silver prices slipped by Rs 100 to Rs 1,03,000 per kilogram (inclusive of all taxes) on Friday. The white metal had ended at Rs 1,03,100 per kg on Thursday. In the overseas market, spot gold dropped by USD 43.45 or 1.31 per cent to USD 3,284.40 per ounce. 'Investors now await the release of the US Personal Consumption Expenditure (PCE) price index data later in the day for further cues about the Fed's interest rate-cut path,' Maneesh Sharma, AVP – Commodities & Currencies, Anand Rathi Shares and Stock Brokers, said. According to Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, the US Federal Reserve Chair Jerome Powell's recent comments indicating that interest rate cuts are not imminent further weighed on bullion prices. The weaker dollar index confirmed easing global risk, prompting investors to rotate funds into riskier assets like equities and cryptocurrencies, Trivedi said. PTI HG HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
2 days ago
- Business
- The Print
Gold stays flat at Rs 98,600/10 g
Silver prices also traded steady at Rs 1,03,100 per kilogram (inclusive of all taxes) on Thursday. The precious metal of 99.5 per cent purity also remained flat at Rs 98,050 per 10 grams (inclusive of all taxes). New Delhi, Jun 26 (PTI) Gold prices stayed flat at Rs 98,600 per 10 grams in the national capital on Thursday, according to the All India Sarafa Association. On the global front, spot gold went up marginally to USD 3,334.41 per ounce. 'Gold saw a modest gain on Thursday, buoyed by bargain buyers and a weaker US dollar. The US dollar index fell below 97.0, marking its lowest level since March 2022. 'This decline was triggered by disappointing US economic data, concerns about the country and economic health, and rising speculation about potential rate cuts. Additionally, growing fiscal concerns also weighed on the US dollar while lending support for precious metals,' Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said. Meanwhile, gold traders seem to have digested news regarding a multi-stage ceasefire between Iran and Israel. Attention now shifts to trade deals related developments, and upcoming US economic data, which are expected to influence bullion and US dollar trends in the upcoming days, Gandhi said. Market participants are closely monitoring US macroeconomic data, including the US GDP, durable goods orders, and initial jobless claims, to gain further insights into the health of the American economy, he added. PTI HG HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
3 days ago
- Business
- The Print
Gold slips Rs 300 to Rs 98,600/10 g, silver plunges Rs 1,000 amid weak global cues
Extending the losses for the fifth straight session, gold of 99.5 per cent purity dipped by Rs 250 to Rs 98,050 per 10 grams (inclusive of all taxes). The precious metal of 99.9 per cent purity had closed at Rs 98,900 per 10 grams on Tuesday. New Delhi, Jun 25 (PTI) Gold prices slipped Rs 300 to Rs 98,600 per 10 grams in the national capital on Wednesday due to unabated selling by stockists in line with weak global trends, according to the All India Sarafa Association. 'Gold consolidated at the lower end of the range with a moderate bearish bias on Wednesday amid mixed signals. 'The easing of geopolitical concerns, following the announcement of a ceasefire between Iran and Israel, reduced safe-haven demand and pushed gold prices to a two-week low,' Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said. Meanwhile, silver prices also plunged by Rs 1,100 to Rs 1,03,100 per kilogram (inclusive of all taxes) on Wednesday. The white metal had ended at Rs 1,04,200 per kg in the previous market session. Spot gold in the overseas markets went lower marginally to USD 3,322.56 per ounce. 'Investors will be awaiting the next key triggers, which include Fed Chair Jerome Powell's testimony later in the day, along with US GDP data and the Core PCE Price Index, both crucial indicators for the Fed's interest rate outlook,' Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, said. According to Abans Financial Services' Chief Executive Officer Chintan Mehta, markets will remain focused on escalating trade tensions and rising geopolitical risks in the days ahead, as these factors not only drive safe-haven demand but also keep upward pressure on crude oil prices. Any further escalation could fuel volatility across commodities and global financial markets, Mehta said. PTI HG HG BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Hans India
4 days ago
- Business
- Hans India
Gold declines Rs 900, Silver falls by Rs 1,000
New Delhi: Gold prices plummeted Rs900 to Rs98,900 per 10 grams in the national capital on Tuesday as the expectations of a ceasefire between Iran and Israel reduced the precious metal's safe-haven appeal in the global to the All India Sarafa Association, the precious metal of 99.9 per cent purity had closed at Rs99,800 per 10 grams in the previous market session. Gold of 99.5 per cent purity depreciated by Rs800 to Rs98,300 per 10 grams. It had finished at Rs99,100 per 10 grams on Monday. 'Gold is under pressure as safe-haven demand eases after the US confirmed a full ceasefire between Iran and Israel. The announcement came shortly after Iran attacked a US military base in Qatar, briefly heightening tensions before quickly calming them.
The Print
4 days ago
- Business
- The Print
Gold declines Rs 900 to Rs 98,900/10 g on Iran-Israel ceasefire hopes
Gold of 99.5 per cent purity depreciated by Rs 800 to Rs 98,300 per 10 grams (inclusive of all taxes). It had finished at Rs 99,100 per 10 grams on Monday. According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had closed at Rs 99,800 per 10 grams in the previous market session. New Delhi, Jun 24 (PTI) Gold prices plummeted Rs 900 to Rs 98,900 per 10 grams in the national capital on Tuesday as the expectations of a ceasefire between Iran and Israel reduced the precious metal's safe-haven appeal in the global market. 'Gold is under pressure as safe-haven demand eases after the US confirmed a full ceasefire between Iran and Israel. The announcement came shortly after Iran attacked a US military base in Qatar, briefly heightening tensions before quickly calming them. 'With fears of further escalation fading, investors are booking profits and pulling back from gold,' Abans Financial Services' Chief Executive Officer Chintan Mehta said. Silver prices also diminished by Rs 1,000 to Rs 1,04,200 per kilogram (inclusive of all taxes) on Tuesday. The metal had ended at Rs 1,05,200 per kg in the previous market close. Meanwhile, spot gold fell by USD 46.05 or 1.37 per cent to USD 3,323.05 per ounce in the overseas markets. 'Investors are closely watching Federal Reserve Chair Jerome Powell, who is set to testify before US Congress on Tuesday and Wednesday, which can provide any signals on the future policy path of interest rate cuts,' Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said. PTI HG HG SHW This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
