The correction in gold prices has triggered fresh retail interest in India. This however allowed dealers to charge higher premiums.Dealers charged premiums of $6 an ounce over official domestic prices, inclusive of import duty and GST, compared with last week’s premium of $5.
Gold erased gains, heading for its first decline in three days as U.S. Treasury yields rebounded. Yields are rising again with President Joe Biden expected to sign a $1.9 trillion pandemic-relief bill into law on Thursday, capping his first major legislative achievement and allowing aid to flow to individuals, businesses and local governments.
Goldclimbed for a third day as investors weighed the prospects of further U.S. stimulus and the latest reading on inflation. Joe Biden’s $1.9 trillion Covid-19 relief bill cleared its final congressional hurdle Wednesday, with the House passing the bill on a 220-to-211 vote, sending it to the president to be signed, which he plans to do on Friday.
Gold steadied after posting the biggest jump in two months as the dollar ticked higher and bond yields held a decline. Investors were also awaiting further U.S. stimulus as Democrats move to inject $1.9 trillion into the economy.
Gold traded little changed, with a surge in Treasury yields easing and traders awaiting the outcome of a vote by U.S. lawmakers on stimulus measure. The metal headed for a third straight weekly loss. The rate on benchmark Treasuries slipped after rising to the highest in a year. Senate Democrats face a gantlet of Republican attempts to rein in President Joe Biden’s $1.9 pandemic-relief plan in a marathon session of votes that will extend the timetable for passage into the weekend.
Gold touched a fresh eight-month low after Federal Reserve Chair Jerome Powell stopped short of forcefully pushing back against a surge in long-term borrowing costs, sending U.S. Treasury yields soaring.
Goldheld near the lowest level in almost nine months as bond yields continued their ascent, damping demand for the metal which doesn’t offer interest. While we don’t expect U.S. real yields to rise much more, if at all, we think that reduced safe-haven demand as the global economy recovers will mean that the gold price falls a little further over the course of this year.
Gold prices are struggling near 8-month lows in Indian markets, down ₹12,000 from record highs. Bullion has fallen more than 8% this year as traders focus on a recovery from the Covid-19 pandemic and higher Treasury yields, which make the metal less competitive because it doesn’t offer interest. That has caused holdings in bullion-backedexchange-traded fundsto fall to lowest since July
Gold prices are struggling near 8-month lows in Indian markets, down ₹10,000 from record highs. Bullion’s latest leg down came after a poorly received Treasury auction saw the 10-year benchmark jump to more than 1.6%. The rise in yields reflects the improving outlook for U.S. growth and inflation expectations
Goldrose as investors weighed comments fromJerome Powell on policy and growth, with the Federal Reserve chair signaling the central bank was not close to curbing support for the pandemic-hit economy. Powell’s commitment came even as he voiced expectations for a return to more normal activity this year.
Gold entered 2021 with lofty expectations on the back of a record high and its biggest annual gain in a decade. Instead, the precious metal is off to its worst start in 30 years. Bullion forimmediate deliverydropped to a seven-month low on Friday, and futures also declined, deepening a slump and falling through a support level thatanalysts saycould portend further losses.
Inflation expectations, bolstered by hopes for a fast-tracked U.S. stimulus package, helped bullion rebound last week from its lowest this year. Still, there are signs of investor doubts about the durability of the gold rally. Gold swung between gains and losses on Friday, and holdings in exchange-traded funds backed by the metal have recorded five straight days ofoutflows
Goldslipped after advancing for four straight days as investors weighed comments by Federal Reserve Chair Jerome Powell on employment, and the implications of muted inflation for the so-called reflation trade. Bullion is paring its first weekly advance in three as traders assess the outlook for inflation, with President Joe Biden pushing for a $1.9 trillionCovid-19 relief plan. Markets may be relatively quiet on Thursday as Lunar New Year holidays begin in nations across Asia, with China starting a week-long break.
Goldwas steady after advancing for three straight days as investors weighed a weaker dollar and the prospects for more U.S. stimulus amid rising inflation expectations.The shaky start to 2020 saw demand in the world’s biggest gold consumer tumble 35% to the lowest annual total since 2009, despite a rebound in the final three quarters. China’s Lunar New Year holiday, a traditionally auspicious time to buy gold, kicks off on Thursday.
Goldclimbed for a third straight day as investors weighed prospects for more stimulus in the U.S. and the possibility of higher consumer prices against an advance in stocks to a record. The haven’s steady rise came with traders keeping tabs on aroaring Bitcoinmarket.
Gold has been recovering from the last 2 days as the dollar has weakened after disappointing U.S. payrolls data supported the case for more economic stimulus. The U.S. added half as many jobs as expected last month and December figures were revised lower, a U.S. government report showed Friday. The dollar fell for the first time in three days, increasing demand for bullion as an alternative asset. The labor report comes after the Senate voted to adopt a budget blueprint for President Joe Biden’s $1.9 trillion virus relief package.
Gold prices have tumbled to a nine-week low as a rising dollar and higher U.S. Treasury yields accelerated this year’s sell-off. A gauge of the dollar rose to the highest in more than two months after data showed U.S. companies added more jobs than forecast in January. The U.S. 10-year yield climbed as much as 2 basis points, while the equivalent rate for U.K. debt surged close to 10 basis points. Higher yields reduce the appeal of bullion, which doesn’t offer interest.
Silversettled further into a calmer trading pattern after the wild ride inspired in part by a retail-investor buying frenzy, while gold dipped as Treasury yields climbed ahead of a key U.S. jobs report. Gold traders are watching the progress of US stimulus package. US President Joe Biden pledged Wednesday not to reduce the cash handout included in his $1.9 trillion stimulus proposal but in a bid to get bipartisan support for the package, he did say he was willing to narrow the parameters for qualification.
Gold prices fell sharply after the import duty announcement, but then recovered later. Strong support of Rs 47500 and resistance of Rs 48300. Silver price touched the resistance of Rs 73000 of uptrend channel, now some profit booking is expected with range of Rs 65000 and 70000.
India cut an import tax on gold as prices rallied to record highs last year and to curb inflows of illegal supplies in the world’s second-largest consumer. Nirmala Sitharaman pleasantly surprised gold markets by announcing the reduction of custom duty on gold from 12.5% to 7.5%. With reduction on one hand, they increased the duty on the other by including a freshly introduced levy called the Agriculture Infrastructure and Development CESS of 2.5%. The net effect will be 7.5% Import Duty + 2.5% AIDC CESS + 0.75% SWS + 3% GST= 13.75% in comparison to earlier computation of 15.5%.
Gold prices were range bound on Friday and on track to post a weekly and monthly decline as a stronger dollar dented the precious metal’s appeal. The Fed repeated it would maintain bond-buying at $120 billion per month until “substantial further progress” toward employment and inflation goals has been made.
Gold fell after the Federal Reserve left its benchmark interest rate unchanged and stuck with the current pace of bond-buying, aiding the dollar and putting bullion on course for the worst start to a year in a decade. Gold consumption in India, the world’s second-biggest buyer, is expected to rebound in 2021 after plunging to the lowest in more than two decades, according to the World Gold Council.
Bullion took a hit as the dollar touched the highest in a week and signs emerged that a U.S. fiscal stimulus package could see delays. The top Senate Democrat said Monday an aid package would take at least a month. Republican opposition to the $1.9 trillion plan remains staunch, with a proposed increase in the minimum wage proving a sticking point. Biden said he’s open to negotiating on the plan.
Gold fell for a second straight day with investors turning to the dollar as a haven amid tightening global restrictions to curb the spread of the coronavirus. 2021 will be a bullish year for the yellow metal, although the enormous hike in 2020 (24.6% per ounce in US Dollars and 14.4% in euros), both the biggest since 2010, may not be repeated this year.
Gold edged lower as the U.S. unveiled its strategy to combat the pandemic and investors assessed the prospects for stimulus. Holdings in exchange-traded funds backed by silver expanded again to a record.
Gold market once again remained caught in a tug of war between expectations of an improving economy and rising inflation pressures as Joe Biden took office. Hopes of a massive stimulus bolstered the prospects for precious metals. Janet Yellen said that tax cut in 2017 for large corporations should be repealed, helping gold/silver to rally. In the near term, gains in gold and silver will be limited due to higher yields and some dollar strength. The price gain suggests bears are exhausted and signals that near-term market bottom is in place.
Goldgained as the dollar eased following commentary on the U.S. currency, the merits of massive stimulus, and the outlook for trade from President-elect Joe Biden‘s cabinet nominees.Gold demand in the world’s second-biggest user will rebound this year after collapsing in 2020 as the rollout of vaccines pushes life back closer to normal, according to the World Gold Council. Some of the weddings and festive buying that had been postponed because of the pandemic will come back in 2021, and this pent-up demand will boost sales.
Gold steadied as investors awaited commentary from Treasury Secretary nominee Janet Yellen on the dollar and stimulus when she testifies on Capitol Hill a day ahead of Joe Biden’s inauguration as president. Bullion has fallen more than 3% this year as benchmark Treasury yields and the greenback climbed on forecasts that coronavirus vaccines and stimulus packages will aid the economic recovery.
The U.S. Treasury yield curve has steepened to levels not seen since 2016, signaling that investors expect economic expansion and higher inflation in the coming years as coronavirus vaccines are distributed and incoming President Joe Biden and a Democrat-controlled Congress are expected to pass another substantial stimulus package. In India, dealers charged premiums of up to $0.50 an ounce over official domestic prices, inclusive of 12.5% import and 3% sales levies, down from last week’s premium of $1.50. Demand is a little subdued due to price fluctuations. Consumers are on the sidelines and waiting for a clear trend.
Gold demand in India is expected to recover this year, after slumping to one of the lowest ever in 2020 because of virus curbs and higher prices. Gold demand in India has been losing ground for the last couple of years as transparency measures taken by the government has changed buying behavior, but the allure of gold is still intact as Indians still need gold for their weddings.
Gold seen weakening as the macroeconomic backdrop improves and the Federal Reserve signals it will gradually taper its bond-buying pace. While low U.S. real rates and a depreciating dollar should support a recovery to about $1,950/oz in 1Q 2021, prices may come under pressure closer to mid-year, with only modest ETF inflows seen over the full year. Central banks are expected to purchase about 300 tons in 2021 compared with 250 tons in 2020
Gold was little changed as traders weighed elevated U.S. Treasury yields and a stronger dollar against expectations for further economic stimulus and an eventual rise in inflation. Troubling times are ahead for gold as its 50-day moving average converges to the 200-day indicator, with a cross below potentially attracting momentum-selling from CTAs.
Gold fell to extend the biggest drop in two months amid gains in the dollar, Treasury yields, and equities, with investors weighing President-elect Joe Biden’s pledge to detail plans for huge U.S. economic aid. Bullion endured a switchback week as January got under way, with early gains getting overturned as a surge in Treasury yields damped the appeal of the non-interest bearing asset. That’s come as the dollar recovered from its lowest level in almost three years.
Gold headed for a sixth weekly advance, the longest run since August, as investors focused on the prospect for more stimulus. They will also be watching for Friday’s jobs report, which is forecast to show a sharp slowdown in hiring. The two Democratic wins in Georgia’s Senate runoffs this week give President-elect Joe Biden full control of Congress, potentially paving the way for him to push his legislative agenda forward. While campaigning in the state, he vowed that $2000 stimulus checks would be sent out “immediately” if his party won.
Gold steadied after posting the biggest loss in almost a month as rising Treasury yields damped demand for the haven asset, even as investors tracked scenes of chaos in Washington as pro-Donald Trump protesters stormed the U.S. Capitol. Bullion sank on Wednesday after Democrats won two key Georgia Senate runoffs, paving the way for a unified government and boosting the odds of a torrent of spending. The 10-year Treasury yield at one point surged close to 10 basis points to more than 1.05%, weighing on the non-interest bearing bullion.
Gold rose to an eight-week high aided by a weaker dollar and lower real rates, as investors awaited the outcome of elections in Georgia that will determine control of the Senate and President-elect Joe Biden’s agenda. Gold is being supported into the new year after posting the biggest annual gain in a decade as the coronavirus continues to spread in some parts of the world and clouds the outlook for a recovery.
Goldtraded near an eight-week high as a surge in global coronavirus cases and curbs stoked demand for the haven, which has been supported by lower U.S. real yields, a weaker dollar, and slumping equities. Gold’s climb builds on the precious metal’s biggest annual gain in a decade, as virus angst clouds the outlook for the recovery.
Gold posted the biggest annual advance in a decade after a tumultuous year, with gains of 25% aided by the dollar’s decline to the lowest since April 2018. After a spectacular year, precious metals are set for further gains in 2021, with silver tipped to outperform, but there is growing more cautious about the prospects for gold as the global economy recovers from the impact of the coronavirus.
Gold posted the biggest annual advance in a decade after a tumultuous year, with gains this month aided by the dollar’s decline to the lowest since April 2018. Bullion hit a record in August as investors feared an unprecedented wave of stimulus by central banks and governments would lead to currency debasement and inflation. Holdings in bullion-backed exchange-traded funds set an all-time high in October
Gold is poised to cap the biggest annual advance rising 24% in a decade after a tumultuous year, with gains this month aided by the dollar’s decline to the lowest level since April 2018. Silver has surged almost 50% in 2020. Gold’s main drivers — weaker U.S. dollar and low real interest rates — are likely to provide support” even as vaccines are distributed around the world. Bullion is also getting support from political turmoil in the U.S., with a clash in Congress this week over increased stimulus payments and high-stakes Senate runoffs in Georgia set for early January.
Gold edged higher after U.S. Senate Majority Leader Mitch McConnell blocked initial efforts for a vote on raising household relief payments to $2000. The key driver that precious metals traders are eyeing may be the Jan. 5 Senate runoff elections in Georgia. If Democrats win both the seats up for grabs, it would give them control of the Senate agenda and fiscal policy is likely to stay loose, which would likely weigh on the greenback and be bullish for precious metals
Gold ticked higher after the U.S. House passed a bill to boost household checks to $2,000, a proposal backed by President Donald Trump that ramps up the burgeoning cost of pandemic relief measures. Gold is headed for its first monthly gain in five as optimism over coronavirus vaccines gives way to renewed bets on inflation and a weaker dollar. Economic disruption and mounting global stimulus spending has helped carry gold toward its best year since 2010
Gold advanced for a second day as the dollar weakened on optimism that negotiators are drawing closer to a historic post-Brexit trade deal. The U.K. and the European Union are on the verge of unveiling a historic agreement, with an announcement expected Thursday in Europe as negotiators work through the night to put the finishing touches to a compromise on fishing rights. The accord will formally complete Britain’s separation from the bloc more than four years after the 2016 referendum.
Goldrebounded from a three-day drop as investors contend with President Donald Trump’s surprise request for changes to the $900 billion stimulus bill passed by Congress and a new virus variant that risks more severe lockdownsThe vaccine progress comes amid a worsening pandemic. Europe and regions from Canada to Hong Kong suspended travel links to the U.K. as a fulllockdown came into force in London and southeast England to contain a mutation of the virus.
Gold advanced as the U.S. House passed a massive spending package that combines pandemic relief with a bill to fund government operations, while the worsening global health crisis overshadowed the rollout of vaccines . The House passed the bill that combines $900 billion in Covid-19 relief aid with $1.4 trillion in regular government funding and a bevy of tax breaks for businesses.
Gold is trading at one month high as U.S. lawmakers tried to agree on an aid deal and investors weighed comments from the Federal Reserve about future support. Bullion is on course to cap the biggest annual gain in a decade amid unprecedented amounts of stimulus to bolster economies. At the Fed’s final policy meeting of the year, Chairman Jerome Powell said that the central bank will keep providing the economy with plenty of support well into the future, while cautioning that the next few months would be “challenging.”
Bullion is heading for a third weekly advance as U.S. lawmakers inch closer to a federal-spending deal, while investors weigh comments from the Federal Reserve along with potential vaccine approvals. Bullion is set to end 2020 with the biggest annual gain in a decade amid accommodative monetary policy and concerns over the economic impact of the coronavirus.
Gold and Silver held an advance after the Federal Reserve strengthened its commitment to supporting the recovery in the world’s largest economy, and U.S. lawmakers made progress in getting a fiscal stimulus deal over the line. In the U.S, Congressional leaders are still haggling over the final details of nearly $900 billion in coronavirus aid as staffers try to write the legislative language needed for House and Senate votes this week.
Gold held an advance driven by a weaker dollar as investors looked ahead to the outcome of the Federal Reserve’s final meeting of the year, as well as to a potential fiscal stimulus deal. Gold traded higher Tuesday “mainly on the back of U.S. dollar weakness, but the price action is yet to suggest a change in the short-term downtrend as we remain capped under the 50-day moving average
Goldadvanced as investors weighed the prospects for a U.S. spending package and possibility of further action from the Federal Reserve at its last meeting of the year, against the progress on the roll-out of vaccines. Retail consumers in India slowed gold purchases this week put off by higher local prices, while top consumer China saw a slight pick-up in demand as jewelers stocked up going into the year-end.
Goldrose, erasing a weekly drop, with investors looking for haven assets as slimmer chances of a U.S. stimulus deal raised questions over the economic recovery. While Republicans and Democrats are closer on a price tag for a stimulus measure — coalescing around $900 billion — they’rehung upon differences over shielding companies from virus-related lawsuits. U.S. equities headed toward theirworst weeksince October after optimism about progress on a relief deal had helped send stock indexes to records.
Gold steadied as investors weighed the outlook for a stimulus deal in the U.S. against weak jobs data, which undermined signs of an economic recovery in the country. Analysis of the Relationship Between Oil and Gold Prices Meanwhile, applications for U.S. unemployment benefits surged last week, topping estimates with the highest level since September, suggesting that widening business shutdowns to curb the pandemic are spurring fresh job losses.
Gold held a drop as investors weighed concerns over prospects for fresh stimulus in the U.S., while awaiting the European Central Bank meeting later Thursday. Lawmakers working on a compromise pandemic relief plan have yet to resolve the deadlock over a business-liability shield and aid to state and local governments, though House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin expressed optimism that a deal was in reach. Meanwhile, economists widely expect the ECB to increase and extend its bond-buying program.
Gold declined from near the highest in two weeks as investors weighed vaccine rollouts amid surging coronavirus infections in some parts of the world against fresh hopes for a stimulus deal in the U.S. With the U.S. elections over and the advent of vaccines, central bankers may re-evaluate their policies vis-à-vis the effects of mass inoculations” and stimulus with less urgency.
Gold headed for its fourth gain in five sessions, helped by a wavering dollar, signs of progress on a U.S. stimulus plan and concerns that Brexit talks could collapse. Bipartisan negotiators on a $908 billion pandemic relief package are planning to unveil more details of their proposal on Monday, aiming to settle on language to secure passage of one final tranche of aid before Congress breaks for the year.
Gold demand moderated this week after local prices recovered from a five-month trough, while buyers in other major hubs were also put off by a slight uptick in prices. Large precious metals speculators increased their bullish net positions in the gold futures markets this week, according to CFTC report. Gold speculators sharply boosted their bets this week for the second time in the past three weeks. The increase marked the largest one-week rise in the past nine weeks and pushed the bullish position to the highest level in nineteen weeks.
As per the World Gold Council, Indian retail gold demand improved in October due to a lower gold price and Navratri sales but demand was lower y-o-y due to the higher gold price and impact on incomes due to COVID-19. Demand for safe-haven assets and strong ytd performance (+29.6%) supported gold ETF flows. Total holdings for Indian gold ETFs reached 27.6t by the end of October; a net inflow of 0.7t during the month.
Gold and Silver ended higher for the second straight session on Wednesday, with bullion buoyed by the revival of talks on a new U.S. coronavirus relief package, even as a rise in Treasury yields looked to offset the metal’s price gains. Bullish buyers have also made the case that physical gold tends to be bought during the holiday period between November and December which is helping to buck up prices in recent trade.
The gold market saw continued selling pressure last month as investor sentiment was boosted by news of three potential vaccines for the COVID-19 virus. Gold-backed exchange-traded funds (ETFs) have been the key driver behind gold’s disappointing price action. Bullion prices have rebounded with the start of new month of December as bargain hunting has emerged at lower levels.
Gold ended November down almost 6%, booking its worst month in four years, as relentless news of progress in Covid-19 vaccines and the diminishing need to hedge against an economic collapse continued to divert money from safe-havens into risk markets.
The wedding season and subdued gold prices have boosted demand for the precious metal in India, signaling possible recovery for the market which saw a massive 30-percent drop in the previous quarter. Domestically, Gold prices have broken the wedge formation. Next 50% Fibonacci support is at 47500 and 45500
Gold gained little bit on a softer dollar yesterday as a mounting number of COVID-19 cases and their economic toll raised investor expectations of further fiscal and monetary support. Gold has found its floor and there’s some evidence of good buying at these lower levels. The lower price has stimulated good physical buying in the Asian markets.
Gold prices edged up yesterday helped by a weaker dollar, though a robust appetite for riskier assets kept the safe-haven metal near a more than four-month low hit. U.S. is gearing up for a vaccine roll out within weeks, an AstraZeneca vaccine that works better in small doses and can be stored at higher temperatures than those being produced by Pfizer and Moderna.
Gold market had been spooked by news that the U.S. is gearing up for a vaccine roll out within weeks, an AstraZeneca vaccine that works better in small doses and can be stored at higher temperatures than those being produced by Pfizer and Moderna. What eventually took it lower was the dollar knee-jerk reaction higher in response to much stronger than expected U.S. PMI data. While the dollar later turned lower, the damage to gold had already been done with the break below support attracting long liquidation and short-selling signals from algos.
Gold is viewed by many as the archetypal haven asset, inevitably driven higher in times of turmoil. By that logic, a beginning of the end of the crisis would signal a turning point for the rally. But the precious metal also serves as a hedge against inflation. And with the massive amounts of money being poured into the global economy this year, any signs of rising consumer prices could send investors diving back to bullion.
Spot gold headed for its longest slump since March, dropping for a fourth straight day as positive vaccine developments spurred investors to unwind holdings in exchange-traded funds backed by the metal. Holdings in gold-backed ETFs sold off for a fifth straight session on Wednesday, and have dropped more than 50 tons since Pfizer Inc. announced its coronavirus vaccine breakthrough last week as demand for bullion as a haven waned.
India’s gold imports declined 47.42% from the year ago to $9.28 billion during April-October 2020 due to lack of demand during the Covid-19 pandemic. Silver imports dipped as well, by 64.65% to $742 million. Gold prices dropped for a fourth day as investors weighed positive vaccine developments and a steady drawdown in holdings in bullion-backed exchange-traded funds with mounting restrictions to curb a jump in coronavirus cases.
Gold held steady as investors weighed a resurgence of cases in the U.S. and major European economies and the prospects for coronavirus vaccines. Even with the prospect of a Covid-19 vaccine, three of the world’s top central bankers, including Federal Reserve Chairman Jerome Powell, cautioned that a vaccine would not end the economic challenges.
Gold steadied as investors weighed signs of progress on the vaccine front even as many nations around the world experience a new wave of coronavirus infections. Thursday brings some events and data points that will be of interest to bullion investors: Federal Reserve Chairman Jerome Powell, European Central Bank President Christine Lagarde and Bank of England Governor Andrew Bailey are among speakers at an online ECB Forum entitled “Central Banks in a Shifting World.
On Tuesday gold clawed back some of those losses as investors mulled uncertainties over the vaccine, and on expectations that more stimulus would be forthcoming. The Federal Reserve warned that asset prices in key markets could still take a hit if the impact worsens over the coming months.
Gold prices tumbled 4.5% on Monday as a coronavirus vaccine developed by Pfizer and BioNTech have shown a 90% effective rate in an interim analysis of its phase 3 clinical trial. Optimism faded quickly however, as traders reassessed the near-term implications, with the global economy facing an imminent threat of another pandemic wave and virus-related lockdown measures.
After the spectacular 4% rally last week, Gold has started out a fresh week on a strong footing, holding close to the highest levels in two-months above $1960 today. The yellow metal rises with risk-flows amid a split Congress and a Biden win while the US dollar is least favored amid stimulus hopes and policy continuity. Local spot prices are trading at a premium of up to $3 an ounce, further cementing the argument that demand is picking up. We believe this trend will continue through the fourth quarter of 2020
Bullion climbed at the start of a crucial week that brings the U.S. presidential election and a Federal Reserve policy meeting — events set to dictate the trajectory of the dollar, the precious metal and appetite for risk. Gold has formed an inverse Head and Shoulder pattern on daily charts, strong support is around Rs 50100 and neckline resistance around Rs 51100.
Bullion recovers from lows, trimming its monthly loss, as the dollar stabilized in the final days before this week’s pivotal U.S. presidential election. If the advanced polls are accurate – many show Biden leading in key states – an election victory for the former vice-president would lead to additional fiscal stimulus, which would also weaken the U.S. dollar and lead to higher gold prices. If Trump is elected, many of his policies on trade and the economy may reinforce the trends that have pushed gold higher in the past year. Everywhere we look, we see a weaker U.S. dollar, which bodes well for gold.
As per WGC, purchases of gold jewelry, coins and bars in India have halved in January-September to about 252 tons from a year earlier and demand for the full year could be a “multi-year low. India’s demand was 690 tons in 2019. Imports slumped about 65% on-year in January-September to 180 tons. Gold demand in India may see a “very sharp spike” next year as consumers adjust to high prices and re-enter the market after staying away in 2020
Goldsteadied to trade near Rs 51000 and Silver around Rs 60000 as the dollar ticked higher, with investors awaiting next week’s U.S. presidential election and weighing the odds for more stimulus to cushion the impact of rising Covid-19 cases on economies in many parts of the world. Spot gold has been steady this month, moving largely on prospects for fresh fiscal stimulus from the U.S. Thoseplanswere put on hold after senators left the Capitol for a pre-election break
Gold premiums in India jumped to their highest in nearly three months this week, as jewellers continued to stock up on hopes of more customers visiting stores as the festive season gathers pace. Bullion held in a narrow range even as the dollar rose on Monday after House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin again failed to close major differences on a fresh package for the U.S. economy facing a renewed surge in Covid-19 cases. The lack of a deal and concern over rising infections saw the S&P 500 Index log its biggest drop in a month.
Gold declined to trade near $1900 an ounce as investors weighed fading prospects for a U.S. stimulus deal, while the country reported record coronavirus infections for the second day in a row. This week is poised to be a busy one. US election polling and fiscal stimulus talks will remain in the spotlight. Treasury Secretary Steven Mnuchin said that Nancy Pelosi, the Speaker of the House, has ‘dug in’ and that there are still significant differences in stimulus talks. Gold premiums in India jumped to their highest in nearly three months this week as the festive season gathers pace. In anticipation of a pick-up in demand, jewellers continued to stock up. Gold dealers charged premiums of $5 an ounce this week over official domestic prices
Bullion trimmed yesterday’s slump after a relatively calm final presidential debate, and as investors eyed the latest twists on stimulus talks in Washington. House Speaker Nancy Pelosi said she was nearing a deal with Treasury Secretary Steven Mnuchin. But resistance to a near $2-trillion package is building among Senate Republicans whose support is needed for spending to be released. Gold prices have been still trading in an uptrend channel, falling yesterday, strong support is around Rs 50600 and resistance around Rs 51300. Silver prices are continuously taking support at uptrend channel on daily charts, strong support at 58500 and 61000.
Bullion prices fell as the dollar strengthened, with investors digesting a warning about foreign interference in the U.S. election along with dimming prospects for a stimulus deal before the November vote. A top U.S. intelligence official warned that Iran and Russia are trying to interfere in the election campaign by encouraging the spread of false information. Gold prices have been trading in uptrend channel, trading higher yesterday, strong support is around Rs 50300 and resistance around Rs 51300. Silver prices are continuously taking support at uptrend channel on daily charts, strong support at Rs 58500 and 61000
Goldrose on renewed optimism for a pre-election aid package in the U.S., while the dollar fell to a one-week low. House Speaker Nancy Pelosi said a bill for a compromise stimulus package is being written as she awaits a key phone call with Treasury Secretary Steven Mnuchin. Senate Majority Leader Mitch McConnell said his chamber would take up a comprehensive coronavirus package if anaccordis struck. Total Gold supplies from Europe’s key refining hub decreased to 105.9 tons last month, down from 112 tons in August. Exports to India dropped 75% to 5 tons.
Physical gold dealers in India charged a premium over official domestic prices for the second week in a row as jewellers stocked up ahead of the festive season. Demand from dealers has been improving slowly while a sharp drop in September imports also allowed dealers to charge a premium. The outlook for COMEX Gold is negative as it grinds lower toward its 100-day moving average, within a bearish descending pattern. That could turn into a more severe selloff if the hopes of a pre-election stimulus package are snuffed out within the next 24 hours when Nancy Pelosi’s time deadline passes.
Goldwas steady after a weekly drop as investors weighed a flurry of weekend developments that spurred some optimism that a U.S. stimulus package may be agreed as well as rising coronavirus casesIndian Gold imports, which have a bearing on the current account deficit (CAD), plunged 57 per cent to USD 6.8 billion (around Rs 50,658 crore) during the first half of this fiscal amid a slump in demand due to the COVID-19 pandemic.
Gold’s been trading in a narrow range so far in October amid uncertainty surrounding the prospects of a stimulus deal being passed before the Nov. 3 US presidential election. The International Monetary Fund has said that more public spending will beneededto complete the economic recovery from coronavirus.Gold prices have been trading in uptrend channel, trading indecisive yesterday, strong support is around Rs 50250 and resistance around Rs 50800.
Gold’s been doing nothing much for the past few weeks, yoyo-ing around between the 50-DMA and 100-DMA, with moves determined by the dollar.That may be about to change, courtesy of the U.S. election. A thumpingElectoral Collegewin for Joe Biden, plus the Dems capturing the Senate, would likely uncork a super-sized stimulus package, hurting the dollar. That could trigger a sharp rally in bullion (and stocks too). Indian Gold prices have been trading in an uptrend channel, having been recovered yesterday, strong support is around Rs 50250 and resistance around Rs 50800.
Gold after posting straight weekly gains, headed for a second straight daily loss on yesterday as the dollar’s advance sapped buying interest. Investors turned to the greenback as a haven after a setback in a Covid-19 vaccine trial and deadlocked talks on U.S. economic stimulus. In domestic markets, the seventh tranche of the Sovereign Gold Bond (SGB) Scheme 2020-21 is open for subscription till Friday, which enables investors to buy at comparatively less price. The issue price for the sovereign gold bond has been fixed at Rs 5,051 per gram of gold.
Goldretreated for a second straight day as investors weighed uncertainty surrounding U.S. stimulus, together with the looming presidential election and a rebound in the dollar. Goldimports by India slumped in September after a short-lived rebound as high prices prompted buyers to defer purchases. Inbound shipments into the world’s second-biggest bullion consumer fell 38% in September from a year earlier to 8.4 tons. India’s imports in the first nine months of the year are down about 70% to 158 tons.
Gold futures settled Friday at their highest in three weeks, up roughly 2% from a week ago as the U.S. dollar lost ground and investors tracked ongoing fiscal stimulus talks in Washington. The latest tranche of sovereign gold bonds has opened for subscription today. The Reserve Bank of India, on behalf of government of India, has fixed issue price at ₹5,051 per gram of gold. Investors who apply online and make payment against the application through digital mode get a discount of ₹50 per gram. For them the issue price is ₹5,001 per gram. TheSovereign Gold Bond Scheme2020-21-Series VII will close for subscription on October 16.
Bullion prices rebounded yesterday as the dollar slipped and U.S. President Donald Trump indicated he was willing to approve a limited virus relief package. Trump’s overnight tweets showed his support for $25 billion to hard-hit airlines and $135 billion for small businesses. According to AMFI, the Indian Gold ETF category received a net inflow of around ₹907.9 crores in August and a net inflow of ₹597.3 crores in September. This year so far, the category has received a net inflow of ₹5,957 crores.
Bullionprices in India traded lacklustre on lower demand and taking negative news from International prices. In global markets, gold prices were almost unchanged today on renewed hopes for US stimulus. The outlook for US stimulus improved after President Donald Trump wrote on Twitter that Congress should pass money for airlines, small businesses, and stimulus checks of $1,200 for individuals. Goldtends to benefit from widespread stimulus measures as it is widely viewed as a hedge against inflation and currency debasement.
Goldheld the biggest slump in almost two weeks after President Donald Trumpended talkswith Democrats on a new fiscal stimulus package until after the November presidential election, a move that roiled financial markets and boosted the dollar. Gold fell by Rs 500 and Silver by almost Rs 1000 in Indian markets. Bullion demand in Indiais likely to pick up ahead of the festive season, further supported by the recent correction in prices.
The sustained demand for the traditional safe haven suggests in western countries that some investors are taking the opportunity to build up positions, expecting the rally to be resumed amid low-interest rates and geopolitical risks. In places like India and China, however, demand for gold has been relatively soft. Buyers in the two biggest consumer markets have either been selling their holdings or borrowing against them. Gold has closed above Rs 50500 levels and is trying to give a breakout above the symmetrical triangle. If prices give a positive closing today, there could be a start of another rally.
Macroeconomic factors are pushing investments in precious metals, while bonds have lost their appeal. The weak economy has pushed investments in silver and gold. Investors now believe that the central bank could be expanding the stimulus programme which could make their currency lose value. Gold is not able to sustain above Rs 50500 levels and has formed Inverted Hammer formation of Daily charts which is the sign of reversal.
The House of Representatives on Thursday approved a $2.2 trillion coronavirus stimulus proposal put forward by House Democrats with no bipartisan deal in sight. Moreover, Risk-Off sentiment has emerged in financial markets today which is likely supporting bullion prices as US President Donald Trump and First Lady have been tested COVID positive.Gold is not able to give substantial breakout or breakdown from the symmetrical triangle. Prices need to sustain above Rs 50700 to resume a bull run again.
Gold was steady, heading for a weekly gain, as investors weighed the latest moves by U.S. lawmakers to negotiate a compromise pandemic relief package while also tracking a weakening dollar. While gold prices fell last month, assets in bullion-backed exchange-traded funds expanded. Worldwide Gold ETF holdings rose to about 3,442 tons on Wednesday, that’s close to a record. Silver prices are consolidating between Fibonacci retracement of 38.2% (Rs 61100) and 50% (Rs 55800). Prices need to sustain above 61100 to continue its uptrend.
Augmont is an integrated precious metals management company with operations in trading of gold and silver coin / bar through its online platform, gold refining and manufacturing of tamper proof packaged jewellery