Gold and Silver prices are continuing in an uptrend rising every week. This week Gold has cleared resistance of $2750 (~Rs 78400) and is aiming for the level of $2800 (~Rs 80000) very soon. Silver has crossed the $34.35 (~Rs 98300) and is aiming for the $35 (~Rs 100,000) soon.
Precious Metals rallies to record high amid US election jitters
Rising for the 23rd week in a row so far in 2024, the price of gold in US dollars has surpassed $2747 (~Rs 78200), up more than 3% from the previous week. While Silver gained 10% in only one week, reaching a high of about $34.32 (~Rs 98220).
Gold touches fresh all-time peak of $2727 (~Rs 77640)
The yellow metal continues to gain from major central banks’ rate-cutting policies. Political unpredictability in the US and tensions in the Middle East further boost the commodity.
Gold stands tall near record peak
The anticipated reduction in interest rates by significant central banks, in conjunction with geopolitical uncertainties arising from the continuous wars in the Middle East, are pivotal elements propelling investments towards the yellow metal.
Precious Metals close to record peaks
Amidst the Middle East tensions and a risk-off sentiment, safe-haven flows are drawn to gold and silver, which has led to record peaks in precious metal prices.
Precious Metals pressurized by the strong dollar
Several factors have combined to push the price of precious metals downward during the past two days. The recent spike in US Treasury bond rates has been attributed to traders’ lack of expectation of another massive interest rate decrease by the Federal Reserve in November.
Which important Macroeconomic factors impact Gold prices?
Which important Macroeconomic factors impact Gold prices? Dr. Renisha Chainani breaks down the key elements driving gold’s market movements. Tune in to understand how these factors can impact your gold investments.
Precious Metals attracts follow-through buying
Some follow-through buyers are drawn to the gold price for the second day in a row. US data released on Thursday revealed a spike in weekly unemployment claims and an annual growth in the headline US CPI of 2.4%, the lowest since February 2021.
What is the short term and medium term outlook on Silver?
Wondering about the short-term and medium-term outlook for silver? Dr. Renisha Chainani analyzes the current trends and key factors affecting silver’s price movement. Watch for insights to help you make informed investment choices.
Precious Metals consolidate after a steep fall
The September FOMC meeting minutes showed that most members favoured a 50-bps rate cut because they believed inflation would eventually approach the 2% target.