The yellow metal hit two month low to trade at $1,937 per ounce during Asian trading hours and is all set to lose around 1.7 per cent for the week.Īnalysts note that despite positive notes coming from D.C., the debt deal may still be a difficult thing to get through before June 1.
inflation gauge hiked bets for the rates to stay high for a longer period.īoth the Congressional Republicans and the White House aim to put the final touches on the deal to hike the debt ceiling for two years. The ornamental metal witnessed a drop during Friday’s trade session as the safe-haven bet was on course to report its third straight weekly loss on the likelihood of a last-minute debt ceiling deal and as a hotter-than-expected U.S. In the global forum, spot gold was seen at $1,947 an ounce and U.S.
The gold rate in India was recorded at Rs 55,550 for 10 grams of 22 karats and Rs 60,600 for 10 grams of 24 karats. The gold price in India is little changed as it gave up gains in the bullion markets amidst recording its third consecutive weekly loss. dollar has hit a more than two-month high after data revealed that China’s economic recovery is getting stalled. Meanwhile, global shares declined ahead of a vote in Washington on the U.S. banking crisis on the back burner and the debt ceiling issue all but resolved, the focus will now return to the fight against rising inflation rates. dollar is likely to remain a headwind for gold rates. Ilya Spivak, Head of Global Macro says that the strong U.S. The higher interest rates will keep a tab on the growth of the prices of ornamental metal in both the bullion markets and the local markets in India. currency on growing expectations that the Fed will keep the interest rates high for a long time than previously thought. The ornamental metal steadied on Wednesday as it was heading for a monthly fall in the international markets amidst the surge in the U.S. In the international forum, spot gold was seen at $1,960 per ounce and U.S. The gold rate in India stood at Rs 55,850 for 10 grams of 22 karats and Rs 60,930 for 10 grams of 24 karats. The gold price in India jumped as it heads for a monthly drop in the bullion market for the first time in the past three months. Meanwhile, traders priced a 70 per cent chance that the Fed policymakers will be leaving the rates untouched later this month when they meet for the monetary policy meeting. Yet the unemployment rate grew to 3.7 per cent from a 53-year low of 3.4 per cent in April. nonfarm payrolls increased by 339,000 as it beat expectations for an increase of 19,000. The precious metal settled down 1.3 per cent at $1,970 per ounce and closed by 1.3 per cent for the week to mark its first positive week in the past four weeks amidst recording its best weekly performance since April. A higher-than-expected unemployment rates have kept the hopes alive that the Fed may pause its rate hike cycle putting the bullion on course for a weekly gain.
The ornamental metal declined during yesterday’s trade session as hotter-than-expected jobs data has lifted the value of the Treasury yields. In the international forum, spot gold was seen at $1,690 per ounce and U.S. The gold rate in India was recorded at Rs 55,300 for 10 grams of 22 karats and Rs 60,330 for 10 grams of 24 karats. The gold price in India slumped on Saturday’s trade session as it took cues from the bullion markets. Investors are expecting the Fed to hold interest rates at its upcoming policy meeting scheduled on June 13-14, as per the CME Group’s FedWatch tool. Meanwhile, the dollar index and benchmark 10-year treasury yields rose and have made dollar-priced gold less attractive to customers.Īnalysts note that there is nothing out there on the surface which says that gold should be positive. central bank usually decides on the interest rates during its monetary policy meeting and the same will be announced to the public after the meeting. The yellow metal was seen trading in a tight range on Wednesday’s trade session as investors are waiting to get more cues to assess the future course of action from the Fed on interest rate hikes ahead of its policy meeting due next week. In the international forum, spot gold was seen at $1,964 an ounce and U.S. The gold rate in India was recorded trading at Rs 55,600 for 10 grams of 22 karats and Rs 60,650 for 10 grams of 24 karats. The gold price in India is stable but it took a wait-and-see mode in the bullion markets.
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