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<ul><li><keyword id="46002" type="General" weightage="20" keywordseo="gold-prices" source="Orion">Gold prices</keyword> zoomed as the US <keyword id="19900043" type="General" weightage="20" keywordseo="fed" source="keywords">Fed</keyword> maintained a soft monetary policy outlook, driving a fall in the dollar.</li><li>Experts however sound caution as the metal hits a fresh high for the second time this March.</li><li>Fresh buys can wait and some profit booking can be done at these levels, say experts. </li></ul>Gold prices hit another high on Thursday to ₹66,778 per 10 grams on the <keyword id="19925779" type="General" weightage="20" keywordseo="mcx" source="keywords">MCX</keyword> on Thursday morning trade. As it hit a fresh high for the second time this March, the yellow metal might see profit taking, believe experts. The metal’s prices zoomed as the US Fed maintained its outlook for a soft monetary policy, indicating three rate cuts this year. The yellow metal’s spike was supported by a sell-off in the US dollar after the <keyword id="19904332" type="General" weightage="20" keywordseo="federal-reserve" source="keywords">Federal Reserve</keyword> decision. “Markets are now pricing in a greater chance, around 70%, that the Fed will begin cutting interest rates at the June policy meeting, up from 55% before the Fed policy. The US Dollar declined, and international gold prices touched new highs in response to this dovish hold,” said Ghazal <keyword id="19950697" type="General" weightage="20" keywordseo="jain" source="keywords">Jain</keyword> Fund Manager- Alternative Investments, <keyword id="20391056" type="General" weightage="20" keywordseo="quantum-amc" source="keywords">Quantum AMC</keyword>. Book profits, re-enter at a lower price, say experts Experts however sound caution as the metal hits staggering heights. It was trading close to $2,225 per ounce in the international markets. Gold futures also increased 2.12% to $2,228.60 per ounce in New York. In India, contracts for April delivery rose 1.54% at ₹66,764 per 10 grams as investors built fresh positions. “We see some signs of caution, as well as their (Fed’s) projections, show an upward revision in economic growth to 2%, core-PCE inflation at 2.6% and an unemployment rate of 4% by year-end, which would make their rate cut task a little difficult,” observes <keyword id="21039523" type="General" weightage="20" keywordseo="pranav-mer" source="keywords">Pranav Mer</keyword>, VP, EBG - commodity &amp; currency research at <keyword id="20197853" type="General" weightage="20" keywordseo="jm-financial-services" source="keywords">JM Financial Services</keyword>. So much so, that a few even advise investors to book some profits at these prices. “While the fundamental backdrop of lower interest rates and geopolitical uncertainty looks supportive for gold, some profit-taking can be done at these levels. Fresh buys can wait for price dips,” says Jain. Agrees Mer, “Although we still maintain a positive in gold, we do expect some profit-booking, which can give us an opportunity to enter at a lower level.” Most analysts peg gold’s support levels at around ₹66,000/10 gm, though they believe that it has long-term potential to hit anywhere between ₹67,450-₹67,900.

Gold could see profit taking as it hits another new lifetime high

Gold and <keyword id="20762025" type="General" weightage="20" keywordseo="Silver-prices" source="keywords">Silver prices</keyword> are on an upward trajectory backed by firm demand, and the steam seems to remain till the end of this festival season. In the current financial year, gold and silver prices have appreciated by nearly 10 and 24 per cent, respectively. "From Indian perspective, with the <keyword id="22519627" type="General" weightage="20" keywordseo="customs-duty-cut" source="keywords">customs duty cut</keyword> in July, that has and will give a big boost to consumption of gold...We broadly foresee that the October-December quarter would be pretty strong. It's a good time for gold," Sachin Jain, Regional CEO, India, <keyword id="20195223" type="General" weightage="20" keywordseo="World-Gold-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="World Gold Council" meta.hostid="261" meta.entityid="World Gold Council">World Gold Council</keyword>, told over the phone. <keyword id="19910265" type="General" weightage="100" keywordseo="Gold-prices" source="keywords">Gold prices</keyword> are currently at around Rs 77,845 per 10 grams. At the start of the financial year, the prices were around Rs 68,700. "For a rally, a correction in prices is also needed, which we are seeing now. <keyword id="23342085" type="General" weightage="20" keywordseo="ETF-buying" source="keywords">ETF buying</keyword>, central banks' buying, <keyword id="19955176" type="General" weightage="20" keywordseo="geopolitical-tensions" source="keywords">geopolitical tensions</keyword> all are bull factors for gold," explains Ajay Kedia, head of Mumbai-based firm Kedia Advisory. For silver, Kedia anticipates prices to march towards Rs 100,000 per kg in the near-to-mid-term. "Industrial use of silver is increasing, such as for EVs and solar panels. Silver prices were unable to pick up because of the recession fears in certain countries. But in the past months, we have been seeing outperformance in silver," said Kedia. Silver prices are currently around Rs 93,000 per kg, as against Rs 75,000 at the start of the current financial year. Manoj Kumar Jain, Director - Head commodity and Currency Research, Prithvi Finmart, said he sees gold futures tasting Rs 77,000, and silver at Rs 96,000 in the near term. "Usual market fundamentals are not working, and the bull run in the market is driven by post-Covid gold buying by central banks as part of de-dollarisation, besides heightened geopolitical tensions and rate cuts by various central banks. A reduced interest rate is also a positive for gold and other commodities," Jain said. International gold prices have seen an "extraordinary" rise this year at about 40 per cent, versus its normal average of about 10 per cent, Jain added. Colin Shah, MD, Kama Jewelry, and former Vice Chairman Gem and Jewellery Export Promotion Council (GJEPC), said that the demand for gold is expected to be robust with the onset of <keyword id="19894908" type="General" weightage="20" keywordseo="festive-season" source="keywords">festive season</keyword>. "The key drivers behind the stellar performance of gold is the beginning of a rate cut cycle in the US, followed by strong anticipation for further rate cuts in the upcoming meetings. The geopolitical tensions between Israel and Lebanon are also pushing gold prices up," said Shah. International gold prices are currently testing the USD 2700 levels per ounce, and Shah's expectation is that it may touch USD 3,000 levels. In domestic market, he expects prices to cross Rs 78,000 in the medium to long-term. Pranav Mer, Vice President, EBG - Commodity and Currency Research, JM Financial Services Ltd, also painted a similar picture. Mer said the bullion is likely to remain supported by <keyword id="20501401" type="General" weightage="20" keywordseo="safe-haven-demand" source="keywords">safe-haven demand</keyword>, buying among ETF investors. "On chart... trend remains positive till support at 75850/ 75500 holds, while on the upside resistance is seen at 76550 (for Dec. futures)," Mer added.

Gold crosses Rs 77,000, experts project that silver could reach Rs 1 lakh this festive season

<keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">Gold prices</keyword> rallied by Rs 550 to Rs 75,700 per 10 grams in the local market on Tuesday on the back of fresh buying by <keyword id="20280747" type="General" weightage="20" keywordseo="jewellers" source="keywords">jewellers</keyword> as well as strong trends in the international markets. According to All India Sarafa Association, the precious metal rates had closed at Rs 75,150 per 10 grams on Monday. In the national capital, gold of 99.9 per cent and 99.5 per cent purity quoted higher at Rs 75,700 per 10 grams and Rs 75,350 per 10 grams, respectively. Traders attributed the rise in gold prices to a pick-up in demand by local jewellers and retailers in the domestic market. In addition, <keyword id="20762025" type="General" weightage="20" keywordseo="silver-prices" source="keywords">silver prices</keyword> also jumped by Rs 400 to Rs 94,400 per kg. It had ended at Rs 94,000 per kg in the previous session. "Gold and silver prices witnessed a sharp recovery on the back of rate cut expectations. "No major data points were scheduled on Monday, however, comments from <keyword id="19901377" type="General" weightage="20" keywordseo="US-Federal-Reserve" source="keywords">US Federal Reserve</keyword> Chair Jerome Powell were in limelight," Manav Modi, Senior Analyst, Commodity Research, Motilal Oswal Financial Services Ltd (MOFSL), said. Fed Chair Powell said that second quarter data has given policymakers greater confidence that <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">inflation</keyword> is heading down to the central bank's 2 per cent goal. Powell reiterated that the US central bank is in no rush to cut rates but he also raised concerns regarding ease off in labour market and increase in deficits. This week, traders will keep an eye on important data points like US retail sales, industrial production and a few housing numbers, which could provide clarity on overall economic health, Modi added. On the overseas front, spot gold at Comex was traded at USD 2,436 per ounce, registering a gain of USD 28 per ounce from previous day. According to Dilip Parmar, Research Analyst at HDFC Securities, gold prices traded higher amid ETF demand and speculative buying as the global gold prices hovering near the record high. "...decline in the treasury yields and US dollar index also supported the spot gold prices," Parmar added. Additionally, silver was also quoted higher at USD 30.77 per ounce. In the previous session, it had finished at USD 30.68 per ounce. "Gold continues to trade positive, supported by a steady US dollar and easing bond yields as focus remains on an early rate cut by the Federal Reserve. "The bullion was also supported by a rise in <keyword id="20501401" type="General" weightage="20" keywordseo="safe-haven-demand" source="keywords">safe-haven demand</keyword> amid signs of political uncertainty in the US and France, and with a close eye on the geo-political developments in the middle-east as well," Pranav Mer, VP - Research (Commodity &amp; Currency) at BlinkX and JM Financial, said.

Gold rallies Rs 550; silver jumps Rs 400 amid strong global cues

<keyword id="20014529" type="General" weightage="20" keywordseo="gold-price" source="keywords">Gold price</keyword> rose Rs 50 to Rs 75,100 per 10 grams in the national capital on Thursday driven by jewellers' buying and a firm trend in the <keyword id="20108266" type="General" weightage="20" keywordseo="international-markets" source="keywords">international markets</keyword>, according to All India Sarafa Association. The precious metal had settled at Rs 75,050 per 10 grams on Wednesday. <keyword id="20762025" type="General" weightage="20" keywordseo="silver-prices" source="keywords">Silver prices</keyword> also climbed by Rs 100 to Rs 94,500 per kg. It had closed at Rs 94,400 per kg in the previous session. In sarafa markets, the yellow metal was trading at Rs 75,100 per 10 grams, up by Rs 50 against the previous close, the association said. Traders said gold rallied due to fresh demand from local jewellers and a firm trend in overseas markets. In the global markets, spot gold was trading higher at USD 2,389.20 per ounce, up by USD 9.50 per ounce. Gold prices firmed for a third consecutive session with investors awaiting <keyword id="20104198" type="General" weightage="20" keywordseo="US-inflation-data" source="keywords">US inflation data</keyword> due later in the day for more insights on the Federal Reserve's interest rate path, Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd (MOFSL), said. US Fed Chair Jerome Powell on Wednesday mentioned that the US central bank would make interest rate decisions "when and as" they were needed. He told House members that "more good data" would build the case for a rate cut. Addressing the lawmakers in Washington on Wednesday, Powell said he has confidence that inflation is headed downwards, however, stressed that the Fed has more work to do. Investors are waiting for the June Consumer Price Index (CPI) data to be release later on Thursday, and the Producer Price Index (PPI) report on Friday, which could add clarity to the Fed's monetary policy path ahead, Modi added. Silver was also marginally up at USD 31.32 an ounce in New York. "Gold continues to trade positive, supported by weakness in the US dollar and a dip in treasury yields after the Fed chair's comments on inflation and interest rates. "However, prices are stuck in a range so far in the session amid caution ahead of the CPI data for clarity of the US Fed's easing trajectory," Pranav Mer, Vice President of Research (Commodity &amp; Currency) at BlinkX and JM Financial, said. According to market experts, the precious metal continues to rise on Thursday as data comes to light that indicates central banks globally are still hoarding gold in spite of the revelation that the People's Bank of China stopped buying the metal for two months in June. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/global-pc-shipments-report-growth-for-the-second-quarter-up-by-3-in-q2-2024/articleshow/111656566.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/global-pc-shipments-report-growth-for-the-second-quarter-up-by-3-in-q2-2024/articleshow/111656566.cms" target="_blank">Global PC shipments report growth for the second quarter, up by 3% in Q2 2024</a><a href="https://www.businessinsider.in/tech/mobile/webstories/samsung-galaxy-z-fold-6-vs-oneplus-open-who-wins-the-foldable-race/slidelist/111651797.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/samsung-galaxy-z-fold-6-vs-oneplus-open-who-wins-the-foldable-race/slidelist/111651797.cms" target="_blank">Samsung Galaxy Z Fold 6 vs OnePlus Open – who wins the foldable race?</a><a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-z-fold-6-galaxy-z-flip-6-galaxy-ring-and-more-launched/articleshow/111637913.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-z-fold-6-galaxy-z-flip-6-galaxy-ring-and-more-launched/articleshow/111637913.cms" target="_blank">Samsung Galaxy Z Fold 6, Galaxy Z Flip 6, Galaxy Ring and more launched</a>

Gold rises on jewellers' buying, positive overseas trend

<keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">Gold</keyword> and <keyword id="20762025" type="General" weightage="20" keywordseo="silver-prices" source="keywords">silver prices</keyword> rebounded sharply on Friday after falling for two straight sessions, with the yellow metal jumping Rs 950 to cross the Rs 73,000-mark in the national capital amid a <keyword id="21609112" type="General" weightage="20" keywordseo="bullish-global-trend" source="keywords">bullish global trend</keyword> and strong <keyword id="19965934" type="General" weightage="20" keywordseo="domestic-demand" source="keywords">domestic demand</keyword> on the <keyword id="21609113" type="General" weightage="20" keywordseo="Akshaya-Tritiya-festival" source="keywords">Akshaya Tritiya festival</keyword>. According to HDFC Securities, the precious metal climbed by Rs 950 to Rs 73,200 per 10 grams. It had closed at Rs 72,250 per 10 grams in the previous trade. Silver prices also surged by Rs 2,300 to Rs 85,500 per kg. In the previous close, it had ended at Rs 83,200 per kg. "Spot <keyword id="19910265" type="General" weightage="20" keywordseo="gold-prices" source="keywords">gold prices</keyword> (24 carats) in the Delhi markets are trading at Rs 73,200 per 10 grams, up by Rs 950, amid a bullish trend in the overseas markets. "During the auspicious occasion of Akshaya Tritiya, retail demand is going to rise as people will buy gold coins, bars, and jewellery," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said. In the global markets, spot gold at Comex was trading at USD 2,360 per ounce, up by USD 52 from the previous close. Gold rose after the latest unemployment claims data revealed more indications of a slowing labour market, increasing confidence that the US Federal Reserve will be able to begin cutting interest rates this year, Gandhi said. Silver was also trading higher at USD 28.60 per ounce. It had finished at USD 27.50 per ounce in the previous session. "Gold is driven higher by rise in festive demand in India with additional support from a weaker US dollar, which is down on rising bets for an early rate cut by the US Federal Reserve. "Amid geopolitical issues and mixed momentum in global equities too is seen supportive to the bullion prices," Pranav Mer, Vice President of Research (Commodity &amp; Currency) at BlinkX and JM Financial, said. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-up-8-5g-smartphones-account-for-over-70-of-shipments/articleshow/110002512.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-up-8-5g-smartphones-account-for-over-70-of-shipments/articleshow/110002512.cms" target="_blank">Indian smartphone market up 8%, 5G smartphones account for over 70% of shipments</a><a href="https://www.businessinsider.in/sports/webstories/ipl-decoded-highest-individual-scores-in-ipl-2024-so-far-from-stoinis-to-kohli/slidelist/110008351.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/ipl-decoded-highest-individual-scores-in-ipl-2024-so-far-from-stoinis-to-kohli/slidelist/110008351.cms" target="_blank">IPL Decoded: Highest individual scores in IPL 2024 so far, from Stoinis to Kohli</a><a href="https://www.businessinsider.in/tech/mobile/news/apple-and-samsung-dominate-the-top-selling-smartphones-in-q1-2024/slidelist/109977094.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-and-samsung-dominate-the-top-selling-smartphones-in-q1-2024/slidelist/109977094.cms" target="_blank">Apple and Samsung dominate the top-selling smartphones in Q1 2024</a>

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Gold could see profit taking as it hits another new lifetime high

Katya Naidu

Gold crosses Rs 77,000, experts project that silver could reach Rs 1 lakh this festive season

ANI

Gold rallies Rs 550; silver jumps Rs 400 amid strong global cues

PTI

Gold rises on jewellers' buying, positive overseas trend

PTI

Gold, silver prices rebound on bullish global trend, strong domestic demand

PTI

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