Daily gold price (January 24): Short-Term Outlook, Forecast and Updates
Photo: theindiaprint

Gold shine faded, best opportunity for investors, this year will be more bumper earnings

Due to the fall in the international market, the price of gold and silver also showed pressure in the domestic market this week. Gold and silver delivery declined on MCX in the last trading session of the week. At the same time, American Future Gold has fallen by 0.60 percent. On the other hand, on Friday, share market performance this week also recorded a huge drop of 746 points. After crossing the historical level of 50 thousand, the Sensex has fallen by more than 1300 points, according to theindiaprint.

Gold closed at Rs 48861 per ten gram level in the gold price updates in the Delhi bullion market this week. On Thursday, it closed at the level level of 49124. The price of silver has been reduced by Rs 806. Silver today slipped to the level of Rs 66032 per kg. On Thursday, it had closed at the level of 66838. Commodity market experts say that there will be pressure on the price of gold in the beginning of 2021, although by the end of the year, gold will easily cross the 60 thousand level. Last year, gold touched a level of 56000 and gave a total return of 30 per cent.

Gold rate in Patna, Jaipur and Surat

According to the data available on the website of Good Return, today 22 carat gold price is Rs 48540 in Pune, Rs 48980 in Ahmedabad, Rs 48240 in Jaipur, Lucknow, Rs 48540 in Patna, Rs 48750 in Chandigarh and Rs 48980 per ten grams in Surat is. Similarly, the price of 24 carat is Rs. 50980 in Surat, Rs. 52200 in Chandigarh, Rs. 49540 in Patna, Rs. 52620 in Lucknow-Jaipur, Rs. 50980 in Ahmedabad and Rs. 49540 per ten grams in Pune.

Daily gold price (January 24): Short-Term Outlook, Forecast and Updates
Photo: fxempire

Gold Price Updates

Gold spot rate on MCX on February 5, fell by Rs 258 to close at Rs 49190 per ten gram in the last trading session of the week. Similarly, gold on 5 April delivery (Gold rate today) fell by Rs 268 to close at Rs 49328 on the last day. On March 5, delivery silver fell by Rs 576 (Silver rate today) to close at Rs 66724 per kg. On May 5, delivery silver fell by Rs 642 to close at Rs 67520.

US gold futures in the international market

Talking about Future Gold in the international market, according to the information available on Investing.com website, gold with delivery on February 21 fell by $ 10.60 (-0.57%) to $ 1855.30 on the last trading day of this week. Closed at the per ounce level. On March 21, delivery silver dropped by $ 0.30 (-1.17%) to close at $ 25.55 an oz (Silver rate international market). There are 28.34 grams in one ounce.

Price of Gold Fundamental Daily Forecast – Mixed External Signals Keeping Lid on Prices

Gold futures are trading lower at the mid-session on Friday, but have clawed back enough of its earlier loss to hold on to its weekly gains. Trying to determine a catalyst behind today’s price action is proving to be a difficult task.

It’s easy to see the relationship between the stronger U.S. Dollar and demand for dollar denominated gold, but the relationship between Treasury yields and demand for risky assets seems to have been downplayed today, said Fxempire.

It’s just one day so we don’t see a trend, furthermore, perhaps gold would’ve dropped a lot further if it weren’t for the marginal rise in yields and the earlier sell-off in stocks.

At 19:32 GMT, April Comex gold is trading $1858.70, down $10.60 or -0.57%. This is up from an $1839.70 low.

Traders Watching Washington for Stimulus News

Hopes for further stimulus from the U.S. is being credited for putting gold on track for its first weekly gain in three, but problems arose on Thursday that suggested U.S. President Joe Biden may not get all of his proposed $1.9 trillion coronavirus relief plan despite the Democrats holding control of Congress.

According to CNBC, President Joe Biden’s first COVID-19 package is already facing hurdles in Congress that threaten to force the fledgling administration to curb some of its more progressive aims just one week after the proposal’s debut.

Early critiques from Republican Senators Lisa Murkowski of Alaska and Mitt Romney of Utah, two members of the bipartisan group of senators who crafted the framework for December’s stimulus package, challenged the $1.9 trillion plan.

Both expressed doubts on Wednesday over the need for another bill, especially one with such a price tag, less than one month after Congress passed the $900 billion measure just before the Christmas break.

While criticisms from the GOP were expected, odds the bill would pass unedited grew longer after a report quoted Democratic Senator Joe Manchin of West Virginia disparaging the size of the latest round of proposed stimulus checks.

Daily gold price (January 24): Short-Term Outlook, Forecast and Updates
Photo: Livemint

Euro-Zone Business Activity Shrinks

Business activity in the Euro Zone fell to a two-month low in January, preliminary data showed on Friday, on the back of stricter coronavirus-related lockdowns.

Tighter COVID-19 restrictions took a further toll on businesses in January, Chris Williamson, chief business economist at IHS Markit said in a statement.

European Central Bank President Christine Lagarde acknowledged on Thursday that the pandemic still posed “serious risks” to the Euro Zone economy.

Short-Term Outlook

The news on Friday shows there are still a lot of risks to the global economy with China and the Euro Zone sending out warning signals. This is likely to keep gold supported because it means the major central banks will continue to provide monetary help. However, fiscal policy doesn’t seem to have the same juice that it generated from March to August 2020 so gold could have a hard time mounting a short-term rally.

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