Daily Gold Price (Today February 1): Short-term outlook, Forecast and Updates
Gold rates in Delhi, Chennai, Kolkata, Mumbai today
Gold rates have remained choppy on Sunday at all major cities On MCX, according to thehansindia.
Gold rates have remained choppy on Sunday at all major cities On MCX, the gold rates have been at Rs. 49,950. Gold rate in Delhi for 22-carat has remained at Rs. 47,960 and that of 24 carat gold is at Rs. 52,310. In Chennai, the gold rate is at Rs 46,560 per ten gram of 22 carat with Rs. 10 increase and that of 24 carat is at Rs. 50,780.
The gold rates in Kolkata is at Rs. 48,330 per 10 gram of 22 carat and the rate of ten grams of 24 carat is at Rs. 51,030. In Mumbai, the gold rates have been at Rs. 47,960 and Rs. 48,960 per ten grams of 22 carat and 24 carat with increase of Rs. 160.
Gold and silver prices have weakened at global markets thus making the domestic prices in India also weak resulting in fall of price for last three days. However, the gold prices mentioned here are due at 8 am, the prices could alter at every moment and hence the gold buyers need to track the live prices at a given time. The mentioned price are closing prices of yesterday while today's price would begin either with a decrease or increase.
Gold prices drop ₹1000 in January, silver surges ₹3,000 in 2 days
Gold and silver prices jumped on Friday in Indian markets, tracking firm global rates. On MCX, gold futures rose 0.8% to ₹49,330 per 10 gram, narrowing losses for the month. On a monthly basis, gold prices fell about 2% or ₹1,000 amid wild swings. Silver futures on Friday jumped 3.2% or ₹2,170 to ₹69,765 per kg following a big surge in global rates.
In global markets, on Comex, silver prices rose 4.3% to $27.06 an ounce on Friday after messages on Reddit urged retail investors to pile into the market in an attempt to push prices higher. Gold rose 0.4% to $1849.8 an ounce.
In India, silver prices have surged ₹3,000 per kg in just two days tracking a jump in global rates.
Back in India, the issue price for latest sovereign gold bond tranche has been fixed at ₹4,912 per gram of gold, with a discount of ₹50 per gram to those investors applying online and the payment against the application is made through digital mode.
The Sovereign Gold Bond Scheme 2020-21 - Series XI opens for subscription on February 1 and closes on February 5, 2021.
The previous tranche of sovereign gold bonds (Series X) that were open for subscription from January 11 to January 15, 2021 was ₹5,104 per gram of gold. Sovereign Gold Bond 2020-21 is issued by Reserve Bank India on behalf of the central government.
"Gold prices have been under pressure due to the rise in US treasury yield and subdued buying activity by Gold ETF investors. Delay and lack of clarity on the next installment of the US stimulus package have pushed yields higher, reducing the investor appetite for the yellow metal. Moving forward, the amount of stimulus package from the US government, effective implementation of vaccination process and pick up in economy across the globe will guide gold prices," said Nish Bhatt, Founder & CEO, Millwood Kane International. In August gold had hit a record high of ₹56,200 in Indian markets.
Gold Price Forecast: Is Gold at Risk From a US Dollar Turning Point?
Gold consolidating as fed remains dovish
Gold prices have risen for a 2nd consecutive week signalling that the precious metal is attempting to form a base. The Federal Reserve showed little signs of taking the foot of the (stimulus) gas with Chair Powell emphasising that the pandemic presents considerable downside risks in the near term, while also reiterating that it is too soon to be talking about tapering asset purchases. That said, the outlook will continue to remain favourable for the precious metal, particularly as US real yields hold below -100bps. However, while gold prices have steadied, upside has been largely capped by a renewed bid in the greenback, Dailyfx reported.
Potential us dollar turning point presents a risk to gold
The US Dollar has shown tentative signs of a recovery with the DXY maintaining a foothold above the 90.00 handle. In turn the greenback has tested the descending trendline stemming from the March peak. Equity markets have had a challenging week with long/short hedge fund strategies facing pressure from the relentless short squeeze seen in Reddit favourites (AMC, GME), given the plethora of articles surrounding the topic I will save my view for another time. That being said, a factor that has been somewhat underreported has been the draining of liquidity in Chinese markets, in which the PBoC advisor signalled concerns over asset bubbles. Should equity market deleveraging pick up the pace, safe-haven flows into the USD presents a risk for gold.
Gold price chart: weekly time frame (50/200dma death cross approaching)
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