gold – The News Desk

6Dec

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World

Why Gold Prices Are Hitting Records

The prospect that interest rates might have peaked is powering gold prices to record highs. Futures for delivery of gold in December settled at $2,071 a troy ounce Friday, topping their previous high of $2051.50 an ounce hit in August 2020. Gold has advanced for seven of the past eight weeks, bringing its gain this year to 11%. That puts futures on track for their best annual performance since 2020, when Covid-19 crashed the economy and lifted the precious metal 24%. Futures fell 2.3% to $2024.10 on Monday. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

5Dec

By adminNo Comments

Money

Why Gold Prices Are Hitting Records

The prospect that interest rates might have peaked is powering gold prices to record highs. Futures for delivery of gold in December settled at $2,071 a troy ounce Friday, topping their previous high of $2051.50 an ounce hit in August 2020. Gold has advanced for seven of the past eight weeks, bringing its gain this year to 11%. That puts futures on track for their best annual performance since 2020, when Covid-19 crashed the economy and lifted the precious metal 24%. Futures fell 2.3% to $2024.10 on Monday. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

4Dec

By adminNo Comments

Business

Jewellery: Gold vaults to all-time high

HYDERABAD: The rally in gold prices continued in the international market for the third consecutive day and it went past the $2,100-per-ounce mark early on Monday. The rally also had an impact on domestic prices as the yellow metal breached the Rs 64,000/10 grams mark on MCX. Later in the day, however, there was a sharp correction and the price fell to below the $2,050 level.In the local markets, goldwith 999 purity was being sold at around Rs 67,500/10gm which included taxes.This was a new all-time high price. Last week too, the yellow metal's price had recorded new life-high marks.Surendra Mehta, president, the Indian Bullion & Jewellers Association, said that the recent surge in gold prices in the international markets was on the back of news of a US warship and some commercial shi...

Gold prices surge; set for best week in 7 months as people look for safe haven investments amidst Israel-Hamas war

13Oct

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Business

Gold prices surge; set for best week in 7 months as people look for safe haven investments amidst Israel-Hamas war

Gold surged over 2% and was on track for its strongest weekly performance in seven months on Friday, according to a Reuters report. This rally was fueled by heightened safe-haven demand due to ongoing Middle East tensions and the perception that U.S. interest rates may have reached their peak.At 9:22 a.m. ET (1322 GMT), spot gold had risen by 2.1% to reach $1,907.30 per ounce. U.S. gold futures increased by 2% to hit $1,921.20. For the week, prices had gained 4.1% so far.The escalating conflict between Israel and the Islamist group Hamas is a key driver of this trend. It's causing a decline in yields and pushing gold prices upward, as noted by David Meger, the director of metals trading at High Ridge Futures. Israel's call for civilians in the northern part of the Gaza Strip to relocate s...

Safe Haven: Attack on Israel likely to boost appeal of gold, safe-haven assets

8Oct

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Business

Safe Haven: Attack on Israel likely to boost appeal of gold, safe-haven assets

NEW YORK: The violence in Israel will likely prompt a move into safe-haven assets as investors closely watch events in the Middle East to gauge geopolitical risk to markets. Gunmen from the Palestinian group Hamas entered Israel in an unprecedented attack on Saturday. Western countries, led by the United States, denounced the attack and pledged support for Israel. Rising geopolitical risk could see buying in assets like gold and the dollar, and potentially boost demand for US Treasuries, which have been sold off aggressively, analysts said. "This is a good example of why people need gold in their portfolios. It is a perfect hedge against international turmoil," said Peter Cardillo, chief market economist at Spartan Capital Securities, who predicted that the dollar would also benefit. "Any...

US Stocks Mixed as Investors Navigate Russian Turmoil and Fed Policy

26Jun

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Business

US Stocks Mixed as Investors Navigate Russian Turmoil and Fed Policy

Wall Street was mixed on Monday and crude prices rose as investors digested the aborted Russian mutiny over the weekend and wrestled with lingering concerns over the path of Federal Reserve monetary policy.The S&P 500 was modestly lower, while megacap momentum stocks pulled the tech-heavy Nasdaq to a sharper decline.The blue-chip Dow was held aloft by consumer discretionary and industrials. Economically sensitive transports and smallcaps were outperforming.“We’re having a bit of a correction, with (Fed Chair Jerome) Powell still talking about keeping rates higher for longer," said Paul Nolte, senior wealth adviser and market strategist at Murphy & Silvest in Elmhurst, Illinois. “A lot of those big tech companies have had quite a run, so we’re seeing a rotation into smallcaps and v...