Gold Rate In Ludhiana

  • Today's Gold Rate in Ludhiana ( 18 Jan 2020 )
    ₹ 3,880
    Today's Gold Rate (22K) per gram
    Compare Gold Rate In Ludhiana (Today & Yesterday)
    Today
    (18 Jan 2020)
    Yesterday
    (17 Jan 2020)
    Rate Change
    Standard Gold (22 K) ( 1 gram ) ₹ 3,880 ₹ 3,880 ₹ 0 ↑
    Standard Gold (22 K) ( 8 grams ) ₹ 31,040 ₹ 31,040 ₹ 0 ↑
    Pure Gold (24 K) ( 1 gram ) ₹ 4,074 ₹ 4,074 ₹ 0 ↑
    Pure Gold (24 K) ( 8 grams ) ₹ 32,592 ₹ 32,592 ₹ 0 ↑
    Daily Gold Rates
    Date Standard Gold (22 K) Pure Gold (24 K)
    1 gram 8 grams 1 gram 8 grams
    18 Jan 2020 ₹ 3,880 ₹ 31,040 ₹ 4,074 ₹ 32,592
    17 Jan 2020 ₹ 3,880 ₹ 31,040 ₹ 4,074 ₹ 32,592
    16 Jan 2020 ₹ 3,880 ₹ 31,040 ₹ 4,074 ₹ 32,592
    15 Jan 2020 ₹ 3,845 ₹ 30,760 ₹ 4,037 ₹ 32,296
    14 Jan 2020 ₹ 3,880 ₹ 31,040 ₹ 4,074 ₹ 32,592
    13 Jan 2020 ₹ 3,900 ₹ 31,200 ₹ 4,095 ₹ 32,760
    12 Jan 2020 ₹ 3,900 ₹ 31,200 ₹ 4,095 ₹ 32,760
    11 Jan 2020 ₹ 3,910 ₹ 31,280 ₹ 4,106 ₹ 32,848
    10 Jan 2020 ₹ 3,910 ₹ 31,280 ₹ 4,106 ₹ 32,848
    09 Jan 2020 ₹ 4,010 ₹ 32,080 ₹ 4,211 ₹ 33,688

    Weekly & Monthly Graph of Gold Rate in Ludhiana

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    *Disclaimer: Bankbazaar makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are susceptible to change with Market value and provided on an as-is basis. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. We accept no liability for any loss arising from the use of the data contained on this website.

    Gold Rate in Ludhiana

    Ludhiana is one of the major cities in Punjab. Therefore, gold rates in Ludhiana depend on the gold rates persisting in the state of Punjab and closely follows the trend of rates elsewhere in the country. Gold rates in Ludhiana are dynamic and fluctuate every day. Gold is a popular commodity as well as form of investment for the residents of Ludhiana, who invest in gold as a form of hedging against inflation. Gold rates in Ludhiana have been declining this year following the trend of gold prices in the rest of the country.

    Gold is popular in the form of jewellery and ornament in Ludhiana. This is true for both the urban and rural populace. Gold rate in Ludhiana varies for different varieties of gold, with the base price considered to be that of gold bullions. Jewelleries and coins usually have higher rates owing to the workmanship costs that get added to the final price of the metal.

    Trend of Gold Rate in Ludhiana for January 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    January 1 Rate Rs.3,995 per gram
    January 12 Rate Rs.4,095 per gram
    Highest Rate in January Rs.4,211 per gram on 9 January
    Lowest Rate in January Rs.3,995 per gram on 1 January
    Overall Performance Decline

    January 2019- Week 1 (01 - 05):

    • In Ludhiana, the price of gold opened the month at Rs.3,995 per gram on 1 January. Due to various geopolitical factors, the metal saw an inclining trend in prices through the week. On 2 January, the price of the metal increased to Rs.4,011 per gram.
    • However, on 3 January, gold prices had marginally decreased to Rs.4,001 per gram, however not before increased to Rs.4,069 per gram on 4 January. The rise in gold prices was majorly due to an increase in the demand as investors shifted from the stock market to the bullion as a safe haven.
    • On 5 January, gold was priced at Rs.4,111 per gram almost touching its 7-year high price due to the increasing tensions between the United States of America and Iran.

    January 2019- Week 2(06 - 12):

    • In Ludhiana, the price of gold opened the second week of January at Rs.4,111 per gram on 6 January. Due to the ongoing tensions between the United States of America and Iran, the metal saw a fluctuating trend in prices through the week. On 7 January, the price of the metal increased to Rs.4,179 per gram.
    • However, amidst a changing global trend, on 9 January, gold prices had hit its weekly high at Rs.4,211 per gram despite a positive stock market trend. However, the price of the metal decreased soon after President Trump announced that the United States will not retaliate against Iran.
    • Due to this, risk appetite increased amongst investors as the dollar showed a rise in its value against other currencies. As the shift occurred from the bullion market to stocks, the price of the metal declined. The metal closed the week at a price of Rs.4,095 per gram.

    Trend of Gold Rate in Ludhiana for December 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    December 1 Rate Rs.3,906 per gram
    December 29 Rate Rs.3,901 per gram
    Highest Rate in December Rs.3,927 per gram on 5 December
    Lowest Rate in December Rs.3,848 per gram on 14 December
    Overall Performance Decline

    December 2019- Week 1 (1 - 8):

    • In Ludhiana, gold prices opened week at Rs.3,906 per gram. There was an increase of Rs.37 per gram when compared to the previous week’s closing price.
    • The rates of gold climbed to Rs.3,927 per gram on December 5 after the US president stated that talks regarding the trade deal with Beijing was going in the right direction.
    • Gold price closed the opening week of December at Rs.3,875 per gram. This was the lowest recorded price of the yellow metal till date. Gold’s overall performance in the city was trending downwards.

    December 2019- Week 2 (9 - 15):

    • Gold opened the second week of December at Rs.3,875 per gram in Ludhiana. The rates of the yellow metal were similar to the previous week’s closing price.
    • The rates of gold slipped over the next three days with investors adopting to await clarity on the next round of US tariffs on Chinese imports. Gold prices dropped to Rs.3,854 per gram on December 12.
    • In Ludhiana, gold closed the second week of December at Rs.3,885 per gram. Over the week, the yellow metal witnessed a declining trend in the city.

    December 2019- Week 3 (16 – 22):

    • Gold opened the third week of December at Rs.3,885 per gram in Ludhiana. The opening rate of the metal in the third week of the month had not changed to the previous week’s closing rate. This was majorly due to steady demand overseas and investors awaiting developments on the trade deal.
    • The price of the metal increased to Rs.3,896 per gram on 19 December as the United States House of Representatives voted to impeach President Trump on charges of obstruction and abuse of power.
    • Investors shifted to the bullion to safeguard their assets since gold is a safe haven asset. The price of the metal increased to Rs.3,901 per gram on 20 December and closed at the same rate.

    December 2019- Week 4 (23 - 29):

    • Gold opened the third week of December at Rs.3,885 per gram in Ludhiana. The opening rate of the metal in the third week of the month had not changed to the previous week’s closing rate. This was majorly due to steady demand overseas and investors awaiting developments on the trade deal.
    • The price of the metal increased to Rs.3,896 per gram on 19 December as the United States House of Representatives voted to impeach President Trump on charges of obstruction and abuse of power.
    • Investors shifted to the bullion to safeguard their assets since gold is a safe haven asset. The price of the metal increased to Rs.3,901 per gram on 20 December and closed at the same rate.

    Trend of Gold Rate in Ludhiana for November 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    November 1 Rate Rs.3,938 per gram
    November 30 Rate Rs.3,869 per gram
    Highest Rate in November Rs.3,974 per gram on 3 and 4 November
    Lowest Rate in November Rs.3,869 per gram on 29 and 30 November
    Overall Performance Decline

    November 2019- Week 1 (01-03):

    • Opening the month at Rs.3,939 per gram, gold prices in Ludhiana remained steady on 1 November and 2 November as well amidst trade talk speculations and interest rate cuts by the United States Federal Reserve.
    • However, on 3 November, the price of the precious metal increased to Rs.3,974 per gram due to increased local demand and renewed speculations around the trade talks between the United States of America and China.

    November 2019- Week 2 (04-08):

    • On 4 November, the price of gold in Ludhiana was Rs.3,974 per gram being steady from the previous week’s closing rate as the markets recovered from the interest rate cut by the United States Federal Reserve.
    • However, due to positive cues from the trade talks, the value of the dollar increased in the market. This resulted in investors shifting from the bullion to the market, leaving a dent in the bullion demand.
    • On 6 November, the price of the metal was RS.3,964 per gram but plummeted to Rs.3,922 per gram on 7 November due to mutual agreement between the United States of America and China on the tariff rollbacks.

    November 2019- Week 3 (09-17):

    • In Ludhiana, gold opened the third week of November at Rs.3,896 per gram. Compared to the previous day’s price the rates witnessed a drop of Rs.26 per gram.
    • In the following days, the prices of the precious metal dropped in the city due to positive developments in the trade talks between the United States and China.
    • Gold prices slumped to Rs.3,885 per gram on 12 November after an upbeat risk appetite from investors was seen due to the positive developments in the trade talks.
    • The rates closed the week at Rs.3,906 per gram after recovering marginally as investors shifted to the bullion as a safe-haven asset.

    November 2019- Week 4 (18 - 24):

    • In Ludhiana, gold opened the fourth week of November at Rs.3,906 per gram. The price of the metal was steady compared to the previous week’s closing price as investors waited on cues on the trade deal between China and the United States of America.
    • In the following days, the price of the precious metal surged in the city due to President’s trump’s impeachment inquiry. The price of the metal on 20 November was Rs.3,922 per gram.
    • On 21 November and 22 November, Gold prices dipped marginally to Rs.3,917 per gram an upbeat risk appetite from investors when China invited U.S. officials for a face-to-face meeting regarding the trade deal.
    • The rates closed the week at Rs.3,901 per gram after dipped yet again as due to positive U.S. jobs data, the value of the dollar increased resulting in investors shifting back to the market.

    November 2019- Week 5 (25 - 30):

    • In Ludhiana, gold prices opened week at Rs.3,901 per gram. There was no change in the prices of the metal when compared to the previous week’s closing price.
    • The rates of gold witnessed a declining trend over the week due to concerns regarding the trade deal between the United States and China, ongoing protests in Hong Kong etc. With traders choosing to wait for further updates on the trade deal, the rates of the yellow metal slipped to the lowest for the month on the penultimate day of the month with every gram costing Rs.3,869.
    • Gold prices in Ludhiana closed the final week of November at Rs.3,869 per gram. The overall performance of the metal over the week was trending downwards.

    Trend of Gold Rate in Ludhiana for October 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    Rate on 1st October Rs.3,864 per gram
    Rate on 31st October Rs.3,927 per gram
    Highest Rate in October Rs.3,953 per gram on 28 and 29 October
    Lowest Rate in October Rs.3,801 per gram on 2 October
    Overall Performance Incline

    October 2019- Week 1 (1-6):

    • After opening unchanged at Rs.3,864 per gram, gold prices in Ludhiana rose on weak equity movement and rising economic uncertainty.
    • A brief drop to Rs.3,801 per gram on 2 October due to plunging retail demand was offset by positive overseas cues, which saw the precious metal surge to Rs.3,864 per gram on 3 October.
    • Renewed uncertainty over escalating tensions with Iran and the upcoming U.S.-China trade talks weakened equity markets, and investor preference for gold bolstered prices to Rs.3,911 per gram on 6 October.

    October 2019- Week 2 (7-13):

    • Opening the month at Rs.3,864 per gram, gold prices increased compared to previous closing prices due to the global economic slowdown. Gold prices in the second week of the month was Rs.3,911 per gram on 7 October.
    • After hitting the weekly high at Rs.3,932 per gram as investors waited on certainty from the trade talks and Brexit fears, gold prices slipped.
    • The price of the precious metal on 13 October was Rs.3,906 per gram as worries about Brexit and trade wars between the United States of America and China eased.

    October 2019- Week 3 (14-20):

    • In the third week of October, the price of gold opened at Rs.3,906 per gram and remained steady until 15 October 2019. The steady prices of the metal were majorly due to the reduced optimism surrounding the trade talks between the U.S. and China and ahead of the Brexit talks.
    • On 16 October, gold prices hit its weekly high at Rs.3,938 per gram and were steady till 18 October 2019 due to global growth concerns by investors as well as Brexit fears.
    • However, the price of the precious metal decreased marginally to Rs.3,932 per gram on 20 October as the United States dollar gained against other currencies and concerns over the trade war eased.

    October 2019- Week 4 (21-27):

    • In Ludhiana, gold opened at a steady price of Rs.3,932 per gram and dipped to Rs.3,927 per gram as investors awaited on a decision ahead of the Brexit meeting. The price of the metal decreased further on 23 October to Rs.3,911 per gram due to positive cues on the trade talks.
    • On 24 October, gold prices increased marginally to Rs.3,927 per gram and held steady on 25 October as well due to investors awaiting further clarity on Brexit ahead of the meeting between Great Britain and the European Union.
    • As the United States Federal Reserve hinted another rate cut due to weak economic data, the price of the gold surged to Rs.3,953 per gram on 26 October and closed the week at the same price as investors shifted to the bullion, increasing demand.

    October 2019- Week 5 (28-31):

    • Gold prices in Ludhiana opened the last week of the month at Rs.3,953 per gram and held steady on 29 October as well due to renewed optimism on the trade talks. Due to this, the value of the United States dollar went up against other currencies.
    • On 30 October, the price of gold plummeted to Rs.3,917 per gram as investors, even though optimism on trade talks faded, focused on the much-awaited decision by the United States Federal Reserve on the rate cuts.
    • After gold hit new lows in the last week, after a 1% rate cut announced by the Federal Reserve, gold prices increased by Rs.10 in Ludhiana and was priced at Rs.3,927 per gram, closing the week and month at the same.

    Trend of Gold Rate in Ludhiana for September 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    September 1 Rate Rs.3,581 per gram
    September 30 Rate Rs.3,959 per gram
    Highest Rate in September Rs.4,011 per gram on 27 September
    Lowest Rate in September Rs.3,554 per gram on 2 September
    Overall Performance Incline
    Percentage Change 10.55%

    September 2019- Week 1 (1-8):

    • Opening at Rs.3,959 per gram, gold prices in Ludhiana remained unchanged for a few days as a strong dollar capped bullion gains.
    • Prices surged to Rs.4,037 per gram on 5 September after weak U.S. data reduced investor risk appetite and increased interest in safe-haven bullion, though retail demand was weak.
    • A drop in jeweller demand and a possible end to the Sino-U.S. trade war bolstered equity demand as the precious metal fell out of favour, trading lower at Rs.3,938 per gram on 8 September.

    September 2019- Week 2 (9-15):

    • Gold prices in Ludhiana opened the week steady at Rs.3,938 per gram but a drop in overall demand resulted in a steady decline in offtake despite the festive season.
    • Overseas offtake fell as investors switched to riskier assets like equities amidst positive economic indicators, with local prices falling to Rs.3,896 per gram on 12 September.
    • Jewellers also reduced orders due to conflicting cues and declining footfalls, as prices slumped to Rs.3,880 per gram on 13 September before closing the week at Rs.3,843 per gram on 15 September.

    September 2019- Week 3 (16-22):

    • Gold prices in Ludhiana opened the week steady at Rs.3,843 per gram but a drop in overall demand resulted in a steady decline in offtake despite the festive season.
    • Overseas offtake fell as investors switched to riskier assets like equities amidst positive economic indicators, with local prices falling to Rs.3,896 per gram on 18 September.
    • Jewellers also reduced orders due to conflicting cues and declining footfalls, as prices slumped to Rs.3,880 per gram on 20 September before closing the week at Rs.3,875 per gram on 22 September.

    September 2019- Week 4 (23-30):

    • Interest in bullion was on the rise due to economic uncertainty which bolstered gold rates in Ludhiana after the metal opened at Rs.3,948 per gram on 26 September.
    • A surge in jeweller demand and a weak rupee propelled prices to Rs.4,011 per gram on 27 September but a recovery in the dollar saw the yellow metal trade lower at Rs.3,990 per gram on 29 September.
    • A solution to the U.S.-China trade dispute bolstered equity markets and capped gains from bullion sales, with prices rising marginally to Rs.3,959 per gram on 30 September.

    Find Today's Gold Price in Top Metro Cities

    Gold buying patterns in Ludhiana

    Gold id preferred in the physical form in Ludhiana like the rest of the state. Major gold products in the city include:

    Over the counter: Gold jewellery is a popular item with the people of Ludhiana. Being one of the prosperous cities in the country, Ludhiana residents have been banking on gold products as investment and savings option. Major jewellers in the city include PC Jewellers, Nikkamal Jewellers, Ganpati Jewellers, Palace Jewellers, Nataraj Jewellers, to name a few. Physical gold is also sold as coins by major banks and private dealers in the city. Gold bullion is sold at base gold rates persisting for the day and are offered by a select few large dealers only.

    Traded gold: Gold can also be purchased through spot and futures contracts. These contracts are available in a specified time, with spot contracts preferred by those who want the gold to be delivered at the earliest. Futures contracts lets Ludhiana residents buy gold at current prices and get it delivered at a later rate, thereby shielding them against negative market pressure. Gold ETFs can also be traded at the Bombay Stock Exchange

    Read more on Gold

    Gold Rate - Sitemap

    News About Gold Rate In Ludhiana

    • Gold prices hit new highs due to the tensions between Iran and the US

      Gold futures prices for the month of February in India hit new highs of above Rs.41,000 on 6 January 2020. The prices of gold increased due to the tensions between Iran and the US.

      According to a report made by Reuters, the prices of gold reached its highest in nearly seven years due to the tensions in the Middle East. Spot gold prices increased by 1.4% and hit $1,573.14 for an ounce. Gold futures prices for the month of February increased by Rs.955 and hit Rs.41,067 for 10 grams. After the US airstrike in Baghdad, the prices of gold increased by around 2%. According to the Director of IndiaNivesh Commodities, the bullion prices continue to be supported as Iran is hinting at retaliating on the US. The domestic markets saw an increase in prices due to a weaker rupee. Manoj Kumar further added that every dip in prices is an opportunity to avoid selling and buying the precious metal. The prices of gold are expected to remain firm until the tensions between the two countries continue.

      7 January 2020

    • Prices of gold increase on 16 December 2019 due to a weak rupee

      After the trade deal was struck between China and the US, the prices of gold increased by Rs.207 on 16 December 2019 and hit Rs.38,034 for 10 grams. Another reason for the increase in prices was a weak rupee.

      In Mumbai, the prices for 10 grams of 22-carat gold, 24-carat gold, and 18-carat gold were at Rs.34,839, Rs.38,034, and Rs.28,525 plus GST, respectively. The intraday high and low in the gold futures market were at Rs.37,943 and Rs.37,725, respectively. Gold futures prices for February ranged between Rs.36,098 and Rs.40,806. Gold futures prices for February increased by Rs.111 and was trading at Rs.37,884 for 10 grams. Gold futures prices for April increased by Rs.176 and was trading at Rs.37,982 for 10 grams. Gold Mini contracts for January increased by Rs.82 and hit Rs.37,864 for 10 grams. According to Axis Securities, clients can sell February gold at Rs.37,900 for 10 grams. According to Motilal Oswal, the support for gold ranges between Rs.37,740 and Rs.37,630, while the resistance ranges between Rs.38,000 and Rs.38,130. Spot gold prices in the international market had key support at $1,465, while the resistance was at $1,490.

      18 December 2019

    • Prices of gold reduce to a three-month low on 11 November 2019

      On 11 November 2019, prices of gold decreased to a low of more than months due to upbeat risk sentiment. Investors are also eagerly waiting for updates on the trade deal between China and the US.

      Prices of spot gold reduced by 0.1% and hit $1,456.98 for an ounce. The prices are the lowest since 5 August 2019. Gold futures prices in the US reduced by 0.4% and hit $1,457.10 for an ounce. US stocks saw an increase on 11 November 2019 after hitting record highs the previous week. However, investors are remaining cautious about the trade deal between China and the US after Donald Trump said Beijing wanted the deal more than him. The President further added that no deal was agreed on removing tariffs that were levied on China. Prices of gold reduced by 3.6% last week after the optimism of a trade deal between the US and China. Last week’s decline is the biggest weekly fall in the last three years. According to a senior analyst in Kitco Metals, Jim Wyckoff, gold prices are dependent on the next fundamental development. He further added that the bullion could be boosted in case there is a decline in the stock market.

      12 November 2019

    • Freecharge partners with SafeGold to launch Digital Gold offering

      Digital platform Freecharge has collaborated with SafeGold to launch a digital gold offering which will allow customers to purchase gold online by the elimination of hassles associated with the security, transparency, and storage of gold. Apart from this, the service will also enable customers to determine they wish to invest, for an amount as less as Re.1. Customers can also sell the gold-holding only at any time as active buyers of gold are always there. Once sold, customers can get the amount transferred to their bank accounts. The CEO of Freecharge was quoted saying, ‘The onset of this festive season gives us the perfect opportunity to launch our digital gold offering. This partnership with SafeGold is another step towards augmenting customer experience. Simplifying features like instant online delivery, 24/7 access to transparent dynamic prices and minimal cost of investment, to begin with, we want to enable customers to buy, sell and store pure gold at the click of a button.’ SafeGold is a digital gold platform that connects financial platforms, consumers, jewellers, and banks to make gold more productive and functional.

      24 October 2019

    • Gold prices fall as widening trade war tensions ease

      Gold prices fell down as tensions related to trade war between U.S. and China eased which helped in the dollar getting a boost.

      The prices of spot gold fell down 0.2% at $1,494.30 per ounce, as of 0104 GMT while the U.S. gold features were 0.2% lower at $1,503.3 per ounce.

      The U.S. government led by Donald Trump plans to delist Chinese companies from the U.S. stock exchanges which would escalate the growing trade tensions between the two countries.

      SPDR Gold Trust which is the world’s largest gold-backed exchange-traded fund saw its holding drop 0.22% to 922.88 tons on Friday.

      3 October 2019

    • Gold Trades Flat But Could Rise On Weak Rupee

      Gold prices opened flat on 20th September, 2019 after the U.S. Federal Reserve appeared non-committal on further interest rate cuts.

      Gold weakened for the fourth straight day in India, trading at Rs.37,700 for 10 grams on the spot market. Gold futures for October traded 0.07% lower at Rs.37,658 for 10 grams.

      Following the interest rate cut by 25 basis points by the Federal Reserve, the dollar index dropped marginally on profit taking. This supported bullion prices overseas, though local rates did not see much traction.

      Geopolitical tensions between Saudi Arabia and Iran could weaken the rupee further, which could support gold and silver prices in the domestic market.

      20 September 2019

    • Gold Steadies As U.S. Treasury Yields Fall

      Gold steadied close to its highest rate in close to 6 years as 10-year U.S. Treasury yields slumped again.

      Spot gold traded 0.3% lower at $1,546.25 per ounce while U.S. gold futures remained unchanged at $1,555.70 per ounce.

      The drop in benchmark U.S. Treasury yields is seen as an indicator of a slowing economy, which is driving higher investment in bullion. With no end in sight to the U.S.-China trade dispute and a weak dollar rate, safe-haven assets like gold have become more attractive to investors.

      Global stock markets rose marginally after the British parliamentary vote that could extend the Brexit deadline. Analysts also expect a 25 basis point cut in the key interest rates at the Federal Reserve meeting later this month, which would further boost bullion sales.

      4 September 2019

    • Gold Gains On Rupee Losses Against Dollar

      The rupee’s continued slide against the dollar and the escalating trade war saw gold prices shoot up in Mumbai.

      Standard gold (99.5% purity) rose by Rs.897 to trade at Rs.36,165 for 10 grams, while pure gold (99.9% purity) also rose by the same margin to trade at Rs.36,310 for 10 grams.

      The trade war between the United States and China as well as domestic economic slowdown prompted a surge in bullion interest among investors and retailers in the country. Political uncertainty over the rescinding of Article 370 in Kashmir also ramped up safe-haven bullion buying.

      Gold futures soared, with October delivery breaching a lifetime high of Rs.37,077 for 10 grams. Expectations of geopolitical tensions and the trade war intensifying resulted in gold futures gaining close to 8%.

      Central banks have also been shoring up their gold reserves, further driving up the price.

      6 August 2019

    • Gold Futures holds steady ahead of the Federal Reserve's rate cut decision

      Spot gold showed an upward trend in prices by 0.1% and was priced at $1,426.44 an ounce. Gold touched its highest price in 6 years being priced at $1,452.60 on 19 July 2019. However, U.S. gold futures were holding steady at $1,426.90 per ounce.

      A senior analyst mentioned that the price of gold will hold steady until the Federal Reserve’s meeting about the rate cuts. According to the analyst, most people think that there will be a 25-basis-point cut however, there might be a chance of a 50-basis-point cut which increases uncertainty.

      The Fed meeting will be held on July 30 - July 31 and the markets are expected to be dovish as the European Central Bank is said to meet on 24 July 2019.

      Along with this, political tensions rising in the Middle-East has offered underlying support for gold and silver as safe-haven assets.

      23 July 2019

    • Gold reaches a 6-year high as investors fuel safe-haven buying

      Gold prices reached a 6-year high as tensions between the United States and Iran increased. A fall in the dollar rate along with the tensions led to investors fuelling safe-haven buying.

      On Friday, gold prices hit $1,410.78 – the highest it has reached since September 2013.

      Also promoting gold investment was amidst bets that the U.S. central bank would start lowering interest rates sometime next month.

      According to an analyst, the China -U.S. trade conflict along with the heating up of the Iranian conflict is pushing people towards buying gold as it is a safe-haven investment.

      In this month alone, gold prices have increased by around 8%. Moreover, prices have increased by $70 just in the last week.

      Holdings of SPDR Gold Trust jumped 4.6% on Friday of last week, making this its biggest one-day percentage gain since September 2008.

      Among other precious metals, silver prices increased to $15.37 per ounce, platinum increased by 0.5% to $809.71 per ounce, and palladium increased to $1,523.28 per ounce.

      17 June 2019

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