Gold Rate In Salem Today

  • Today's Gold Rate in Salem ( 23 Jan 2020 )
    ₹ 3,815
    Today's Gold Rate (22K) per gram
    Compare Gold Rate In Salem (Today & Yesterday)
    Today
    (23 Jan 2020)
    Yesterday
    (22 Jan 2020)
    Rate Change
    Standard Gold (22 K) ( 1 gram ) ₹ 3,815 ₹ 3,807 ₹ 8 ↑
    Standard Gold (22 K) ( 8 grams ) ₹ 30,520 ₹ 30,456 ₹ 64 ↑
    Pure Gold (24 K) ( 1 gram ) ₹ 4,006 ₹ 3,997 ₹ 9 ↑
    Pure Gold (24 K) ( 8 grams ) ₹ 32,048 ₹ 31,976 ₹ 72 ↑
    Daily Gold Rates
    Date Standard Gold (22 K) Pure Gold (24 K)
    1 gram 8 grams 1 gram 8 grams
    23 Jan 2020 ₹ 3,815 ₹ 30,520 ₹ 4,006 ₹ 32,048
    22 Jan 2020 ₹ 3,807 ₹ 30,456 ₹ 3,997 ₹ 31,976
    21 Jan 2020 ₹ 3,836 ₹ 30,688 ₹ 4,028 ₹ 32,224
    20 Jan 2020 ₹ 3,820 ₹ 30,560 ₹ 4,011 ₹ 32,088
    19 Jan 2020 ₹ 3,828 ₹ 30,624 ₹ 4,019 ₹ 32,152
    18 Jan 2020 ₹ 3,828 ₹ 30,624 ₹ 4,019 ₹ 32,152
    17 Jan 2020 ₹ 3,809 ₹ 30,472 ₹ 3,999 ₹ 31,992
    16 Jan 2020 ₹ 3,802 ₹ 30,416 ₹ 3,992 ₹ 31,936
    15 Jan 2020 ₹ 3,801 ₹ 30,408 ₹ 3,991 ₹ 31,928
    14 Jan 2020 ₹ 3,764 ₹ 30,112 ₹ 3,952 ₹ 31,616

    Weekly & Monthly Graph of Gold Rate in Salem

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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 Price in Salem

    Gold rates in Salem depend on several global factors such as gold imports, oil prices and strength of the dollar among others. Gold rates touched a 4-year low in India and over five-year low globally this year. According to experts, gold prices are unlikely to rise in the near future due to an imminent hike in interest rates by the US Fed and Greece’s default crisis. Intriguingly, 60% of demand for gold comes from rural India especially during weddings.

    Experts, therefore, warn that reducing rural purchasing power, crop failure and a bad monsoon may hit gold sales. According to World Gold Council, 50% of the Indian population is under 25 years. As a result, around 150 million weddings are likely to take place in the coming ten years.

    Most consumers in Salem buy gold jewellery for traditional festivals and weddings. Auspicious days such as Dhanteras and Akshaya Tritiya attract long queues in front of jewellery stores in Salem. In addition to its obvious ornamental uses, gold is used as a safe hedge against inflation.

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

    Parameters Gold price (24 karat)
    January 1 Rate Rs.3,922 per gram
    January 19 Rate Rs.4,019 per gram
    Highest Rate in January Rs.4,125 per gram on 8 January
    Lowest Rate in January Rs.3,922 per gram on 1 January
    Overall Performance Decline

    January 2019 - Week 1 (01 - 05):

    • Gold rates in Salem opened the month at Rs.3,922 per gram and increased through the week as the value of the rupee increased against the dollar in the global markets. Another factor which played a role in the rise in gold prices is the geopolitical factors.
    • After decreasing marginally to Rs.3,919 per gram on 2 January, the price of the yellow metal increased to Rs.3,983 per gram on 3 January as the value of the dollar fell marginally against other currencies. As the value of the rupee rose, the demand for gold increased as well.
    • Due to the drone strike by the United States of America in Iran, the geopolitical tensions between the two countries escalated quickly after President Trump’s remarks. Investors shifted to the bullion in response and the metal closed the week at Rs.4,024 per gram.

    January 2019 - Week 2(06 - 12):

    • Gold rates in Salem opened the week at Rs.4,091 per gram and showed a fluctuating trend throughout the week. As the dollar value fluctuated amidst geopolitical tensions around the United States of America and Iran. On 7 January, the price of gold dipped to Rs.4,035 per gram.
    • On 9 January, the price of the metal dipped yet against to Rs.4,022 per gram soon after hitting the highest price in the week at Rs.3,125 per gram on 8 January. However, as President Trump mentioned that the United States of America will not be taking any action against Iran, gold prices dipped further.
    • The price of the metal dipped on 10 January to Rs.3,983 per gram as investors shifted to the stock market with heavy risk appetite. On 12 January, the price of gold closed the second week of January at Rs.4,011 per gram.

    January 2019 - Week 3 (13 - 19):

    • Gold rates in Salem opened the week at Rs.3,991 per gram and fluctuated throughout the week. With speculations on the trade deal to be signed in the week, the demand for the bullion in the first half of the week was low. On 14 January, the price of the metal dipped to Rs.3,952 per gram.
    • On 15 January, ahead of the signing, investors shifted their focus to the stock market which reduced the demand for the precious metal. The price of gold, however, remained steady at Rs.3,991 per gram and increased to Rs.3,992 per gram on 16 January. However, in the second half of the week, the demand for the metal increased amidst geopolitical tensions.
    • In the second half of the week, the price of gold increased to Rs.3,999 per gram on 17 January and to Rs.4,019 per gram on 18 January. With the tensions in the Middle East rising, the demand for gold increased subsequently as a safe haven for investors. At the end of the week, gold closed at Rs.4,019 per gram.

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

    Parameters Gold price (24 karat)
    December 1 Rate Rs.3,828 per gram
    December 29 Rate Rs.3,819 per gram
    Highest Rate in December Rs.3,830 per gram on 5 December
    Lowest Rate in December Rs.3,771 per gram on 11 and 13 December
    Overall Performance Decline

    December 2019 – Week 1 (1 – 8):

    • Gold prices stood at Rs.3,828 per gram on December 1 in Salem. There was no change in the prices when compared to the previous day’s closing price.
    • The rates of the yellow witnessed a declining trend in the first few days of the opening week as there were flipping news on the US-China trade deal. Gold prices increased on December 4 and 5 after the US president said that the trade talks were going in the right direction.
    • The rates of the yellow metal closed the week at Rs.3,723 per gram. This was the lowest recorded price of gold over the first week of December. The overall performance of the yellow metal in Salem was trending downwards.

    December 2019 – Week 2 (9 - 15):

    • In Salem, gold opened the second week of December at Rs.3,780 per gram. There was drop of Rs.13 per gram from the previous week’s closing price.
    • The rates continued to slip in the following couple of days and recorded its lowest price for the month till date with every gram of gold costing Rs.3,771. The drop was accounted to investors deciding to await clarity on whether the US will impose new tariffs on Chinese products.
    • Gold prices in Salem fluctuated over the latter half of the week before closing the week at Rs.3,803 per gram. The yellow metal’s overall performance in the city over the week was trending downwards.

    December 2019 - Week 3 (16 - 22):

    • In Salem, gold opened the second week of December at Rs.3,796 per gram. The price of the metal fluctuated through the week due to trade uncertainties along with other factors such as a job data from the United States of America and the impeachment of the President.
    • The rate of the metal fluctuated in the following couple of days and recorded its highest price for the week with every gram of the metal priced at Rs.3,817. The rise in prices came after the United States House of Representatives voted to impeach their President on charges of obstruction and abuse of power.
    • Gold prices in Salem increased marginally over the latter half of the week before closing the week at Rs.3,819 per gram.

    December 2019 - Week 4 (23 - 29):

    • In Salem, gold opened the second week of December at Rs.3,796 per gram. The price of the metal fluctuated through the week due to trade uncertainties along with other factors such as a job data from the United States of America and the impeachment of the President.
    • The rate of the metal fluctuated in the following couple of days and recorded its highest price for the week with every gram of the metal priced at Rs.3,817. The rise in prices came after the United States House of Representatives voted to impeach their President on charges of obstruction and abuse of power.
    • Gold prices in Salem increased marginally over the latter half of the week before closing the week at Rs.3,819 per gram.

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

    Parameters Gold price (24 karat)
    November 1 Rate Rs.3,892 per gram
    November 30 Rate Rs.3,828 per gram
    Highest Rate in November Rs.3,892 per gram on 1 November
    Lowest Rate in November Rs.3,792 per gram on 28 November
    Overall Performance Decline

    November 2019 - Week 1 (01-03):

    • In Salem, the price of the precious metal on 1 November was Rs.3,890 per gram and had increased considerably compared to the closing price of Rs.3,857 per gram on 31 October. This was majorly due to trade talk speculations and the interest rate cut by the Federal Reserve.
    • However, on 2 November, gold prices decreased marginally to Rs.3,890 per gram and was the same price on 3 November as well. This was mainly due to the increase in local demand of the metal.

    November 2019 - Week 2 (04-08):

    • In Salem, the price of gold in the second week of November was Rs.3,886 per gram decreasing marginally compared to the previous week’s closing price of Rs.3,890 per gram. This was majorly due to positive cues from the trade talks between the two economic superpowers.
    • As investors shifted from the bullion to the stock market on the back of a strong dollar, the price of gold decreased further on 5 November to Rs.3,879 per gram and plummeted to Rs.3,841 per gram on 6 November.
    • Due to trade uncertainties, the price of the precious metal increased marginally to Rs.3,860 per gram. However, on 8 November, gold nearly hit a three-year low at Rs.3,817 per gram due to a strong dollar and positive cues on the trade talks between the United States of America and China.

    November 2019 - Week 3 (09-17):

    • Gold opened the third week of November at Rs.3,812 per gram. The prices dropped in the following days due to positive cues of a trade deal between the United States of America and China.
    • The rates of the precious metal plummeted to a 3-month low on 12 November after an upbeat risk appetite from investors was seen due to positive developments regarding the trade talks.
    • However, with no clear signs emerging regarding the trade deal and investors shifting to the bullion as a safe-haven asset the prices recovered slightly before closing the week at Rs.3,827 per gram.

    November 2019 - Week 4 (18 - 24):

    • In Salem, the price of the metal at the beginning of week four in November was Rs.3,818 per gram and was at a marginally lower price compared to the closing of the previous week as trade deal hopes were high amongst investors.
    • However, the metal recovered on 19 November as trade optimism was dented due to the United States President threatening to increase the import tariff on Chinese goods. The metal’s prices rose to Rs.3,841 per gram and held steady 21 November at Rs.3,837 per gram.
    • However, on 22 November, the metal hit its weekly low at Rs.3,819 per gram as positive U.S. jobs data increased the value of the dollar resulting in higher risk appetite amidst no definite results in the trade talks. Gold closed the week at Rs.3,821 per gram.

    November 2019 - Week 5 (25 - 30):

    • Gold prices in Salem opened the final week of November at Rs.3,806 per gram. Compared to the previous day’s closing price, the rates saw a dip of Rs.15 for every gram.
    • With traders deciding to wait for further developments regarding the trade deal with Beijing and Washington, the rates saw a lot of fluctuations. As there was no clear indication being provided by either country regarding the trade deal, the prices of the yellow metal dropped to Rs.3,792 per gram on 28 November. This was lowest recorded price of gold in the month of November.
    • The rates of the yellow metal increased gradually in the last two days of the week and closed at Rs.3,828 per gram. Gold’s overall performance in Salem was trending downwards.

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

    Parameters Gold price (24 karat)
    Rate on 1st October Rs.3,722 per gram
    Rate on 31st October Rs.3,857 per gram
    Highest Rate in October Rs.3,869 per gram on 28 October
    Lowest Rate in October Rs.3,722 per gram on 1 October
    Overall Performance Incline

    October 2019 - Week 1 (1-6):

    • Gold price in Salem opened low at Rs.3,722 per gram as weak jeweller demand dented the metal’s appeal, but positive overseas cues and a falling rupee bolstered prices to Rs.3,786 per gram on 2 October.
    • Weak U.S. jobs data dampened investor demand for equities as bullion’s appeal rose, with gold rate in Salem rising to Rs.3,818 per gram on 3 October.
    • The upcoming festive season led to higher retail demand, which buoyed local bullion offtake as the precious metal ended the week at Rs.3,830 per gram on 6 October.

    October 2019 - Week 2 (7-13):

    • Gold price in Salem opened the month of October at a low of Rs.3,722 per gram due to weak demand from local jewellers. However, the price of the metal picked up in the second week of the month due to global cues.
    • As investors waited for concrete signals on the trade talks, demand for the safe haven asset increased prices, hitting weekly high prices on 9 and 10 October at Rs.3,848 per gram.
    • As the trade talks eased along with Brexit fears, invested shifted back to the stock market resulting in a slight decline in gold prices. Gold rate in Salem closed the week at Rs.3,826 per gram.

    October 2019 - Week 3 (14-20):

    • Gold prices in Salem opened the third week at a marginally lower price at Rs.3,822 per gram due to renewed optimism over the trade talks between the United States of America and China. This resulted in the lifting of the risk appetite amongst investors.
    • On 15 October, the price of the metal soared to Rs.3,856 per gram hitting its weekly high as the trade talks between the two economic superpowers faded and tensions ahead of the much-awaited Brexit talks.
    • Soon after hitting the weekly high, gold prices fluctuated throughout the week as the trade tensions eased and the value of the U.S. dollar went up amongst other currencies. The precious metal closed the week at Rs.3,849 per gram on 20 October between a new Brexit deal and uncertainties in the trade talk.

    October 2019 - Week 4 (21-27):

    • The price of gold in week 4 of October saw an upward trend in Salem opening at a steady price of Rs.3,845 per gram and decreasing to Rs.3,829 per gram on 22 October as investors awaited the outcome of the meeting on Brexit and increased risk appetite on positive cues in the trade talks.
    • However, on 23 October, gold prices increased marginally to Rs.3,846 per gram and held steady with a marginal increase to Rs.3,847 per gram on 24 October as investors awaited a decision on Brexit ahead of the meeting between Great Britain and the European Union.
    • Gold prices surged to be priced at Rs.3,871 per gram on 25 October as a weak U.S. economic data led to a possible rate cut by the United States Federal Reserve. As investors feared a global economic slowdown, the price of gold held steady, closing the week at Rs.3,872 per gram on 27 October.

    October 2019 - Week 5 (28-31):

    • As trade talk hopes renewed amongst investors, the price of gold opened the month at Rs.3,869 per gram and decreased to Rs.3,836 per gram on 29 October. This was majorly due to an increase in the value of the dollar in the market.
    • On 30 October, as the hopes of the trade talks faded, ahead of the big decision on the interest rate cut by the United States Federal Reserve, gold prices picked up gradually and was priced at Rs.3,847 per gram.
    • After a decision given by the Federal Reserve of a 1% rate cut, the value of the dollar decreased in the market. The price of gold in Salem gradually increased and closed the week and the month of October at Rs.3,857 per gram.

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

    Parameters Gold price (24 karat)
    September 1 Rate Rs.3,481 per gram
    September 30 Rate Rs.3,876 per gram
    Highest Rate in September Rs.3,913 per gram on 29 September
    Lowest Rate in September Rs.3,481 per gram on 1 September
    Overall Performance Incline
    Percentage Change 11.34%

    September 2019 - Week 1 (1-8):

    • Gold rate in Salem opened the month marginally higher at Rs.3,876 per gram on steady industrial and jeweller demand, though retail sales remained sluggish due to high import costs.
    • Gold price in Salem continued to rise, trading at Rs.3,904 per gram on 3 September before surging to Rs.3,953 per gram on 4 September as the dollar and equities fell steeply on weak U.S. data.
    • Fluctuations in local demand and a rise in the dollar rate dented bullion offtake as the gold rate to Rs.3,885 per gram on 6 September before ending the week lower at Rs.3,855 per gram.

    September 2019 - Week 2 (9-15):

    • Continuing its decline from the previous week, gold price in Salem opened at Rs.3,842 per gram as retail interest was flat, with jewellers also reducing orders on poor sales.
    • Overseas demand dropped as a switch to riskier assets like equities dented bullion offtake, with local industrial units reducing demand as gold price in Salem fell to Rs.3,816 per gram on 11 September.
    • A resolution to the ongoing Sino-U.S. trade war and a rise in the dollar rate increased investor confidence in equities as prices dropped to Rs.3,787 per gram on 13 September before ending the week lower at Rs.3,763 per gram.

    September 2019 - Week 3 (16-22):

    • Continuing its decline from the previous week, gold price in Salem opened at Rs.3,807 per gram as retail interest was flat, with jewellers also reducing orders on poor sales.
    • Overseas demand dropped as a switch to riskier assets like equities dented bullion offtake, with local industrial units reducing demand as gold rate in Salem fell to Rs.3,758 per gram on 19 September.
    • A resolution to the ongoing Sino-U.S. trade war and a rise in the dollar rate increased investor confidence in equities as prices dropped to Rs.3,783 per gram on 21 September before ending the week marginally higher at Rs.3,794 per gram.

    September 2019- Week 4 (23-30):

    • Gold rate in Salem opened higher at Rs.3,904 per gram on 26 September on steady industrial demand and overseas cues, though prices slipped to Rs.3,876 per gram on 28 September on fluctuations in the dollar rate.
    • Gold price in Salem surged to Rs.3,913 per gram on 29 September as the escalating trade war and poor economic growth increased bullion’s safe-haven appeal.
    • U.S.-China trade negotiations and a rise in the dollar rate bolstered equity markets as bullion dropped to Rs.3,876 per gram when the month ended on 30 September.

    Also Check Gold Price in Metro Cities

    Also Check Petrol Price and Diesel Price in Salem

    Gold as an investment in Salem

    Gold in Salem is extensively used for making jewellery with traditional designs. Several jewellers offer hallmarked jewellery offering a wide array of gold articles ideal for several festive occasions.

    Over-the-counter: Gold is sold in retail in the form of bullions, coins and jewellery in Salem. The precious metal has traditionally been a preferred choice of most consumers in Salem as a store of value. Gold as a physical asset is, by and large, viewed a safer investment compared to equities and bank deposits. In addition to various national and international economic transactions, current account deficit and geopolitics, transportation costs and local taxes are included in the price of gold sold in retail chains in Salem.

    Market trade: Several investors prefer buying gold exchange traded funds (ETFs) to physical gold since the former offers higher liquidity and ease of storage. However, gold ETFs are currently on a downward slide owing to falling prices of gold in india and globally. Similarly, gold futures for delivery in the month of August hit the lowest price in a day in six years at 1,134/ounce. Various other factors including sale of over 30 tonnes of gold in the Shanghai spot market recently led to a sharp fall in gold rates.

    Also Check Gold Price in NearBy Cities of Salem

    Read more on Gold

    News About Gold rate in Salem

    • Petroleum ministry cuts fuel demand estimates for 2019-20

      The Petroleum ministry on Thursday revised its initial projections regarding the country’s fuel demand. The revision came amid a broader economic slowdown. Following the revision, fuel demand is expected to rise 1.3%, the slowest pace in the last six years. The data posted on the Petroleum Planning and Analysis Cell showed fuel consumption in India to be at 216 million tonnes in the fiscal year to March 2020. It must be noted here that in 2018-19, the country consumed about 213.2 million tonnes of refined fuel.

      The overall refined fuel demand in this fiscal year has been dragged down because of a sharp reduction in diesel consumption. The data shows that local sales of diesel are expected to grow at the lowest rate in the last five years as the demand for diesel is slowing down in the country due to various factors like car fleets shifting to gasoline, solar pumps displacing diesel-fed units, and trucks getting more efficient. Analysts expect the demand of diesel to remain passive until the second half of 2020 given the trend witnessed in the last few months.

      20 December 2019

    • Gold prices decrease due to hopes of a trade deal

      After China and the US expressed interest in signing Phase 1 of the trade deal by the end of the year, the prices of gold hit a one-week low on 25 November 2019.

      The value of the dollar has been boosted and the demand for riskier assets has increased as well. Spot gold prices decreased by 0.1% and hit $1,461.24 for an ounce. Gold futures prices also decreased by 0.2% and hit $1,461 for an ounce. According to a market analyst at CMC Markets, Margaret Yang Yan, due to the optimism of the trade deal, individuals are investing in riskier assets and global equities are also higher. The value of the dollar also increased because of the positive talks between Washington and Beijing. The value of the dollar rebounded strongly on 22 November 2019 after the US manufacturing output increased and the service activity improved. So far this year, the prices of gold have increased by 13% due to the tariff dispute between the US and China and the worries of global growth. However, investors are still cautious after Beijing and US officials said that a Phase 2 deal is less likely.

      26 November 2019

    • As trade optimism lifts, the prices of Gold dips

      The prices of gold dropped after reports regarding the progress towards the trade deal between U.S. and China lifted optimism. The strong U.S. job data also improved the risk appetite among the investors.

      Spot gold fell 0.1% to $1,511.42 per ounce, while U.S. gold futures were up 0.2% at $1,513.90 per ounce.

      U.S and China said that they have made progress in their way to defuse nearly 16-month trade war between the two nations which have severely impacted global economies. U.S. officials sounded confident of signing a new deal this month.

      The U.S. job data showed less than expected for the month of October.

      Silver grew 0.1% to $18.11 per ounce, platinum was up 0.7% at $952.71 per ounce, while palladium rose 0.5% to $1,814.21.

      4 November 2019

    • Gold Prices Rise on Local Demand, Silver Edges Higher

      Gold prices moved higher in domestic trading today, echoing global trends which have seen a positive turn for the yellow metal.

      Gold futures for December rose 0.32% to Rs.32,157 per 10 grams amid a mixed backdrop of trade tensions and Brexit negotiations. Riding the uncertainty over a possible ‘no-deal Brexit’, spot gold rose 0.2% on the international market.

      While stock markets are cautiously optimistic about the recent U.S.-China trade talks, lack of clarity on the details of a possible deal have dampened equity sentiment among investors. This has kept demand for bullion high despite a steady U.S. dollar rate.

      The festive season has also bolstered demand for bullion locally, with jewellers increasing orders and keeping prices steady.

      16 October 2019

    • Prices of gold increase for the fourth successive day

      As global prices of gold continue to recover, the prices of the yellow metal in the country rose for the fourth successive day on Wednesday. On MCX, October gold futures were up by 0.20% while the prices of gold were up by nearly 2% or Rs.700 since Friday’s low of Rs.37,438. In the global markets, the prices of gold were steady at $1,530.92 an ounce on Wednesday as investors weighed increased political turmoil in Washington. Uncertainty surrounding the upcoming trade talks between the United States and China also played its part after Donald Trump accused Beijing of dumping, currency manipulation, and theft of intellectual property.

      It needs to be mentioned here that the prices of gold have gone up by 20% till now this year. They have benefited due to the ongoing trade war, slowing global growth, and central bank easing. The yellow metal is heading for a fifth monthly advance in the global markets as the Federal Reserve and central banks have cut the interest rates in a bid to prop up economies that have been hurt by the persistent trade war.

      25 September 2019

    • Gold prices increase after a recent slump

      Gold futures prices rebounded on 13 September 2019 at spot markets due to the demand by local jewellers. On MCX, gold traded at Rs.37,830 for 10 grams, increasing by Rs.90.

      Initially, trading of gold was in red and there appeared to be a decline for the second week in a row due to the optimism of the US and China trade talks. At a certain point, gold was trading 0.20% lower at Rs.37,675 for 10 grams. Compared to last week’s highs, the prices of gold have fallen by almost Rs.2,000. Domestic silver and gold prices also faced pressure because of the appreciation of the rupee’s value when compared to a dollar. Some of the reasons why the prices of gold are reducing are the strength of the rupee, optimism of the US-China trade talks, and China’s withdrawal of the extradition bill from Hong Kong. In the global market, trading of spot gold was at $1,497.81 for an ounce. According to Reuters, there has been a decrease in prices of almost 0.6%. This will be the third week in a row that prices of gold have decreased. Due to the slow economic growth, an increase of buying from central banks, and an increase in investments for ETFs, gold prices have been increasing for the last three months.

      16 September 2019

    • Record highs set by gold price for the third day

      According to reports from the Press Trust of India, gold prices hit a new high of Rs.38,970 for 10 grams on 22 August 2019, increasing by Rs.150. The main reason for the increase in prices is due to the weakening rupee.

      On 22 August 2019, the rupee hit close to Rs.72 against a dollar. This is the lowest level the rupee has hit for the year 2019. The cost for the import of dollar-denominated gold increases due to the rupee depreciation. The gold requirement of India is mostly met by imports. 10 grams of 99.5% and 99.9% pure gold hit prices of Rs.38,820 and Rs.38,970, increasing by Rs.170 and Rs.150, respectively. Futures markets of India also saw a slight increase in gold prices. October gold prices on MCX gained by 0.12% to hit Rs.38,040 for 10 grams. Last week, futures prices reached a new high of Rs.38,666. Gold prices in the global market were priced close to $1,500 for an ounce. According to the minutes of the US Federal Reserve Meeting that was released on 21 August 2019, many policymakers were divided on whether interest rates should be cut. According to many analysts, gold prices may remain the same due to the uncertainty of any trade between China and the US. Gold demand has been hurt in India due to the increase in gold prices as well as the recent floods in Karnataka and Kerala.

      23 August 2019

    • Gold prices firm ahead of Fed interest rate cut

      On Tuesday, gold prices held firm ahead of Wednesday’s U.S. Federal Reserve meeting. At the meeting, a decision will be made regarding how much of a cut the American economy will be taking in the near future.

      Most analysts state that interest rates are expected to be cut. The question on everyone’s mind is by just how much the Fed is going to cut interest rates. The Fed’s meeting, which is a 2-day monetary policy meeting, is likely to be held on the 31st of the month. The expectation is that interest rates will be cut by 25 basis points. If this cut is made, it will be the bank’s first interest rate cut in decades. A decision which will, of course, affect gold prices.

      This expected rate cut comes at a time when most central banks are calling for interest rate cuts. Both the European Central Bank and the Bank of Japan stated that if the economy lost momentum, they would not hesitate to cut interest rates.

      Also in the spotlight for traders and investors is the U.S.-China trade negotiations which began on Tuesday. While expectations for any major changes are low, the hope is that there may be a few positive gestures made by both parties which could eventually lead to an easing of gold prices.

      A cap in the rise of bullion was seen when the dollar reached a two-month high on the back of weak sterling.

      Analysts all state that gold is currently at a six-year high and seems to have levelled ahead of the Fed’s meetings.

      30 July 2019

    • Gold Jumps on U.S. Rate Cut Expectations

      Gold prices rose sharply as positive overseas indications as well as rising local demand bolstered the precious metal.

      Pure gold of 99.9% purity rose by Rs.930 to trade at Rs.35,800 for 10 grams, while standard gold of 99.5% purity traded at Rs.35,630 for 10 grams.

      Gold futures also saw a rise in price, with gold for August delivery rising 0.9% to Rs.35,145 for 10 grams. The U.S. dollar fell after the U.S. Federal Reserve’s statement on economic growth prospects as well as hinted at possible interest rate cuts.

      A drop in the U.S. dollar makes non-yielding gold and gold held by non-dollar buyers more attractive, with the dollar expected to remain low for a while.

      11 July 2019

    • Gold Falls Sharply on Conflicting Cues

      Gold prices continued their fall for a second straight day, falling on weak demand. Gold futures for August delivery dropped by 0.45% to Rs.34,235 for 10 grams. This is after prices reached almost Rs.35,000 on a surge in local and global demand for the yellow metal. 

      A meeting between the U.S. and Chinese presidents and a possible resolution to the trade dispute encouraged equities, as bullion offtake fell.  

      Overseas bullion prices also fell, with spot gold trading lower at $1,406.21 per ounce after the Fed reduced expectations of an interest rate cut soon. A rate cut lowers the opportunity cost of non-yielding gold, making it more attractive to non-dollar buyers.  

      However local demand has seen a steep fall as high domestic prices have dampened demand for the metal.  

      27 June 2019

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    Bank Gold Schemes

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