Kolkata: Just a day after suffering a dip, gold prices rebounded on Thursday, April 24. The spot demand for the yellow metal also pushed up prices in the futures segment with the price surging Rs 888 to Rs 95,610/10 grams. This price was recorded as speculators bought gold contracts for June on the Multi Commodity Exchange, gold contracts for June at that level. In the global markets, gold futures recorded a rise of 0.92 per cent to $3,318.47 per ounce in New York.
According to IBJA (India Bullion and Jewellers Association) the price of Gold 999 stood at Rs 96,075 on the morning of Thursday, April 24 — a good Rs 291 up from the comparable rate of Rs 95,784 om April 23. According to West Bengal Bullion Merchants & Jewellers Association, pur gold price was at Rs 96,500 on Thursday — a good Rs 550 higher than Rs 95,950 on Wednesday.
One of the possible reasons of gold prices again moving north were reports that concerns crept back in the global stage after Trump’s tough talk on trade tariffs, which seemed to be guiding the direction in which equity, bond and gold markets are moving in different economies. Trump’s policy announcements are now being described as “headline turbulence”.
Gold prices in past five days
According to IBJA data, the (closing) price of “Gold 999” over the past five days is the following. By the way, “Gold 999” has a purity level of 99.9% with only 0.1% consisting of other metals. It’s popularly known as 24-carat gold.
- April 23: Rs 96,085
- April 22: Rs 98,484
- April 21: Rs 96,670
- April 17: Rs 94,910
- April 16: Rs 94,579
The moot point is, where does gold prices go from here? According to market analysts, the profit booking seen after gold kissed the Rs 100,000/10 gm level was expected. However, the overall bullish trend is expected to continue. Analysts have pointed out that if global uncertainties persist such as those triggered by the escalating trade tension between the US and different countries, notably China, gold prices will rule firm. Experts have also advised that the common investor should now treat the yellow metal as a tool to diversify the portfolio and not merely from the prism of returns.
Retreat from Rs 1 lakh level
Earlie this week, gold prices kissed the psychologically crucial level of Rs 1 lakh/10 gm. But on Wednesday, April 23, the prices dropped sharply by 2.03%, showed MCX data. In absolute terms the fall was by Rs 1,975 and the price reached Rs 95,365. Analysts had predicted that investor will rush to book profits after reaching the Rs 1 lakh level. The decline in prices on Wednesday was assisted by two developments — 90-day suspension of the tariff measures by US president Donald Trump and his assurance that Jerome Powell will continue to be the chairman of the US Fed.
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, precious metals, commodity, any form of alternative investment instruments and crypto assets.)
Gold is value as a safe haven medium and clouds of concern or worries in the financial/economic climate usually push up its demand, and thereby, price as seen down history. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
