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12 03, 2024

Gold Price Rises In India: Check 24 Carat Rate In Your City On March 12

By |2024-03-12T07:36:41+02:00March 12, 2024|Gold News|0 Comments


Gold Rate in India Today: The price of gold in India today is Rs 60,740 per 10 gram for 22 karat gold. The price of 22-carat gold also dropped Rs 10 with the yellow metal selling at Rs 60,740.

Gold rate today in India: Retail gold price on March 10

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 66,260.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 66,410, Rs 66,260, and Rs 67,090, respectively.

In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 60,740.

The price of one kilogram of silver in Delhi, Mumbai, and Kolkata stood at Rs 75,500.

The gold price today in Pune is Rs 6074 per gram for 22 karat gold and Rs 6626 per gram for 24 karat gold.

The gold price today in Surat is Rs 6079 per gram for 22 karat gold and ₹ 6631 per gram for 24 karat gold.

Check gold rates today in different cities on March 12, 2024; (In Rs/10 grams)

City 22 Carat Gold Price 24-Carat Gold Price
Chennai 61,500 67,100
Kolkata 60,750 66,270
Gurugram 60,900 66,420
Lucknow 60,900 66,420
Bengaluru 60,750 66,270
Jaipur 60,900 66,420
Patna 60,800 66,320
Bhubaneshwar 60,750 66,270
Hyderabad 60,750 66,270

Retail Cost of Gold

The retail price of gold in India, often referred to as the gold rate, is the final cost per unit weight that customers pay when purchasing gold. This price is influenced by several factors beyond the inherent value of the metal itself.

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Gold is highly important in India because of its cultural significance, its value for investment, and its traditional role in weddings and festivals.

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  • 2024 Outlook

    As per the recent statement from the All India Gem and Jewellery Domestic Council (GJC), they anticipate that ongoing global economic uncertainties and geopolitical tensions will drive gold prices to reach a historic peak of Rs 70,000 per 10 grams in the coming year. This projection highlights gold’s role as a reliable investment and a valuable safeguard against inflation.

    Aparna DebAparna Deb is a Subeditor and writes for the business vertical of News18.com. Sh…Read More

    first published: March 12, 2024, 09:22 IST

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    12 03, 2024

    Gold, silver price today, March 12, 2024: Yellow metal records dip, silver trades higher on MCX

    By |2024-03-12T06:15:01+02:00March 12, 2024|Gold News|0 Comments


    Precious metals showed mixed trends in the Indian markets today. Gold is trading on the lower side of the Multi Commodity Exchange (MCX) while silver prices have recorded a hike on Tuesday, March 12.

    Gold futures, maturing on April 5, 2024, stood at Rs 66,011 per 10 grams, after recording a marginal dip of Rs 24 or 0.04 per cent. The previous close was recorded at Rs 66,035.

    Meanwhile, silver futures, due on May 3, 2024, witnessed a hike of Rs 11 or 0.01 per cent and were retailing at Rs 74,525 per kg on the MCX against the previous close of Rs 74,514.

    GOLD AND SILVER PRICES IN MAJOR CITIES

    CITY GOLD (per 10 grams, 22 carats) SILVER (per kg)
    NEW DELHI Rs 60,890 Rs 75,500
    MUMBAI Rs 50,740 Rs 75,500
    KOLKATA Rs 60,740 Rs 75,500
    CHENNAI Rs 61,490 Rs 78,900

    The price of gold varies for different regions in the country based on certain parameters such as the excise duty, making charges and the state taxes.

    GOLD, SILVER PRICES IN INTERNATIONAL MARKET

    Gold prices were steady on Tuesday, as traders refrained from taking new positions after bullion’s record run ahead of U.S. consumer prices data that could offer clues on the Federal Reserve’s monetary policy trajectory, news agency Reuters reported.

    According to the latest metal report, spot gold was flat at $2,182.48 per ounce by 0157 GMT, while, U.S. gold futures was flat at at $2,188.70.

    Among other precious metals, spot silver was up by 0.3 per cent to $24.49 per ounce.

    Published On:

    Mar 12, 2024



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    12 03, 2024

    Gold investors wait for the CPI report on Tuesday

    By |2024-03-12T04:54:24+02:00March 12, 2024|Gold News|0 Comments


    Gold traders and investors are acutely aware of the dynamic impact that tomorrow’s CPI report will have on multiple financial sectors, including gold prices. Gold futures basis, the most active April contract traded to a higher low, and a lower high than Friday. Although gold is trading fractionally higher than Friday’s close, today’s trading range and the open and closing prices have formed a Japanese candlestick called a “doji” which means “the same thing” in Japanese.

    A doji (dо̄ji) is the name given to a trading session (on a daily chart) in which the opening and closing levels are virtually equal. This is represented by a candlestick on a chart that looks like a plus sign, although it can contain longer or shorter wicks to either side or both. Based on this shape, market technicians make assumptions about price behavior. A doji generally signals either a trend reversal indication for analysts, but it can also signal indecision (consolidation) about future prices.

    The key takeaway from this kind of Japanese candlestick is that neither the bullish nor bearish faction was able to gain control, which would create a green candlestick (when the close is above the opening price), or a red candle (when the session’s closing price falls below its opening price). The larger the candlestick, the more the controlling faction was able to move pricing in their desired direction,  that’s why little to no body size indicate neither side was successful.

    The chart above is a daily chart of gold futures. Today April gold opened at $2187.60, and as of 5:23 PM ET is currently fixed at $2188.60 which means that the price differential between the opening price and the current fixed price is only one dollar. To the Japanese trader, the open, and closing relationship is a much more important factor than the Western trader assumes. To the Western trader, the most important relationship is between the closing price of the prior session and the current closing price, which is why gold is noted as trading up $3.10, because it is comparing the current close to Friday’s close.

    This is the first time that gold has not traded to a higher high in the prior seven trading sessions. It indicates that neither the bullish nor bearish faction controlled the outcome of today’s trading session, and suggests that gold prices may either pivot or consolidate. The direction will largely be dependent on the outcome of tomorrow’s CPI report.

    The dollar traded fractionally higher today, up +0.16% taking the dollar index to 102.85. The chart above is a daily Japanese candlestick chart of the dollar index, it shows that Friday’s trading range created a “doji” candlestick which had its wick fall below the 50% retracement which occurs at 102.59. However, the real body (the rectangle drawn between the open and closing price) was small when compared to the upper and lower wicks. Also, the last three days created a candlestick pattern called a “Three River Morning Star”.

    The fact that the dollar formed a “doji” on Friday and that today’s session in gold created a “doji” candlestick could potentially signal a pivot in both gold and the dollar. If so, this would predict that the dollar index could move higher, and gold prices could move lower.

    For those who wish to learn more about our service, please go to the links below:

    Pricing, Track Record, Trading system, Endorsements of Confidence, FAQ

    Wishing you as always good trading,

    Gary S. Wagner

    Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.



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    12 03, 2024

    Gold Price: Gold Price Climbs to Rs 67,800 in Ahmedabad Market | Ahmedabad News

    By |2024-03-12T02:10:32+02:00March 12, 2024|Gold News|0 Comments


    Ahmedabad: Continuing its rally for the ninth consecutive session, the gold price climbed to Rs 67,800 per 10g in the Ahmedabad market on Monday. The price increased marginally compared to Rs 67,700 per 10g on Saturday’s closing in the local markets. The precious metal prices have been touching new record highs by the day. In the international markets, spot gold was trading at $2,176.75 per ounce around 6.45pm, as reported by the World Gold Council. Gold prices continued their upward trend, inching towards $2,182 per ounce. This price surge can be attributed to various macroeconomic factors and geopolitical tensions, which have heightened the demand for gold as a safe-haven asset. Silver price remained consistent at Rs 74,000 per kg. tnn

    We also published the following articles recently

    Gold surges Rs 800 to hit record high of Rs 65,000 per 10 grams

    Gold prices in Delhi surged to a new all-time high of Rs 65,000 per 10 grams, driven by bullish cues from overseas markets and speculation of a US Federal Reserve interest rate cut. Spot gold at Comex traded at USD 2,110 per ounce.

    Gold price today: Gold rate hits new high; March gains surpass Rs 2,700; what you should know

    Gold prices reached a new peak of Rs 65,298 per 10 grams, driven by expectations of a June interest rate cut by the US Federal Reserve. Silver futures also increased. The weakening of the dollar index has contributed to the rise in gold. Physical bullion markets in Delhi and Ahmedabad are experiencing higher prices.

    Gold jumps Rs 500 to scale record high of Rs 65,650 per 10 grams

    Gold prices in Delhi surged to Rs 65,650 per 10 grams amid a rally in international markets. Spot gold at Comex reached a new high in Asian trading hours after Federal Reserve Chair Jerome Powell’s testimony to Congress.



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    11 03, 2024

    Gold Rate in Qatar Today – 12 March 2024

    By |2024-03-11T22:06:27+02:00March 11, 2024|Gold News|0 Comments


    Gold Rate in Qatar Today – 12 March 2024

    Gold Rate in Qatar Today – 12 March 2024

    Gold rate in Qatar recorded a QAR 2,781.34 24k per tola on 12 March 2024. These rates are given in 1 tola, 1 gram, and 10-gramme increments in Qatari Riyal. Every day, the local gold and bullion markets in the Qatar provide live rates.

    Live international today gold rate in QAR and its converted price of gold Qatari Riyal facilitates to the Qatari gold souk, gold investors, and individuals for fresh updates.

    Gold 24K per Ounce QAR 7,416.27 $2,036.51
    Gold 24K per 10 Grams QAR 2,384.34 $654.74
    Gold 22K per 10 Grams QAR 2,185.65 $600.18
    Gold 24K per Tola QAR 2,781.34 $763.76
    Gold 22K per Tola QAR 2,549.56 $700.11

     



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    11 03, 2024

    Should You Accumulate New Gold Inc (NGD) in Gold Industry?

    By |2024-03-11T20:45:31+02:00March 11, 2024|Gold News|0 Comments


    A rating of 96 puts New Gold Inc (NGD) near the top of the Gold industry according to InvestorsObserver. New Gold Inc’s score of 96 means it scores higher than 96% of stocks in the industry. New Gold Inc also received an overall rating of 68, putting it above 68% of all stocks. Gold is ranked 120 out of the 148 industries.

    NGD has an Overall Score of 68. Find out what this means to you and get the rest of the rankings on NGD!



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    11 03, 2024

    USWNT vs. Brazil score: Lindsey Horan’s header goal lifts USA to W Gold Cup final glory

    By |2024-03-11T19:24:13+02:00March 11, 2024|Gold News|0 Comments


    The U.S. women’s national team lifted the inaugural Concacaf W Gold Cup on Sunday, beating Brazil 1-0 in a gritty performance that served as a positive sign of progress as the team rebuilds in time for the summer’s upcoming Olympics.

    Captain Lindsey Horan scored the game’s lone goal in the first minute of first-half stoppage time. Sam Coffey, who was persistent all night in midfield, won the ball and sprayed it wide towards Trinity Rodman, who was making a dash down the right flank. Rodman eventually circulated it to fullback Emily Fox nearby, who whipped in a stellar cross towards the far post, where Horan was there to head the ball into the back of the net.

    The game’s lone goal came at the end of a gritty first half in which Brazil dominated possession but struggled to take meaningful shots. The Americans, though, grew into the match and showed tenacity in doing so despite some imperfections in midfield, which allowed them to score the goal. It allowed them to up the tempo in the second half and hang onto the lead despite being outshot and out-possessed by Brazil.

    Don’t miss CBS Sports Golazo Network’s Morning Footy, now in podcast form! Our crew brings you all the news, views, highlights and laughs you need to follow the Beautiful Game in every corner of the globe, every Monday-Friday all year long.

    This marks the team’s first trophy since their disappointing run at last year’s Women’s World Cup. The Gold Cup was a testing ground for several emerging talents, one of whom started on Sunday — midfielder Korbin Albert. The rest of the team was chiefly made up of experienced players, many of whom had a point to prove like Alex Morgan, who was active in a newly fashioned forward role.

    The USWNT return to play next month in the SheBelieves Cup, which will be the next step up as the team prepares itself for a new era under incoming head coach Emma Hayes.





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    11 03, 2024

    Gold Rate Today International Market- March 11, 2024

    By |2024-03-11T18:03:25+02:00March 11, 2024|Gold News|0 Comments


    Gold rates held steady on Monday after hitting a series of record highs last week, while investors waited for US inflation data for insights into the Federal Reserve’s rate cut timeline.

    Spot gold was little changed at $2,176.30 per ounce at 1121 GMT, after hitting a record high for the fourth consecutive session on Friday at $2,194.99 as data indicated the U.S. labour market was slowing.

    U.S. gold futures eased 0.1% to $2,183.20.

    “Gold continues to shine on expectations around the Fed cutting interest rates this year. Market could be waiting for the incoming U.S. inflation data,” said FXTM senior research analyst Lukman Otunuga.

    US consumer price inflation (CPI) data for February is due on Tuesday.

    “Should the CPI print be hotter-than-expected, this could hit expectations around Fed rate cuts – weakening gold as a result. A cool report is likely to boost appetite for the zero-yielding metal,” Otunuga said.

    Traders are pricing in a more than 70% chance that the Fed could start cutting interest rates by June, according to the CME FedWatch tool.

    Reflecting bullish sentiment, COMEX gold speculators raised their net long positions by 63,018 contracts to 131,060 in the week ended March 5, data on Friday showed.

    “With large speculators having increased net-long exposure at their fastest weekly pace in 3.5 years last Tuesday, gold is clearly in demand and not a market to short for any length of time whilst traders expect Fed cuts,” City Index senior analyst Matt Simpson said.

    Spot silver was flat at $24.30. Platinum rose 1.3% to $924.40 per ounce and palladium gained 0.8% to $1,028.25.

    “We retain a modestly positive outlook on platinum, fuelled by substitution from palladium to platinum in autocatalysts and potential Fed rate cuts this year,” UBS analysts said in a note.



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    11 03, 2024

    Nearly 2 kg of gold seized at Kochi airport

    By |2024-03-11T16:42:47+02:00March 11, 2024|Gold News|0 Comments


    Nearly two kilograms of gold were seized in two separate incidents by Customs officials at the Cochin International Airport on Monday.

    In one case, 885 grams of gold hidden in the form of a hair band was seized from a woman. A native of Kasaragod, she was intercepted on her arrival from Kuala Lumpur. A golden key chain and an earring, weighing 43 grams, but were found silver-coated, were also seized from her.

    In another seizure, 866 grams of gold in compound form was seized from a passenger on his arrival from Bahrain. The gold was found hidden in his socks.

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    11 03, 2024

    Gold Price Today UK | Live Chart – Forbes Advisor UK

    By |2024-03-11T12:37:24+02:00March 11, 2024|Gold News|0 Comments



    Accurate at the point of publication.

    The price of gold today, as of 9:08am, was £1,697.23 per ounce. That’s down 0.05% on yesterday’s closing price of £1,698.02.

    Compared to last week, the price of gold is up 3.13%, and it’s up 5.23% from one month ago.

    The 52-week gold price high is £1,686.70, while the 52-week gold price low is £1,581.70


    Gold Prices Today

    Gold Price Over Time

    How to invest in gold

    Many investors consider gold to be the ultimate safe-haven asset, relying on the theory that when the prices of shares, bonds and property drop sharply, gold may hold its value – and its price can even increase as nervous investors rush in to buy.

    Investing in gold is also a way to add diversification to your investment portfolio. When you hold a diversified mix of different assets, including gold, varying returns can protect the value of your investments.

    There are several ways to invest in gold. Each has pros and cons…

    One option is to buy gold in physical form:

    • Gold bars. Known as bullion, gold bars tend to be a popular choice for buying gold. Bullion is typically sold by gram or ounce. Purity, manufacturer and weight should be stamped on the face of the bar.
    • Gold coins. The Sovereign and Britannia are popular collectables that command a premium over what you would get for the same amount of gold in the form of bullion.
    • Gold jewellery. Like gold coins, you’ll probably be paying extra for gold when you buy it in the form of jewellery – a premium that could be anywhere from 20% to 300%, depending on the manufacturer.

    Alternatively, investors can invest in gold indirectly:

    • Gold shares. Buying the stocks of gold mining or processing companies is another way to invest in the yellow metal. You don’t get to own physical gold, but you do get exposure to the rise and fall of the price of gold in the market.
    • Gold funds. There are a range of funds that provide exposure to gold. They may invest in gold stocks, or they may trade gold derivatives in the options and futures markets.

    Should you invest in gold?

    You should consider investing in gold if you’re looking to hedge against risk or diversify your portfolio. Gold would probably not be your first choice to earn long-term capital growth.

    Over the past five years, the price of gold has appreciated approximately 36% while the total return of the S&P 500 has been 60%.

    Gold prices can be extremely volatile, and that means that gold isn’t an entirely stable investment. In fact, you can easily craft a well-diversified investment portfolio entirely without gold.

    It should also be noted that gold in its physical form, unlike other investments, does not produce an income or yield.

    If you buy physical gold, you also need to consider where you are going to keep it, and whether there will be costs associated with secure storage.

    Is gold an inflation hedge?

    Studies have found that gold may be an effective way to defend your wealth against inflation, but only over extremely long periods of time, measured in decades or even centuries.

    Over shorter time periods, the inflation-adjusted price of gold fluctuates dramatically, typically making it a poor near-term hedge for inflation.

    Frequently Asked Questions (FAQs)

    Is buying gold better than holding cash?

    Inflation reduces the ‘real’ value of a currency over time. Or, put another way, £50 today buys you less than it did 10 years ago. However, gold can provide a way of protecting the ‘real’ value of your wealth against inflation.

    During a period of high inflation, as is currently the case in the UK and US, investors may revert to buying gold as a real physical asset that holds its value.

    Periods of high inflation often correspond with a rise in interest rates and general economic uncertainty. As a result, gold is seen to some as a safe haven and, in theory, increased demand results in a rise in price.

    Over the last 20 years, annual inflation has averaged 3% in the UK, according to the Office for National Statistics. Over the same period, the price of gold has increased by an average of 9% per year (according to the World Gold Council). Whereas the average base rate (a proxy for the interest rate on savings) was 3% over this period, according to the Bank of England.

    Adjusting for the inflation rate of 3%, the ‘real’ value of gold has therefore increased by an average of 6% per year. In comparison, savers would have experienced no ‘real’ increase in the value of cash held in savings accounts due to the impact of inflation.

    Is it a good time to buy gold?

    Gold may offer investors a safe haven in times of economic and geopolitical volatility. It may also provide a way of preserving wealth in a high inflation environment. As with shares, the price of gold is volatile. However it has delivered an increase in value over the last 30 years.

    Investors should also consider the effect of foreign currency movements when deciding whether to buy gold. Gold is typically denominated in US dollars and, as a result, tends to have an inverse relationship with the US dollar. This means that, if the US dollar strengthens against other currencies, the price of gold can fall.

    Looking over the last year,  the price of gold in US dollars has decreased by 3% as the US dollar has strengthened against other currencies. However, the price of gold in sterling has increased by 10% due to the weakening of the pound against the dollar.

    Overall, it is difficult to assess whether it’s a good time to buy gold as its price is dependent on a number of factors. Although a continuation in the current level of economic and political uncertainty may provide a tailwind for gold prices, investors should also be aware of the volatility of this asset.

    Does gold drop in value?

    Gold is a limited commodity with a relatively static supply, meaning that the price of gold is highly sensitive to changes in demand. A fall in demand will therefore result in a drop in the value of gold.

    By way of example, the price of gold fell by over 25% from 2011 to 2013. It also fell from over $2,000 per Troy ounce in mid-2020 to less than $1,700 in early 2021, a fall of 17%.

    How is gold price determined?

    The price of gold is determined by the level of supply and demand. The daily price is set by the London Bullion Market Association (LBMA) and there are two different types of gold prices:

    • Fixed: LBMA members meet via conference call twice-daily to agree a price to clear their outstanding client orders. This is typically used for larger gold orders.
    • Spot: this is a ‘live’ price largely used for buying and selling gold bullion.

    Is it profitable to invest in digital gold?

    Digital gold (or digigold) is a form of digital currency that allows you to buy fractions of physical gold stored by the seller. Buyers of digital gold will own, and have legal title to, the gold, with the seller acting as custodian.

    Digital gold enables buyers to invest by value – say, £25 – rather than by weight (as with a 1 kilogram bar of bullion). Buyers can also invest a lower minimum amount than with the physical asset.

    Digital gold also offers a saving in terms of storage and insurance. For example, the Royal Mint charges an annual management fee of 0.5% for its DigiGold products, compared to 1-2% for physical gold.

    As buyers own the underlying physical gold, their profit (or loss) will be dependent on the price of gold, as covered in the questions above.

    Which form of gold is best for investment?

    You can buy physical gold in the form of bullion, coins or jewellery, or invest in digital gold:

    • Bullion bars: these usually range in weight from one gram to over 10 kilograms. A premium is typically charged above the ‘spot price’ of the gold to cover manufacturing costs.The cheapest option currently sold by the Royal Mint is the one gram 999.99 fine gold Britannia bullion bar, retailing at £70
    • Coins: these are available in lower weights than bullion bars. The flagship gold coins in the UK are the Sovereign and Britannia. The Royal Mint is currently charging £122 for a 916.67 Fine Gold Quarter Sovereign 2022. Both coins are legal tender in the UK, and, as such, are free from capital gains tax and VAT for UK resident
    • Jewellery: jewellery, especially antique pieces, is another option. However, you may pay a mark-up of at least 20%, and often far higher, relative to the content of the gold. This covers the labour cost of the design and manufacture and the retail margin
    • Digital gold: this allows you to buy and hold fractions of the physical assets, with lower minimum investment amounts and savings on the storage and insurance costs.

    Investors may also want to consider investing in an indirect form of gold, including:

    • Buying shares in companies that mine, refine and trade gold: However, while the prices of mining company shares correlate to gold prices, their share prices are also impacted by other factors
    • Buying gold and commodity funds: specialist commodities, mining and exchange-traded funds can provide investors with exposure to gold, without the difficulties of trading and storing it in physical form.

    *The gold price data above is provided by Zyla Labs, which sources asset price data from a wide range of sources. This gold price represents an average of spot gold prices on several leading metals exchanges. Prices are updated every business day.



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