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CHENNAI: In Chennai, today, the price of 22-carat gold increased by Rs 400 per sovereign and is sold at Rs 48,720
More than a year has passed since the price of gold began to fluctuate. It is evident that, for the majority of the day, the price of gold was rising. Accordingly, since the start of this month, its price has been increasing.
In this situation, today the price of gold increased further and touched a new high. Accordingly, gold has increased by Rs. 20 per gram and Rs. 400 per sovereign and is being sold at Rs. 6,090 per gram and Rs.48, 720 per sovereign.
Silver retails at Rs 78.50 per gram. It is being sold at Rs. 78,500 per kg.
The price of gold touched a fresh peak of Rs 65,298 per 10 gm on the Multi Commodity Exchange (MCX) on Thursday.
The surge came after the US dollar index fell to a five-week low, following the US Federal Reserve’s testimony in the US Senate.
In the international market, spot gold prices were hovering around $2,150 per ounce mark, after hitting a record high earlier.
It may be noted that US Federal Reserve Chair Jerome Powell has confirmed in the US Congress that the much-awaited interest rate cut will begin this year as inflationary pressure on the US economy has eased.
“If the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year,” US Fed chief Jerome Powell told the House of Financial Services Committee.
This not only led to a global stock market rally but also triggered profit booking in the bond and currency markets. The result was the US dollar index declining to a 5-week low.
The price of gold in India today is 5,971 per gram for 22 karat gold and 6,514 per gram for 24 karat gold
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The price of gold in Mumbai is 5971 per gram for 22 karat gold and 6514 per gram for 24 karat gold.
The gold price today in Kolkata is 5971 per gram for 22 karat gold and 6514 per gram for 24 karat gold.
The Gold price today in Chennai is 6014 per gram for 22 karat gold and 6590 per gram for 24 karat gold.
The gold price today in Delhi is 5986 per gram for 22 karat gold and 6529 per gram for 24 karat gold.
The gold price today in Thane is 5,971 per gram for 22 karat gold and 6514 per gram for 24 karat gold.
The gold price today in Surat is 5976 per gram for 22 karat gold and 6519 per gram for 24 karat gold.
The gold price today in Pune is 5971 per gram for 22 karat gold and 6514 per gram for 24 karat gold.
The gold price today in Nagpur is 5971 per gram for 22 karat gold and 6514 per gram for 24 karat gold.
Published Date:March 7, 2024 8:50 AM IST
Updated Date:March 7, 2024 8:50 AM IST
The U.S. heads into the semifinal on the heels of a fiery 3-0 win over fifth-seeded Colombia on Sunday evening in Los Angeles. In a match that featured high emotion and physicality from both sides – with a combined six yellow cards handed out – a united team effort on both ends of the pitch carried the U.S. past Colombia and into the semifinal. Horan, Shaw and defender Jenna Nighswonger all scored for the Americans in the win, while Morgan and Rodman tallied assists and did well to unsettle the Colombian defense. Led by an impressive outing from Naeher in her 100th cap, the U.S. backline contained Colombia’s attack and recorded its third clean sheet of the tournament.
Canada went to extra-time in its quarterfinal matchup against Costa Rica on Saturday evening, ultimately prevailing 1-0 off a set-piece goal in the 104th minute to make it four wins in four games at the W Gold Cup.
Brazil put away South American rivals Argentina with a comprehensive 5-1 victory on Saturday night while Mexico topped Paraguay 3-2 on Sunday afternoon in an entertaining end-to-end affair.
A two-time FIFA Women’s World Cup champion, goalkeeper Alyssa Naeher etched her name into the record books again as she earned her historic 100th cap on March 3 in the USA’s 3-0 victory over Colombia. She became just the third goalkeeper in U.S. history to achieve that milestone, joining legends and Hall of Famers Hope Solo and Briana Scurry. The U.S. is now the first country in history to have three female goalkeepers with 100+ caps.
The 42nd player overall in USWNT history to reach the century mark, Naeher is, and has been for a while, the goalkeeper with the third-most caps (100), wins (81) and shutouts (61) in U.S. history. Naeher debuted for the USWNT in December of 2014 and became a consistent starter following the 2016 Olympics. She matched her calendar-year high with nine shutouts for the USWNT in 2023, three of which came at the World Cup as the U.S. allowed just one goal the entire tournament.
Just over four months after making her USWNT debut, 19-year-old Jaedyn Shaw leads the U.S. in scoring with three goals in four appearances at the Concacaf W Gold Cup.
Shaw made her USWNT debut as a late second-half substitute on October 26, 2023, and three days later, scored her first international goal, tallying in the 83rd minute of the USA’s 3-0 win over Colombia at San Diego’s Snapdragon Stadium. She made her first start on Dec. 5, 2023 and pulled together a special moment, scoring a late game-winning goal against China PR in her hometown of Frisco, Texas, just a few hundred yards from her childhood apartment.
Making her second career start in the USA’s Feb. 23 match against Argentina at the W Gold Cup, Shaw netted a brace in the span of eight minutes, becoming just the seventh teenager in USWNT history to score multiple goals in a game. After making a substitute appearance against Mexico, Shaw returned to the lineup for the quarterfinal against Colombia and scored her third goal of the tournament in first half stoppage time to become the youngest player ever to score for the USWNT in the knockout rounds of a competitive tournament. She also joins Shannon Boxx as the only players in USWNT history to score in each of their first three career starts.
The W Gold Cup semifinal will be the 14th time the USA and Canada have squared off in the knockout rounds of a competitive tournament. Canada is by far the most common opponent the USA has ever played in knockout round matches, with Brazil the next most frequent foe with seven such meetings. The U.S. has won 11 of the 13 previous meetings between the teams in knockout round play and also won on penalties – which is officially recorded as a draw – in the final of 2008 Concacaf Olympic Qualifying. Canada’s lone win over the U.S. in a knockout round match was a 1-0 win in the semifinals of the delayed Tokyo Olympics.
The most recent knockout round meeting between the teams came in the final of the 2022 Concacaf W Championship. Squaring off on July 18, 2022, in Monterrey, Mexico, the USA prevailed 1-0 on a penalty kick goal from Alex Morgan in the 78th minute to seal the regional title and earn a spot in the 2024 Summer Olympics in Paris. The USA outshot Canada 17-11 on the night and became just the second nation to qualify for the Olympics, joining hosts France.
Canada clinched Concacaf’s second and final berth to the 2024 Summer Games by defeating Jamaica 4-1 on aggregate in a two-legged playoff during the September 2023 International Window. Bouncing back from a disappointing showing at the 2023 FIFA Women’s World Cup, Canada beat Jamaica 2-0 in the opening leg in Kingston and then officially punched its ticket with a 2-1 win in Toronto.
Wednesday’s semifinal will be the 65th meeting all-time between the USA and Canada in a series that dates to 1986 when the USWNT was in its second year of existence. The most-common opponent in USWNT history, the USWNT has more wins (53) and more goals (184) against Canada than any other opponent in program history. The U.S. leads the all-time series 53W-7D-4L and has won six of the last seven meetings between the teams, including a 2-0 victory in the most recent matchup at the 2023 SheBelieves Cup. Mallory Swanson scored twice for the USA in that matchup in Orlando, with the first goal assisted by Morgan.
While the Americans have had a long history of success in this series, the 18 meetings since 2011 have featured three ties, six one-goal wins for the USA and one one-goal win for Canada.
Four players on the USA’s roster have scored against Canada in their careers, led by Morgan’s 10 goals. Rose Lavelle and Lindsey Horan each have two goals vs. Canada while Lynn Williams has one.
With less than five months until the start of the 2024 Summer Olympics in Paris, the USWNT is deep in preparation for its pursuit of a fifth Olympic gold medal. The Olympic Football Tournament features 12 teams and will be contested in seven different venues across France from July 25 to August 10: Parc des Princes in Paris, Stade de Lyon, Stade Geoffroy-Guichard in Saint-Etienne, Stade de Marseille, Stade de Nice, Stade de Bordeaux and Stade de la Beaujoire in Nantes.
All but two of the teams in the Olympic field have now been determined, with only the representatives from Africa remaining to be decided. The 2024 CAF Olympic Qualifying Tournament will conclude in early April to produce two qualifiers from Africa as Morocco takes on Zambia and South Africa faces Nigeria.
The ten teams that will be in the Olympic Women’s Soccer competition are hosts France, South American qualifiers Brazil and Colombia, New Zealand from Oceania, Spain and Germany, which defeated the Netherlands in the UEFA Women’s Nations League Third-Place match, from UEFA and from Concacaf, the USA and Canada, which secured Concacaf’s second berth to the Olympics berth by beating Jamaica in a two-game playoff during the September international window.
The USA qualified for Paris by virtue of winning the 2022 Concacaf W Championship in Monterrey, Mexico, which served as the region’s qualification for the Olympics as well as the 2023 World Cup.
The Final Draw to set the tournament schedule and groups will be held on March 20 at 2 p.m. ET and will be streamed on FIFA.com.
Following the completion of the Concacaf W Gold Cup, the U.S. will turn its attention to the 2024 SheBelieves Cup, presented by Visa. The USA will host Brazil, Canada and Japan in the ninth edition of the four-team tournament, which is comprised of one-third of the field for the Paris Olympics. All four participants are ranked in the top 11 in the world, have qualified for the Olympics and competed in last year’s tournament, where the U.S. took first, followed by Japan in second, Brazil in third and Canada in fourth. In the Semifinals on April 6 at Mercedes-Benz Stadium in Atlanta, the USA (#2) will face Japan (#8) at 12:30 p.m. ET (TNT, Telemundo, Max & Peacock) and Brazil (#11) will take on Canada (#10) at 3:30 p.m. ET (Universo, Max & Peacock).
The four nations will then travel to Columbus, Ohio with Lower.com Field hosting the final two games of the tournament at 4 p.m. ET and 7 p.m. ET on April 9 as the Semifinal winners play in the Championship and the losers play in the Third-Place Match. The USA will play in the 7 p.m. ET time slot (TBS, Universo, Max & Peacock) whether it is playing in Championship or Third-Place Match, and the other game will be at 4 p.m. ET (TBS, Universo, Max & Peacock).
Tickets are available for purchase now at ussoccer.com/tickets.
After a worldwide search process led U.S. Soccer Sporting Director Matt Crocker, Emma Hayes was officially announced as the 10th head coach in U.S. Women’s National Team history on November 14, 2023. The long-time head coach for English powerhouse Chelsea FC, Hayes started her coaching career in the United States in the early 2000s and more than two decades later will take the helm of the USWNT. Due to her contact with Chelsea, Hayes will finish the 2023-24 Women’s Super League season in England and then join the U.S. team officially two months prior to the start of the Olympics. U.S. Soccer has put a comprehensive plan and process in place to maximize the productivity in all aspects of moving the USWNT forward leading into the Olympics, a key part of which is interim head coach Twila Kilgore continuing in her role and then joining Hayes’ staff full-time as an assistant coach in late May. Hayes’ first two matches will be against the Korea Republic. The USA will take on the Taegeuk Ladies in Commerce City, Colorado on June 1 at Dick’s Sporting Goods Park (3 p.m. MT / 5 p.m. ET on TNT, Universo, Max and Peacock) before moving on to St. Paul, Minnesota for a June 4 match at Allianz Field, which will be presented by Allstate (7 p.m. CT / 8 p.m. ET on truTV, Universo, Max and Peacock). Both matches will take place at the home stadiums of Major League Soccer clubs, the Colorado Rapids and Minnesota United FC, respectively. The USA’s most recent match against Korea Republic was also at Allianz Field, in October of 2021, a 6-0 win for the USA.
FIFA World Ranking: 10
Concacaf Ranking: 2
Olympic Appearances: 4 (2008, 2012, 2016, 2020)
Best Olympic Result: Champions (2020)
Record vs. USA: 4W-7D-53L (GF:40, GA: 184)
Last Meeting vs. USA: Feb. 16, 2023 (2-0 win for USA in Orlando, Fla.)
Head Coach: Bev Priestman (ENG)
GOALKEEPERS (3): 1-Kailen Sheridan (San Diego Wave FC, USA), 18-Sabrina D’Angelo (Arsenal FC, ENG), 22-Lysianne Proulx (Bay FC, USA)
DEFENDERS (7): 2-Bianca St. Georges (North Carolina Courage, USA), 3-Kadeisha Buchanan (Chelsea FC, ENG), 4-Shelina Zadorsky (West Ham United FC, ENG), 10-Ashley Lawrence (Chelsea FC, ENG), 12-Jade Rose (Harvard University, USA), 14-Vanessa Gilles (Olympique Lyon, FRA), 16-Gabby Carle (Washington Spirit, USA)
MIDFIELDERS (5): 5-Quinn (Seattle Reign FC, USA), 7-Julia Grosso (Juventus FC, ITA), 8-Marie-Yasmine Alidou (SL Benfica, POR), 13-Simi Awujo (University of Southern California, USA), 17-Jessie Fleming (Portland Thorns FC, USA)
FORWARDS (7): 6-Deanne Rose (Leicester City FC, ENG), 9-Jordyn Huitema (Seattle Reign FC, USA), 11-Evelyne Viens (AS Roma, ITA), 19-Adriana Leon (Aston Villa FC, ENG), 20-Cloe Lacasse (Arsenal FC, ENG), 21-Clarissa Larisey (BK Hacken, SWE), 23-Olivia Smith (Sporting CP, POR)
Getty Images/iStockphoto
Today’s persistent inflation issues, coupled with the current high rate environment and ongoing geopolitical volatility, are having a big impact on the economy. In turn, it makes sense to ensure that your retirement plans are in order and that you’re taking steps to diversify your retirement portfolio and protect your hard-earned savings.
While there are numerous ways to diversify your investments, one popular way to do so is to add alternative ones, like gold, to the mix. As a precious metal with a long-standing history as a store of value, gold has become an attractive asset to add to retirement portfolios. The precious metal also offers other unique benefits to investors — which is part of why it’s grown in popularity over the last several years.
But how exactly does gold investing help safeguard your retirement — especially in today’s unusual economic climate? Let’s take a look.
Explore how a gold IRA could benefit your retirement plan now.
There are a few unique ways in which gold can help protect your retirement portfolio. These include:
One of the fundamental principles of sound investment strategy is diversification. By including a variety of assets in your retirement portfolio, you can help spread out the risk and potentially mitigate the impact of market fluctuations.
And gold can be a smart option to mitigate risk, as it tends to have a low correlation with traditional investments such as stocks and bonds. When economic uncertainties lead to market downturns, the value of gold may rise, acting as a hedge against losses in other parts of your portfolio.
In turn, diversifying with gold can provide a stabilizing effect on your retirement savings, helping you weather financial storms and reducing overall portfolio volatility.
Find out your top gold IRA options online today.
Unlike paper currencies that can be affected by inflation and economic instability, gold has a long history of preserving wealth over time. That’s due, in large part, to how gold’s intrinsic value and limited supply make it less susceptible to depreciation caused by economic downturns.
And, in times of inflation, gold has proven to be an effective store of value, allowing retirees to maintain their purchasing power and protect their standard of living. So, by incorporating gold into your retirement portfolio, you can guard against the erosion of wealth that can occur due to factors beyond your control.
Gold has, for many investors, historically served as a financial insurance policy during times of economic crises. When confidence in traditional financial systems wavers, investors often turn to gold as a safe haven. That’s because the precious metal’s tangible nature and lack of dependency on the performance of financial institutions make it a reliable asset during turbulent times.
As such, including gold in your retirement portfolio provides a form of insurance, ensuring that even in the face of economic crises, a portion of your wealth remains secure and resilient.
When interest rates are high, retirees face a unique set of challenges in terms of preserving their portfolios and generating sufficient income. That’s because traditional fixed-income investments, often considered safe havens for retirees, can experience price declines as interest rates climb. This dynamic makes it crucial for retirees to explore alternative strategies, and gold can be a valuable asset in a high-rate environment.
The precious metal’s historical tendency to perform well during periods of inflation and high rates makes it an attractive addition to a retirement portfolio. By incorporating gold into your investment mix, you can potentially offset the impact of rising interest rates on your fixed-income holdings. This strategic approach not only aims to preserve the value of your portfolio but also seeks to enhance its resilience against the headwinds posed by a high interest rate environment.
While gold is often seen as a less risky investment, it also has the potential for long-term growth. As demand for gold continues to rise globally, driven by factors such as economic uncertainties and geopolitical tensions, the value of this precious metal may experience sustained appreciation over the years.
So, by incorporating gold into your retirement strategy, you position yourself to benefit from potential capital gains and long-term growth, providing an additional layer of financial security for your retirement years.
In today’s economic landscape, safeguarding your retirement requires a thoughtful and diversified investment approach. And gold, with its unique properties as a store of value and a hedge against economic uncertainties, can play a vital role in protecting your retirement savings. By diversifying your portfolio with gold, you not only improve risk management but also position yourself to preserve and grow your wealth over the long term. As with any investment decision, though, it’s essential to do your research and tailor a strategy that aligns with your unique financial goals and risk tolerance.
The 43 rating InvestorsObserver gives to Gold Fields Limited (GFI) stock puts it near the top of the Gold industry. In addition to scoring higher than 72 percent of stocks in the Gold industry, GFI’s 43 overall rating means the stock scores better than 43 percent of all stocks.
FE REPORT
| Published: March 06, 2024 23:58:44
Gold prices hit all-time high, at Tk112,908 per bhori (11.664 grams), in the country as local jewellers revised the rate of the precious metal upward on Wednesday.
The new rate will come into effect today (Thursday), says a press release issued by the Bangladesh Jewellers’ Association (BJA).
As per the revised rate, the prices of premium quality gold increased by more than Tk 2,000 per bhori.
From today, 22-carat gold will be sold at Tk 112,908 per bhori, 21-carat gold at Tk 107,775 and 18-carat at Tk 92,379 per bhori.
The price of traditional gold has been set at Tk 76,982 per bhori.
arafataradhaka@gmail.com
(Kitco News) – Gold and silver prices are higher and near their daily highs in late-morning U.S. trading Wednesday. Nearby gold futures prices hit another record high today, at $2,157.50. The precious metals are getting a lift from remarks by the head of the U.S. central bank that the marketplace deemed as slightly dovish on monetary policy. April gold was last up $13.30 at $2,155.20. May silver was last up $0.421 at $24.40.
Federal Reserve Chairman Jerome Powell spoke to the U.S. House of Representatives committee on U.S. monetary policy today. Powell said interest rat cuts will likely be appropriate this year and that interest rates are at their peak for the current cycle. However, Powell said the Fed needs greater confidence on winning the inflation battle before lowering interest rates. However, he added inflation has eased notably. The U.S. stock indexes also rallied after Powell’s comments. The U.S. dollar index sold off and U.S. bond yields down-ticked a bit. Powell also said he thinks the U.S. economy can achieve a soft landing.
Today’s February ADP national employment report same out and showed jobs growth of 140,000, which compares to expectations for a rise of 150,000. The ADP report is a precursor to Friday morning’s monthly jobs report from the Labor Department.
The other key outside market today sees Nymex crude oil prices solidly up and trading around $80.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching 4.114%.
Technically, April gold futures bulls have the solid overall near-term technical advantage. A three-week-old uptrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at December high of $2,171.50, basis April futures. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at this week’s low of $2,088.10. First resistance is seen at today’s high of $2,157.50 and then at $2,171.50. First support is seen at today’s low of $2,131.90 and then at Tuesday’s low of $2,118.50. Wyckoff’s Market Rating: 8.5.
May silver futures prices were poised to close at a two-month high close today. The silver bulls have the overall near-term technical advantage. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $26.00. The next downside price objective for the bears is closing prices below solid support at last week’s low of $22.47. First resistance is seen at this week’s high of $24.455 and then at $25.00. Next support is seen at $24.00 and then at today’s low of $23.785. Wyckoff’s Market Rating: 6.5.
May N.Y. copper closed up 460 points at 389.30 cents today. Prices closed near the session high and scored a bullish outside day up today. The copper bulls have the overall near-term technical advantage. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the December high of 388.80 cents. The next downside price objective for the bears is closing prices below solid technical support at the February low of 367.95 cents. First resistance is seen at 391.70 cents and then at the January high of 396.75 cents. First support is seen at today’s low of 383.70 cents and then at last week’s low of 381.80 cents. Wyckoff’s Market Rating: 6.0.
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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.
NEWPORT BEACH, Calif., March 06, 2024–(BUSINESS WIRE)–Paramount Defenses, the world’s #1 cyber security company in privileged access, identity and Active Directory security, founded by an ex-Microsoft cyber security expert, today announced the availability of Gold Finger version 8.0 for Microsoft Active Directory.
From America to Israel, from the European Union to Saudi Arabia and from India to Australia, Active Directory is the foundation of cyber security at thousands of business and government organizations worldwide today.
For over a decade, Active Directory has been successfully enabling organizations to autonomously operate the lifeline of their business, their mission-critical IT infrastructures, and retain their privacy.
Unfortunately, over the last few years, ostensibly in the name of security and modernization, certain Cloud-computing companies seem to have been deftly persuading organizations worldwide to transition their primary identities over to their Cloud, and organizations that do so may not realize that in doing so they are relinquishing operational autonomy and organizational privacy, and taking on an eternal dependency on these Cloud providers, essentially weakening their corporate and national security.
“In today’s world, operational autonomy, security and privacy are absolutely imperative. The day an organization transitions its primary identities to a third-party, such as a provider in the Cloud, is the day it will have relinquished its operational autonomy and privacy, forever. Organizations whose primary identities reside in autonomously operated (e.g. Active Directory based) IT infrastructures need not relinquish their operational autonomy or surrender their privacy to techno-feudalism,” said Sanjay Tandon, CEO of Paramount Defenses.
For over a decade, Active Directory has been the hallmark of autonomous operation, and the focal point of secure and efficient IT, identity and access management. The biggest challenge in organizational cyber security worldwide has been that attaining and maintaining least privileged access (LPA) in Active Directory, which are imperative for organizational cyber security and Zero Trust, has been difficult.
Attaining and maintaining least privileged access requires the fundamental ability to accurately assess and lockdown access in Active Directory, and Gold Finger’s unique, patented, fully-automated Microsoft-endorsed access assessment capabilities let organizations easily, instantly and accurately assess and lockdown all access, including privileged access, the “Keys to the Kingdom,” in Active Directory, thereby addressing the biggest challenge in organizational cyber security.
“Our mission at Paramount Defenses remains to help all organizations worldwide easily, securely and autonomously operate Active Directory powered IT infrastructures, so they can retain their operational autonomy, privacy and dignity,” added Mr. Tandon, formerly Program Manager for Active Directory Security at Microsoft.
Gold Finger automates the highly sophisticated process of accurately analyzing millions of security permissions in Active Directory, and determining exactly who can do what, where and how in Active Directory, in terms of administrative tasks, at a button’s touch, accomplishing in minutes, what takes months.
The combination of Microsoft Active Directory and Microsoft-endorsed Gold Finger enables organizations worldwide to securely and autonomously operate their Active Directory powered IT infrastructures, thereby retaining control over their primary identities, and preventing techno-feudalism.
Gold Finger Version 8.0 also delivers support for Windows 11, and is now available.
For more information, please visit – www.paramountdefenses.com
ABOUT PARAMOUNT DEFENSES
Paramount Defenses is a privately-held innovative American cyber security company engaged in the development of paramount, mission-critical cyber security defenses for organizations worldwide.
Established in 2006 by former Program Manager for Active Directory Security, the company’s unique, innovative, patented accurate access assessment technology helps secure organizations worldwide.
It is the world’s #1 company in the paramount access assessment space in the field of cyber security.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240306221601/en/
Contacts
949-468-5770
After a good year for the price of gold in 2023 and solid performance heading into 2024, gold surged to a record high on Tuesday, March 5, bringing more good news for gold investors and the companies that produce gold in Nevada.
The spot price of gold reached $2,137.80 early Tuesday morning, and settled down to around $2,125.00 Tuesday evening. The previous record high was around $2,079 on Dec. 27, 2023.
Adjusted for inflation, we have seen higher gold prices in the past, including in 2020 and 2011, and in 1980 the price of gold averaged around $677, which would be around $2,600 in today’s dollars. Still, today’s high gold prices are significant.
There are a variety of factors that have pushed up the current price of gold. Phillip Streible, the chief market strategist at Blue Line Futures, told Yahoo Finance that “there is a perfect storm brewing in the gold market.”
Turmoil and uncertainty on the world stage are a contributing factor. Although 2023 was a good year overall for gold prices, the price took a dive in late September, and was around $1821 on Oct. 5, 2023. The Gaza – Israel conflict began on Oct. 7, and since then the price of gold has gone up more than $300, around 17%.
The current gold price rally kicked in on Friday following a disappointing report from the Institute for Supply Management showing a drop in the manufacturing index.
The gold market currently is anticipating that the Federal Reserve will be making an interest rate cut, the first since March 2022. Many are anticipating that the rate cut will come in June of this year, although it could happen earlier. Gold is an asset with no yield, so it becomes more attractive when interest rates are lower.
Gold prices have also been driven up by months of heavy buying by central banks and Chinese investors.
The U.S. jobs report which will be released on Friday, March 8, will influence the gold price, and could send it higher.
Where is the price of gold headed? Some analysts see reasons why gold may be overbought, but many are quite bullish on gold.
Streible told Yahoo Finance that in the coming year “I think $2,500 is a realistic target.” Jesse Felder, founder of the Felder Report, told Kitco News that “we’re looking at $2,700, $2800, perhaps over the next year or two. Technically, gold just looks very, very good.”
The recent increase in the price of gold has had a positive effect on the share price of the mining companies that are producing gold in Nevada. In the five business days from Feb. 28 to March 5, most of the companies with gold mines in Nevada have seen a significant increase in their share price, with the exception of SSR Mining. SSR’s stock price dropped about 54% following the landslide disaster at the Copler Mine in Turkey on Feb. 13, and the company’s stock price has stayed at about the same level since then.
From Feb. 28 to March 5, Barrick Gold’s share price was up 7.7% to $15.53, Newmont Corp. was up 12.6% to $33.34, Kinross Gold was up 6.79% to $5.19, Coeur Mining was up 15.94% to $2.91, Calibre Mining was up 10.62% to $1.25, i-80 Gold was up 10.08% to $1.42, and McEwen Mining was up 32.79% to $8.10.
Ryan McIntyre, who serves as managing partner at Sprott Inc. and senior portfolio manager at Sprott Asset Management USA, told Kitco News that higher gold prices are going to add more value to the undervalued mining sector, and that gold mining companies will be seeing significant momentum. He said this is especially true of the large-cap producers.
“With gold prices where they are, these producers are literally printing money,” Mcintyre said. “I don’t even think you have to wait for a buying opportunity. The gold miners are so beat up, there is plenty of room to buy.”