The Australian Bureau of Statistics have just dropped the last “partials” that are released ahead of the National Accounts (GDP) data out tomorrow.

Following yesterday’s shock 1.7% drop in inventories, which will wipe a full percentage point off GDP, today brought some better news on the trade front.

“The $3.9 billion rise in net trade (seasonally adjusted, chain volume measure) is expected to contribute 0.6 percentage points to the December quarter 2023 GDP quarterly movement,” the ABS noted.

So that offsets a fair chunk of the inventory hit.

Goods exports rose 3.1 per cent, mainly reflecting higher prices. Coal and metal ore exports were the largest contributor to the rise, driven by increases in both quantities and price, the ABS observed.

Exports of Rural goods and Non-monetary gold partly offset the rise.

Australia’s terms of trade, which measures the prices the nation is getting for its exports versus what it’s paying for imports, rose 2.2 per cent but was down 3.9 per cent through the year.

“The prices of goods exports rose for the first time in 2023, up 3.5 per cent, led by metal ores and coal prices,” noted Grace Kim, the ABS head of international statistics.

“Despite this rise, the price of exported goods was 8.6 per cent lower compared to this time last year.”

Exports of services rose 1.3 per cent, led by travel as more holidaymakers came to Australia.

The ABS noted that travel services exports were 61.8 per cent higher than December 2022 and 16.1 per cent higher than December 2019, which was the last quarter before COVID-19 travel restrictions were put in place.

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While more visitors returned to Australia, fewer Australians went overseas as the post-COVID travel boom faded and a weaker Aussie dollar made many overseas trips more expensive.

Imports of travel services fell for the first time in 2023, down 7.8 per cent, as Australians spent less travelling overseas and travelled to closer destinations.

Imports of goods fell 1.8 per cent as imports of passenger vehicles fell in the quarter. This followed strong imports earlier in the year as order backlogs continued to be fulfilled and wait times on cars recovered.

Overall, imports of goods and services fell 2.6 per cent amid generally weakness in consumption as the economy slowed under higher interest rates.

Overall, Australia posted another current account surplus, mainly due to the jump in net exports, which increased by $10.5 billion to $11.8 billion.

There won’t be too much help from government in avoiding a negative quarterly GDP print tomorrow, though, with total public demand expected to contribute just 0.1 of a percentage point to GDP.

Gold Rate in Qatar Today – 05 March 2024

Gold rate in Qatar recorded a QAR 2,780.75 24k per tola on 05 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 7,414.71	$2,036.51
Gold 24K per 10 Grams	QAR 2,383.84	$654.74
Gold 22K per 10 Grams	QAR 2,185.19	$600.18
Gold 24K per Tola	QAR 2,780.75	$763.76
Gold 22K per Tola	QAR 2,549.02	$700.11

(Kitco News) – Gold and silver prices are solidly higher in midday U.S. trading Monday, with gold hitting a three-month intra-day high and silver a two-month peak. Nearby Comex gold futures are set to close at a record-high close today. The all-time intra-day high in nearby gold futures was set in December of last year, at $2,130.20. Technical buying is featured today as the near-term charts have quickly turned bullish for both metals. There are also growing notions the Federal Reserve could begin to lower U.S. interest rates in June. April gold was last up $28.80 at $2,124.50. May silver was last up $0.606 at $23.97.

U.S. stock index futures are slightly lower after midday after setting record highs last week.

This week sees China’s National People’s Congress, including the Chinese People’s Political Consultative Conference. Broker SP Angel said in an email dispatch today: “We expect more rhetoric on transitioning the economy towards high-tech industries and pulling of economic levers. We do not expect to see any particular form of quantitative easing but we do see policies to acquire and finish the construction of many property developments.” China’s economic growth target may be revised to a range of 4.5-5.0%, according to Oxford Economics.

The key outside markets today see the U.S. dollar index just a bit weaker. Nymex crude oil prices are down and trading around $79.00 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching 4.221%.

There was no major U.S. economic data due for release Monday. However, the data pace picks up the rest of the week, including Fed Chairman Powell addressing Congress on Wednesday and Thursday, and the monthly U.S. employment report on Friday.

Technically, April gold futures prices hit a three-month high today. Nearby gold futures also closed at a record-high close today. The bulls now 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 the record high of $2,130.20, basis nearby futures. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $2,050.00. First resistance is seen at $2,130.20 and then at $2,150.00. First support is seen at $2,100.00 and then at today’s low of $2,127.60. Wyckoff’s Market Rating: 8.0.

May silver futures prices hit a two-month high today. The silver bulls have the overall near-term technical advantage and have momentum. Silver

bulls’ next upside price objective is closing prices above solid technical resistance at $25.00. 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 today’s high of $24.05 and then at $24.50. Next support is seen at $23.50 and then at today’s low of $23.23. Wyckoff’s Market Rating: 6.5.

May N.Y. copper closed up 65 points at 385.50 cents today. Prices closed nearer the session low today. The copper bulls have the slight 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 today’s high of 388.80 cents and then at last week’s high of 391.70 cents. First support is seen at last week’s low of 381.80 cents and then at 378.00 cents. Wyckoff’s Market Rating: 5.5.

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London’s gold price benchmark hit an all-time high of $2,098.05 per troy ounce at an afternoon auction on Monday, surpassing the previous record of $2,078.40 set on Dec. 28, the London Bullion Market Association (LBMA) said.

LBMA is a leading trade body that certifies gold refiners, allowing them access to London’s bullion market, the world’s largest. The LBMA Gold Price is the global benchmark price for unallocated gold delivered in London.

“Yet again gold reinforces its diversification appeal with the new high reached today,” Ruth Crowell, LMBA chief executive, said in a statement.

In the spot market, gold prices were anchored near a two-month peak on Monday, following last week’s tepid U.S. economic data, which solidified bets for the Federal Reserve’s first interest rate cut of the year in June. Gold scaled a record peak of $2,135.40 in early December.

The precious metal has so far outperformed initial expectations this year. Reuters’ January poll of analysts expected gold to average $2,053.50 per ounce in 2024. The

LBMA’s 2024 forecast survey saw it at $2,059.

“Given gold moved into overbought territory on this rally, a correction lower is possible. A reversion to the previous upward trend would return gold to around $2,050 per ounce,” analysts at Heraeus said in a note.

“The RBI has today…directed IIFL Finance Ltd to cease and desist, with immediate effect, from sanctioning or disbursing gold loans or assigning/ securitising/ selling any of its gold loans,” it said.

The RBI said that an inspection of IIFL was carried out with reference to its financial position as on March 31, 2023. During the inspection, certain material supervisory concerns were observed in the gold loan portfolio of IIFL including serious deviations in assaying and certifying purity and net weight of the gold at the time of sanction of loans and at the time of auction upon default. The listed company was also breaching the norms in Loan-to-Value ratio; significant disbursal and collection of loan amount in cash far in excess of the statutory limit; non-adherence to the standard auction process; and lack of transparency in charges being levied to customer accounts, etc.

“These practices, apart from being regulatory violations, also significantly and adversely impact the interest of the customers. Over the last few months, the RBI has been engaging with the senior management and the statutory auditors of the company on these deficiencies; however, no meaningful corrective action has been evidenced so far. This has necessitated the imposition of business restrictions with immediate effect, in the overall interest of customers.”

WEB DESK: In a continued upward trend, domestic bullion marked significant gains on Monday, propelling the price of 24-karat gold to an increase of Rs900 per tola, reaching Rs221,200.

The Karachi Sarafa Association disclosed that the 10-gramme 24-karat gold observed a substantial rise of Rs771 per tola, now standing at Rs189,643.

Similarly, the 10-gramme 22-karat gold witnessed an uptick, settling at Rs173,840 per tola.

Contrary to gold, silver prices held steady today, maintaining the 24-karat silver rate at Rs2,600 per tola and Rs2,229 per 10-gramme.

It’s noteworthy that the previous week experienced a noteworthy surge in gold prices, witnessing a remarkable increase of Rs5,200 per tola in 24-karat gold.

This surge in the local market is directly linked to the ongoing rally in the international gold market.

Global spot gold reached a two-month peak on Friday following positive US economic data, strengthening expectations of an imminent rate cut by June.

US manufacturing activity data revealed a decline in production, coupled with price data aligning with market expectations.

This triggered a depreciation of the dollar and subsequently boosted the appeal of gold as a safe-haven asset.

Presently, international spot gold is trading at $2,086.62, reflecting a gain of $3.76, or 0.2 per cent, day-on-day, further benefiting the domestic gold market.

The confluence of global factors continues to shape the trajectory of precious metal prices in the local landscape.

Read next: OGRA announces marginal reduction in LPG rate

first published: March 04, 2024, 09:28 IST

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KARACHI: The gold prices in Pakistan continue to rise as per tola rate increased by Rs900 in the local market, ARY News reported on Monday quoting APJMA.

According to the All Pakistan Jewellers Manufacturers Association, per tola price of the precious yellow metal decreased by Rs900 to settle at Rs221,200.

The price of 24-karat silver also saw a record rise of Rs30 to trade at Rs2,600.

Similarly, the price of 10 grams jacked up by Rs771 to Rs189,643. The price of gold in the international market increased by $3 to $2,106.

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