KATHMANDU, March 27: Despite a slight dip in gold price on Tuesday following consistent highs, it surged once more on Wednesday. The price of gold has increased by Rs 400 per tola in the domestic market today compared to the previous day.
The price of fine gold has now reached Rs 126,800 per tola.
On Monday, the price of gold rose by Rs 200 per tola compared to Sunday, reaching Rs 126,700 per tola. However, it saw a reduction of Rs 300 per tola on Tuesday.
On March 14, the price of gold was set at Rs 125,800 per tola, and by last Thursday, it had reached Rs 127,800 per tola.
Similarly, the price of standard gold stands at Rs 126,200 per tola today, up from Rs 125,800 per tola yesterday.
Meanwhile, there has been a general decline in the price of silver. On Wednesday, silver decreased by Rs 15 per tola, with the trading price remaining at Rs 1,490 per tola. It was traded at Rs 1,505 per tola on Tuesday and Rs 1,515 per tola on Monday. Last Thursday, it reached Rs 1,555 per tola.
In the international market, gold is trading at $2176.49 per ounce on Wednesday, up from $2172.08 on Tuesday and $2169.55 per ounce on Monday. Silver is priced at $24.43 per ounce, compared to $24.64 per ounce on Tuesday and $24.65 per ounce on Monday.
Fonterra continues to add to its trophy cabinet with success at this year’s New Zealand Cheese Awards, which were announced just ahead of International Cheese Day today.
The Co-operative took home a total of 52 awards, including 21 for its premium Kāpiti range.
For the fourth time in five years, Kāpiti Kikorangi Triple Cream Blue won gold in the Blue Cheese category, cementing its place as the most awarded cheese in New Zealand.
Fonterra’s Mainland won gold for its new Special Reserve Chilli and Garlic Brie launched late last year, while NZMP won six gold and Anchor rounded out the golden tally with two medals.
Marketing and Innovation Director for Fonterra Brands New Zealand Renée Milkop Kerr says, “These wins cement Fonterra’s position as the leading player in cheesemaking in New Zealand.”
Kāpiti and Mainland’s specialty cheese range are produced at the Co-op’s Eltham site in Taranaki, which has been making cheese for more than 100 years from high quality milk produced by local dairy farmers.
Fonterra’s Lichfield, Hautapu, Stirling and Whareroa sites also took away awards for their cheeses.
Cathy Lang from the Eltham site has also been nominated for the 2024 Champion Cheesemaker award, which will be announced in May this year. She previously won this award in 2022.
Cathy says, “Our team puts in a lot of work to create our beloved Kāpiti cheese range, it’s fantastic to see that be acknowledged by the judges.”
More than 270 cheeses were assessed by the 30-person judging panel, led by Master Judge Jason Tarrant. The awards are in their 21st year and celebrate the country’s finest cheese.
Eight months after acquiring credit card startup X1 for $95 million, Robinhood announced today the launch of its new Gold Card, with a list of features that could even give Apple Card users envy.
Robinhood, better known for its brokerage app aimed at the everyday investor, is touting all sorts of benefits with its new card in an attempt to attract users. The card has no annual or foreign transaction fees. However, it will only be available for Robinhood Gold members, which costs $5 a month, or $50 annually. (Gold is a program that offers other benefits like 5% APY on an account’s uninvested brokerage cash.)
Gold Card users can earn 3% cash back on all categories, including restaurants and groceries, and 5% cash bank when booking travel at Robinhood’s new travel portal. That cash back can be transferred to brokerage accounts, which can go toward making investments like stock purchases, the company says. The ability to invest using cash back is the big innovation that X1 developed prior to getting acquired.
Another interesting feature of the Gold Card includes the ability to provide cards for family members. This is the first time that Robinhood has introduced a family-oriented financial product, Robinhood Money General Manager Deepak Rao told TechCrunch. Rao was the founder and CEO of X1 before joining Robinhood in the acquisition.
Users will have the ability to add up to five family members as cardholders to their account with every cardholder receiving their own card. Additional cardholders can be any age, giving parents a way to help teens build credit and monitor spending. The ability to provide cards to family members will extend even to those visiting from other countries.
“A user can provide cards to parents, children or caregivers and set the right kind of controls and protection, while also helping them build their credit,” Rao said. “They don’t have to provide any other information than their name and date of birth and Social Security number if they have one. If you’re worried about spending limits, you can put a dollar amount limit and also a child-safe mode for kids.”
The Card also allows users to create and delete virtual cards for one-time purchases and will have an APR of 20.24% – 29.99%, which Robinhood said will vary with the market based on the Prime Rate.
Robinhood is also making its physical cards numberless so if they are lost or stolen, users won’t have to swap out all their card information. The company is also launching a new app to go along with the new Gold Card that will be completely separate from its investment app, Rao said.
Generally, the Gold account offers up to $2.25 million FDIC insurance from a network of partner banks.
Cash back
Robinhood’s entrance into the credit card market is clearly taking a cue from the likes of Apple, which has seen great success with its own card (despite hiccups with its partnership with Goldman Sachs). By forgoing hidden fees like annual or late fees, and by applying its cash back daily, Apple Card topped more than 12 million users as of January.
Many cards offer cash back but often restrict it to certain categories. This card is generous in its cash-back offer. Apple, for instance, offers 3% cash back on all purchases made at Apple, and on purchases made at select merchants when using the Apple Card with Apple Pay. In general, purchases made on Apple Card with Apple Pay earn users 2% back. But Apple also offers a Family Sharing feature, and a high-yield savings account offering 4.5% interest.
Obviously, Robinhood will earn interchange revenue from the credit cards, standard transaction fees paid by the merchants. It has earned interchange revenue off of its debit cards, which launched in 2018. Coastal Community Bank is Robinhood’s banking partner on the new Gold Card.
The new credit card is part of Robinhood’s evolving business model and offerings over the years. In December of 2022, the company announced Robinhood Retirement, which it described as the “first and only” individual retirement account (IRA) with a 1% match on every eligible dollar contributed. Gold Membership, a requirement to get the Gold Card, increases the eligible match to up to 3% match.
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TORONTO, March 26, 2024 (GLOBE NEWSWIRE) — Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today announced that it has filed its annual information form and 2023 annual report on Form 40-F, including its audited financial statements for the year ended December 31, 2023, with the SEC on EDGAR as well as the Canadian securities authorities on SEDAR+. These documents are also available at www.alamosgold.com and a hard copy will be provided to shareholders free-of-charge upon request.
About Alamos
Alamos is a Canadian-based intermediate gold producer with diversified production from three operating mines in North America. This includes the Young-Davidson and Island Gold mines in northern Ontario, Canada and the Mulatos mine in Sonora State, Mexico. Additionally, the Company has a strong portfolio of growth projects, including the Phase 3+ Expansion at Island Gold, and the Lynn Lake project in Manitoba, Canada. Alamos employs more than 1,900 people and is committed to the highest standards of sustainable development. The Company’s shares are traded on the TSX and NYSE under the symbol “AGI”.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Scott K. Parsons
Senior Vice President, Investor Relations
(416) 368-9932 x 5439
All amounts are in United States dollars, unless otherwise stated.
The TSX and NYSE have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.
Gold prices surged, supported by a decline in the U.S. dollar, as investors awaited upcoming data to assess inflation trends, crucial for understanding the Federal Reserve’s approach to interest rates, on Tuesday.
At 09:58 a.m. EDT (1358 GMT), spot gold climbed 0.5% to $2,182.77 per ounce after spiking by as much as 1.3% earlier in the day. Meanwhile, U.S. gold futures for April delivery increased by 0.3% to reach $2,183.00.
The weakening of the dollar index by 0.1% contributed to this rise, rendering gold more affordable for international purchasers.
The attention of the market is currently centered on the upcoming release of the U.S. Core Personal Consumption Expenditure Price Index data [PCE], scheduled for Friday. Market response to this data might be delayed until next week due to the Good Friday holiday.
Meanwhile, non-yielding bullion reached a historic peak of $2,222.39 last week following indications from Fed policymakers that they anticipate a reduction in rates by three-quarters of a percentage point by the end of 2024.
Back home, the Multi Commodity Exchange (MCX) witnessed a notable in active trading in precious metal with a focus on gold futures contracts set to expire on April 5, 2024, valued at ₹65,961 per 10 grams.
“Gold traded higher by 300rs around 66300 in MCX as Comex gold found support near 2170$ and rallied to 2195$ with backed up from the FED’s dovish statements the gold prices are broadly in positive trend but with resistance been seen at 2200-2205$ zones for the week. US GDP number son Thursday & Core PCE price index on Friday will be tracked keenly as they provided important impetus on FED’s watch tool,” said Jateen Trivedi, VP Research Analyst, LKP Securities.
Analysts expect the gold prices to remain rangebound till prices are holding above support at ₹65,440/ 65,150.
“Gold is seen stuck in a range as we look ahead to more economic data and the central bank action on the interest rates, some caution is seen in the market ahead of the U.S. GDP data on Thursday and PCE & core-PCE (Fed preferred inflation indicator) on Friday. However, rising consensus for a rate cut in June by the BoE, ECB and Fed in the June meeting is seen supportive to the bullion,” said Pranav Mer, VP – Research (Commodity & Currency) BlinkX and JM Financial.
Silver experienced a 0.4% decline, reaching $24.57, platinum saw a 0.2% increase, reaching $904.62, and palladium dropped by 0.2%, hitting $1,002.41.
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What is the price of gold today?
The price of gold traded at $2,187.60 per troy ounce, as of 9 a.m. ET. That’s up 0.60% since yesterday’s gold price per ounce and up 5.87% from the beginning of the year.
The lowest trading price within the last 24 hours: $2,167.73 per ounce. The highest gold spot price in the last 24 hours: $2,200.14 per ounce.
Gold spot prices
XAU/USD is the label for finding the spot gold price traded in U.S. dollars. In this case, gold (XAU) is traded against the dollar, and the price represents the cost of one (troy) ounce of gold in USD. But there are other foreign exchange markets, such as XAU/EUR for trading in euros and XAU/GBP for trading in British pounds.
The spot gold price represents the price at which gold can be exchanged and delivered, and prices are typically quoted in gold price per troy ounce in U.S. dollars. But prices can also be quoted per gram and kilo. It’s worth noting that a troy ounce is slightly heavier than a standard ounce.
Gold price chart
The chart below shows how the spot price of gold is trending over the year. The data is as of 9 a.m. ET and doesn’t display intraday highs or lows.
Year to date, gold is up 5.87% from the beginning of the year, as of 9 a.m. ET. The 52-week intraday high reached $2,222.14 on March 21, 2024, and the 52-week intraday low dropped to $1,810.47 on Oct. 6, 2023.
Remember that the spot price of gold is quoted in real time and represents the current price at which gold can be bought or sold for immediate delivery. For most investors, the spot price usually differs from the price they’ll pay or receive when they decide to purchase or sell their gold.
For example, buying physical gold involves overheads like storage costs and insurance.
When trading physical gold, the difference between the buying and selling price, known as the spread, can eat into returns. Dealers often incorporate their markups and transaction fees within these spreads, which means the actual price an investor pays might be higher than the current market rate, while the selling price they receive might be lower.
While gold certificates, gold exchange-traded funds and gold trusts offer more liquidity and are easier to manage than physical gold, they come with their own risks. These investment vehicles might only sometimes match the performance of the spot price of gold due to management fees and potential discrepancies in tracking.
In essence, while the spot price provides a general benchmark for the value of gold, the actual returns and costs an investor encounters differ based on the medium of purchase and the specifics of the investment.
Investing in gold
Buying physical gold involves overheads like storage costs and insurance.
When trading physical gold, the difference between the buying and selling price, known as the spread, can eat into returns. Dealers often incorporate their markups and transaction fees within these spreads, which means the actual price an investor pays might be higher than the current market rate, while the selling price they receive might be lower.
While gold certificates, gold exchange-traded funds and gold trusts offer more liquidity and are easier to manage than physical gold, they come with their own risks. These investment vehicles might only sometimes match the performance of the spot price of gold due to management fees and potential discrepancies in tracking.
In essence, while the spot price provides a general benchmark for the value of gold, the actual returns and costs an investor encounters differ based on the medium of purchase and the specifics of the investment.
Precious metals spot prices
Precious metals have long served as investment vehicles and industrial commodities. Like gold, the spot prices of silver, platinum and palladium fluctuate based on various market, economic and geopolitical factors.
Silver spot prices
Silver possesses both monetary and industrial value. While it’s used as a hedge against economic volatility, it’s also crucial in the electronics, automotive and medical industries. Its dual-use nature can lead to different market dynamics compared to gold.
The price of silver opened at $24.73 per ounce, as of 9 a.m. ET. That’s down 0.02% since the previous day’s silver price per ounce and up 3.36% since the beginning of the year.
The lowest trading price within the last day: $24.51 per ounce. The highest silver spot price in the last 24 hours: $24.89 per ounce.
Platinum spot prices
Platinum is another precious metal that commands attention. Rarer than gold and silver, its primary use is in automotive catalytic converters, which help reduce harmful emissions. Given the push for cleaner automotive technologies, the demand dynamics for platinum can vary, influencing its spot price.
The price of platinum opened at $907.85 per ounce, as of 9 a.m. ET. That’s down 0.04% since yesterday’s platinum price per ounce and down 8.09% year to date.
The lowest trading price within the last 24 hours: $901.80 per ounce. The highest platinum spot price in the last 24 hours: $912.05 per ounce.
Palladium spot prices
Palladium, like platinum, is pivotal in the automotive industry for catalytic converters. In recent times, there has been a surge in palladium demand due to stricter emission standards worldwide. Its scarcity and rising industrial demand have led to significant price volatility.
The price of palladium is $1,013.35 per ounce, as of 9 a.m. ET. That’s down 0.34% since yesterday’s palladium price per ounce and down 7.84% year to date.
The lowest trading price within the last 24 hours: $999.54 per ounce. The highest palladium spot price in the last 24 hours: $1,022.80 per ounce.
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Frequently asked questions (FAQs)
Gold’s value tends to fluctuate based on economic, geopolitical and market factors, so the answer to this question depends on the measured period. It’s also difficult to pinpoint the direction of future price trends ahead of time.
From the beginning of the year to March 26, 2024, the price of gold rose from $2,066.32 per troy ounce to $2,187.60, representing a 5.87% increase.
Gold can be highly volatile and subject to strong short-term price fluctuations.
Whether it’s a good time to buy gold depends on various factors, including your investment goals, risk tolerance and time horizon, the broader economic outlook, and forecasts about the gold market.
Historically, many people view gold as a hedge against inflation and currency fluctuations. Others see it as a store of value during economic downturns. At the same time, some may find diversifying a portfolio of stocks and bonds useful, given its low correlation to both assets.
“If you look at gold’s performance historically, it’s the kind of asset that should perform well through uncertainty, as it has done in five out of the last seven recessions,” said Joseph Cavatoni, chief market strategist for North America at the World Gold Council. “For people looking for a store of value and a portfolio diversifier, gold has a strong track record of delivering those qualities.”
if profit-taking sales occur at any time and prices move downward, there will be opportunities to buy gold again.
At the start of the short trading week due to holidays, gold prices are still on their strong upward trend, gaining at the start of the week to reach the resistance level of $2182 per ounce.
This is closest point to the psychological resistance level of $2200 per ounce.
Last week, gold prices moved towards the historical resistance level of $2222 per ounce before being later exposed to profit-taking selling, but this did not take it out of the general upward trend.
According to gold trading platforms, gold prices recorded weekly gains of about 0.3%, adding to their annual increase since the beginning of 2024 by about 5.1%. In the same performance, silver prices, the sister commodity of gold, exceeded the $25 per ounce level again. The white metal price was stable last week but is still up 4% so far this year.
In general, the metals market began to emerge amid renewed hopes of the Federal Reserve cutting US interest rates. Last week, the US Federal Reserve kept the benchmark federal funds rate unchanged, but the Summary of Economic Projections (SEP) indicated that officials still plan to cut US interest rates three times this year. At the same time, the SEP data pointed to higher interest rates for a longer period as the US central bank plans to pull the trigger for fewer rate cuts in 2025 and 2026.
Meanwhile, this supports the continued rise in gold prices because they are sensitive to interest rates as they can affect the opportunity cost of holding the non-yielding bullion.
According to the Economic Calendar, there will be some vital data this week that monetary authorities need to scrutinize, including the US Personal Consumption Expenditures Price Index. The Personal Consumption Expenditures Index, the Fed’s preferred inflation gauge, is expected to jump 0.4% on a monthly basis. The core PCE price index, which excludes volatile food and energy components, is also expected to rise 0.3%. On an annual basis, PCE and core PCE are expected to remain unchanged at 2.4% and 2.8%, respectively.
At the same time, US Treasury yields rose, with the yield on the 10-year note rising 2.5 basis points to 4.243%. The yield on the two-year note rose 3.2 basis points to 4.632%, while the yield on the 30-year note rose two basis points to 4.412%. Another factor affecting the gold market is the rise of the US dollar index (DXY), a measure of the dollar against a basket of other major currencies, to above 104.00. Despite some bumps along the way, the DXY has risen by about 3% since the beginning of the year so far. As is known, the strength of the US dollar is a bad thing for dollar-denominated commodities because it makes them more expensive for foreign investors to buy.
In other commodity markets, copper futures rose to $4.0315 per pound. Also, Platinum futures rose to $913.60 an ounce. Palladium futures rose to $1027.00 an ounce.
There is no change in my technical view of gold price performance as the overall trend remains bullish. Furthermore, it should be noted that moving towards the historical resistance at $2200 will push technical indicators towards strong overbought levels. As mentioned before, global geopolitical tensions will continue to be a fertile environment for further gold gains regardless of the performance of the US dollar. Therefore, if profit-taking sales occur at any time and prices move downward, there will be opportunities to buy gold again. Ultimately, the first break in the overall uptrend for the gold price requires a move towards support levels at $2135 and $2070 respectively.
Swaps markets showed wagers on a rate reduction in June are now at 63%, down from 69% late last week, after Fed Bank of Atlanta President Raphael Bostic on Monday reiterated his expectation for just one cut this year.
Still, gold remains near an all-time high as the central bank’s long-awaited pivot to monetary easing builds momentum in the market. Bullion’s gains since mid-February have also been underpinned by long-standing supports including heightened geopolitical risks in the Middle East and Ukraine, plus buying by central banks, led by China.
Inflation and interest rates are also in focus in Europe. European Central Bank Governing Council member Madis Muller said data over the coming weeks may be sufficient to confirm the slowdown in inflation by the time policymakers set borrowing costs in June.
[Click here for an interactive chart of gold prices]
The precious metal was also bolstered on Tuesday by weaker US dollar, which snapped a two-day rally after the People’s Bank of China on Monday set a stronger-than-expected reference rate for the yuan.
Bullion “moved higher again as the underlying demand for gold staying firm amid the prospect for rate cuts, geopolitical tensions, and today a slightly softer dollar,” said Ole Sloth Hansen, head of commodity strategy at Saxo Bank A/S.
Spot gold rose 1% to $2,193.92 an ounce as of 10:38 a.m. in London. The Bloomberg Dollar Spot Index was down 0.1%. Silver and platinum edged higher, while palladium fell.
We consider bullion and the (SPX) to be effectively at opposite ends of an investment seesaw, with the SPX doing better when confidence in money, central banking and government is rising and gold doing better when confidence in money, central banking and government is falling. As discussed in a few TSI commentaries and blog posts over the past two years (for example, ), our investment seesaw concept was part of the inspiration for the Synchronous Equity and Gold Price Model (SEGPM) created by Dietmar Knoll.
In general terms, the SEGPM uses historical data to define a quantitative relationship between the SPX, the US$ gold price and the US money supply. More specifically, it is based on the fact that adding the SPX to 1.5 times the US$ gold price (and applying a scaling factor) has, over the long term, resulted in a number that tracks the US money supply. Consequently, it indicates the extent to which the combination of the US stock market and gold is currently under/over-valued compared to the money supply and can provide clues regarding likely future price levels for gold and the SPX. For example, a forecast of likely future levels for the SPX and the money supply would project a likely future level for the US$ gold price.
The following monthly chart shows our version of the SEGPM. On this chart, the red line is US True Money Supply (TMS) and the blue line is the Gold-SPX Model (the sum of the S&P 500 Index and 1.5 times the US$ gold price, multiplied by a scaling factor).
The Model’s current message is that at today’s levels of the money supply and the SPX, the gold price (around US$2150) is in the right ballpark. A much higher ‘fair value’ for gold would require a larger money supply and/or a lower SPX. For example, if the money supply were 5% larger and the SPX were around 4200 (about 20% lower than it is today), the Model would indicate a ‘fair value’ for gold of around US$3200/oz.
In the middle of last year (the last time we discussed the Gold-SPX Model) we thought that the low-$3000s for the US$ gold price was a plausible target for the first half of this year. While it is not out of the question that this target will be reached during the first half of this year, this is no longer a likely scenario because the SPX has performed much better than we thought it would. However, there is a good chance that the low-$3000s will be reached before the end of this year.
