(Kitco News) – Gold prices are just modestly higher in midday U.S. trading Thursday after scoring strong gains and hitting a record high of $2,225.30, basis April Comex futures. Silver prices are slightly down after hitting a 3.5-month high overnight. With prices backing well down from their intra-day highs, gold and silver bulls appear tired and in need of a brief pause. April gold was last up $12.70 at $2,173.70. May silver was last down $0.24 at $24.86.

The marketplace is still buzzing about the Federal Open Market Committee (FOMC) monetary policy meeting that ended Wednesday afternoon and saw the Federal Reserve keep its monetary policy unchanged, as expected. The FOMC and Fed Chairman Powell leaned a bit dovish. The FOMC statement said the U.S. economy is growing and inflation has eased but is still elevated. The statement said no rate cuts will occur until the Fed has more confidence inflation has been tamed. Still, the statement said the Fed sees three interest rate cuts this year, which is what the marketplace focused more on. The Fed appears willing to tolerate slightly higher inflation for longer and still cut rates.

The U.S. dollar index initially weakened on the FOMC/Powell statements and U.S. Treasury yields dipped a bit. However, today the USDX is posting solid gains and Treasury yields have up-ticked just a bit. The much stronger move in gold Wednesday afternoon is puzzling to many long-time gold watchers, given the more modest price moves in the U.S. dollar index and U.S. Treasuries. It makes one wonder if a big player, like a bank, put on a huge long-side trade in gold futures in the afternoon after-hours market, when volume may have been thinner. That same big player could have quickly taken profits on the big position, which if was the case would explain prices backing well off their daily highs.

Asian and European stock indexes were mixed overnight. U.S. stock indexes are higher and at record highs in midday U.S. trading. The stock market rally to new highs is also probably limiting fresh buying interest in the competing asset class of precious metals.

The key outside markets today see the U.S. dollar index solidly higher. The USDX has seen a solid rebound from the March low and the bulls have the slight technical advantage. Nymex crude oil prices weaker and trading around $80.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching around 4.25%.

Technically, April gold futures prices hit a contract and record high overnight but then backed off sharply to suggest the bulls are near-term exhausted. The bulls have the solid overall near-term technical advantage. A four-week-old uptrend is in place on the daily bar chart. Price action has seen an upside “breakout” from a bullish pennant pattern on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the contract and record high of $2,225.30. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $2,100.00. First resistance is seen at $2,203.00 and then at $2,225.30. First support is seen at this week’s low of $2,149.20 and then at $2.140.00. Wyckoff’s Market Rating: 8.5.

May silver futures prices hit a 3.5-month high early on today. The silver bulls have the firm overall near-term technical advantage but may now be near-term exhausted. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the December high of $26.575. The next downside price objective for the bears is closing prices below solid support at $24.00. First resistance is seen at last week’s high of $25.66 and then at $26.00. Next support is seen at this week’s low of $24.92 and then at $24.50. Wyckoff’s Market Rating: 7.0.

May N.Y. copper closed down 60 points at 404.55 cents today. Prices closed nearer the session low. The copper bulls have the solid overall near-term technical advantage but appear tired now. Prices are in a five-week-old uptrend on the daily bar chart. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 425.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 400.00 cents. First resistance is seen at 410.00 cents and then at today’s high of 412.80 cents. First support is seen at this week’s low of 402.70 cents and then at 400.00 cents. Wyckoff’s Market Rating: 7.0.

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VANCOUVER, British Columbia, March 21, 2024 (GLOBE NEWSWIRE) — Great Pacific Gold Corp. (“Great Pacific Gold,” “GPAC,” or the “Company”) (TSXV: GPAC) (OTCQX: FSXLF) (Germany: 4TU) is pleased to announce high-grade gold assays from its initial follow up diamond drill hole of the Comet gold discovery at the Lauriston Gold Project in Victoria, Australia. Diamond drill hole CDH01A intersected 4m at 25.1 g/t Gold from 99.5m including 0.4m at 72.5 g/t Gold from 99.5m and 1m at 55 g/t Gold from 102.5m, within a broader interval assaying 9m at 11.6 g/t Au from 97m.

The high-grade intercept occurs within the core of the Comet Anticline at the fold axis, where the Comet Fault zone junctions with this fold. This high-grade gold mineralization is associated with strong quartz veining with large crystals of arsenopyrite and sulphidic stylolites within the quartz veins. Visible gold is occasionally present within the arsenopyrite crystals.

Figure 1 – Example of CDH01A drill core annotated with gold grades in g/t. Core tray is 100m to 104.23m

The Company set up diamond drill hole CDH01A in close proximity of the high-grade reverse circulation (RC) percussion discovery hole CRC07 (8m at 106 g/t Goldincluding 5m at 166 g/t Gold including 2m at 413 g/t Gold including 1m at 468 g/t Gold and 1m at 358 g/t Gold (from 95 metres) (see news release January 11, 2024)) as a conservative approach to determine extensions of mineralization. The hole CDH01A deviated once underway, steepening with depth and managed to drill about 8m down dip of the projected position of the CRC07 intercept.

Diamond drilling has confirmed the gold rich quartz veined fault zone is extending to depth and laterally with this CDH01A result, and the high-grade mineralization remains open in all directions.

Assays remain pending for two more diamond drill holes on the same section at Comet and will be reported once received. One of these diamond drill holes (CDH02) encountered multiple stacked zones of mineralization and due to this was extended by approximately 100m versus the originally planned target depth. CDH02 was drilled to 255.5m depth.

GPAC Chief Operating Officer and Director, Rex Motton, states, “The high-grade gold intercept in our first diamond drilling, post the reverse circulation discovery hole at Comet, is a great start to the program. In addition to the high-grade gold interval in the first diamond drill hole assaying 4 metres at 25.1 grams per tonne gold within a broader 9 meter mineralized zone, we also are very pleased with early information from the second hole. While no assays have been received for the second hole, it has already shown importance geologically as multiple zones of mineralization were encountered. The second hole, which was originally planned to a target depth of approximately 150 metres was continued until approximately 255 metres based on these stacked zones of mineralization encountered. We see this as early days for this extensive and highly prospective structure.”

The Comet prospect has epizonal characteristics of Au-As-Sb with geology similar to the Fosterville Mine gold deposit. The west dipping Comet fault zone is hosted by Ordovician slates and sandstones, which are folded in a series of north south striking concertina folds. This high-grade discovery is within the core of the Comet Anticline as determined by mapping and core orientation studies, which is a similar structural setting of the mineralization present at Fosterville.

Drill Results and Intercepts:

The 9m intercept uses a 0.3 g/t Au cut-off grade and maximum 2m internal waste. The 4m intercept uses a 5.0 g/t Au cut-off grade and maximum 0.6m internal waste, while the higher-grade included intercepts use assays of greater than 40 g/t Au and no internal waste parameter. True widths are not known. Additional drilling is required to determine true widths. The assays are not capped.

Figure 2 – Updated Comet Cross Section 5850100mN

Quality Assurance / Quality Control

All assays were subject to quality control measures appropriate for percussion drilling with duplicates, blanks and commercially available standards with the expected results from the samples submitted. All assays were conducted by Onsite Laboratory Services Ltd (ISO: 9001), located in Bendigo, Victoria, using fire assay techniques with a 25g or 50g charge and ICP or AAS finish. The quality control results are consistent.

About GPAC

Great Pacific Gold has a portfolio of high-grade gold projects in Papua New Guinea (“PNG”) and Australia.

In PNG, Great Pacific Gold recently acquired a significant 2,166 sq. km mineral exploration land package in PNG. The land package comprises of exploration licenses (EL) and exploration license applications (ELA). It includes both early-stage and advanced-stage exploration targets with high-grade epithermal vein and porphyry-style mineralisation present.

The Arau Project consists of two exploration licenses, located in the Kainantu region, and includes the Mt. Victor Prospect, where previous drilling found a multiple phase intrusion complex hosting copper and gold mineralisation.

The Wild Dog Project consists of one granted exploration license, EL 2761, and one exploration license application, ELA 2516, located on the island of New Britain and about 50 km southwest of Rabaul and Kokopo, PNG.

The Kesar Creek Project consists of one exploration license, EL 2711, and is contiguous with the K92 Mining Inc. tenements.

In Australia, Great Pacific Gold began with two, 100% owned, high-grade gold projects called the Lauriston and Golden Mountain Projects, and has since acquired a large area of granted and application tenements containing further epizonal (low-temperature) high-grade gold mineralisation and associated intrusion-related gold mineralization all in the state of Victoria, Australia. The Great Pacific Gold land package, assembled over a multi-year period, notably includes the Lauriston Project which is a 535 sq. km property immediately to the south of and within the same geological framework that hosts Agnico Eagle Mines Ltd’s Fosterville Gold Mine and associated exploration tenements. The Golden Mountain Project is an intrusion-related gold project on the edge of the Strathbogie granite and occurs at the northern end of the Walhalla Gold Belt. The acquired projects include the epizonal gold Providence Project containing the Reedy Creek goldfield which adjoins the Southern Cross Gold’s Sunday Creek exploration project and a large group of recently consolidated granted tenements called the Walhalla Gold Belt Project, which contain a variety of epizonal and intrusion related style gold mineralisation. Additionally, Great Pacific Gold has another gold-focused project called the Moormbool project which has epizonal style gold mineralisation and associated potential intrusion-related gold mineralisation, as well as the Beechworth Project occurs in the northeast of the state and contains intrusion related and mesozonal gold mineralization.

All GPAC’s properties in Australia are 100% owned and have had historical gold production from hard rock sources despite limited modern exploration and drilling.

Qualified Person

The technical content of this news release has been reviewed, verified and approved by Rex Motton, AusIMM (CP), COO of GPAC, a Qualified Person under the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Motton is responsible for the technical content of this news release.

On behalf of GPAC

Rex Motton

Chief Operating Officer and Director

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Great Pacific Gold cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by many material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to Great Pacific Gold’s limited operating history, its exploration and development activities on its mineral properties and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Great Pacific Gold does not undertake to publicly update or revise forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information: Adam Ross, Investor Relations, Direct: (604) 229-9445, Toll Free: 1 (833) 923-3334, Email: info@greatpacificgoldcorp.com

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/0c344d80-9ba1-47bc-8a7a-93accba0919f

https://www.globenewswire.com/NewsRoom/AttachmentNg/db76c6d2-645b-4636-b533-b11d77450c17

KARACHI: 24 karat gold per tola price witnessed an increase of Rs4,600 and was sold at Rs232,400 on Thursday compared to its sale at Rs227,800 on the last trading day.

According to All Sindh Sarafa Jewellers Association, the price of 10 grams of 24 karat gold also increased by Rs3,943 to Rs199,245 from Rs195,302 whereas the price of 10 gram 22 karat gold went up to Rs182,642 from Rs179,027.

The price of per tola silver increased by Rs.20 to Rs2,600 whereas that of and ten gram silver went up by Rs.17.15 to 2,229.08.

Read more: Gold hits fifth record high in March

The price of gold in the international market increased by $47 to $2,225 from $.2,178, the Association reported.

It is pertinent to mention here that IMF staff and Pakistan have reached a staff-level agreement on the second and final review under Pakistan’s Stand-By Arrangement.

According to the official statement issued by an International Monetary Fund team led by Nathan Porter, the IMF reached a staff-level agreement with Pakistan on the second and final review of the country’s stabilization program supported by the IMF’s US$3 billion (SDR2,250 million) SBA approved.

Metal Extracting Sponge

To make the sponge, ETH Zurich scientist Mohammad Peydayesh and his colleagues took away the natural properties of whey protein using acid and high temperatures. The whey proteins turn into protein nanofibrils in a gel. Scientists dried this gel and made a sponge with protein fibrils.

Researchers took over 20 computer motherboards and extracted the metal parts. They dissolved those parts in an acid bath to ionize the metals. Once everything dissolved, they placed the protein fiber sponge in the metal ion solution. Metal ions adhered to the sponge but they found gold ions do so more efficiently.

After extracting the gold ions, researchers heat the sponge to turn the ions into gold flakes that are melted down into a nugget. Out of the 20 motherboards, they obtained a nugget of around 450 milligrams. 91% of that nugget was gold, and the remaining parts were copper, similar to 22 carats.

Eco-friendly

Mezzenga believes this technique has potential in a commercial setting. According to his calculations, the cost of obtaining the materials added to the energy costs for the entire process is 50 times lower than the gold’s value that can be recovered. Next, the researchers want to make the technology ready for the market. While electronic waste is the most promising product to extract gold, they say there are possibly other sources. For example, they believe other sources include waste from microchip manufacturing or gold-plating processes.

In addition, researchers want to investigate the possibility of manufacturing sponges from protein-rich byproducts or waste products from the food industry. Mezzenga said, “The fact I love the most is that we’re using a food industry byproduct to obtain gold from electronic waste.”

All technical indicators have moved towards levels of strong and sharply overbought conditions, caution is advised against buying at these levels. 

• The easing of signals for future US interest rate hikes and the subsequent decline in the US dollar were a strong catalyst for gold prices to move towards new record levels.
• It reached the resistance level of $2222 per ounce, the highest ever, before stabilizing around $2203 per ounce at the start of Thursday’s trading session.

Yesterday, US stock market indices rose to record highs after the Federal Reserve indicated that it is likely to implement the US interest rate cuts that Wall Street markets are looking for this year, despite some disappointing high inflation reports. According to trading platforms, the S&P 500 index jumped 46.11 points, or 0.9%, to 5224.62 points, hitting its all-time high for the second day in a row. Already, it had risen 9.5% so far in 2024, slightly better than the full-year average over the past two decades.

The Dow Jones Industrial Average also jumped 401.37 points, or 1%, to 39512.13 points, and the Nasdaq Composite Index rose 202.62 points, or 1.3%, to 16369.41 points. Also, both hit record highs. Overall, some of the tensions that prevailed in Wall Street markets during the day dissipated after the US Federal Reserve released a survey of its policymakers, which showed that the median still expects the US central bank to make three rate cuts in 2024. Clearly, this is the same number they expected in 2024. Expectations of the relief that such cuts will provide were a major reason for the rise in US stocks to record levels.

The fear in Wall Street markets was that the US Federal Reserve might cut the number of expected cuts due to a series of recent reports that showed inflation is still hotter than expected. In general, the Federal Reserve keeps the main interest rate at its highest level since 2001 to reduce inflation. High interest rates slow the overall economy by making borrowing more expensive and hurting investment prices.

For his part, US Federal Reserve Chairman Jerome Powell said he had noticed the worse-than-expected reports in the past two months, but they “haven’t really changed the overall story, which is that inflation is moving down gradually on a sometimes-bumpy road to 2%. That story hasn’t changed.”

Powell added that the next move for the Federal Reserve is likely to be a cut sometime this year, but he needs more confirmation that inflation is moving towards its 2% target. Moreover, the Federal Reserve does not have much room for error. Therefore, cutting rates too early could allow inflation to accelerate, but cutting too late could lead to widespread job losses and a recession. Powell said of the January and February inflation data, “I don’t think we really know if this is a bump in the road or something more than that; “We have to find out.” “In the meantime, the economy is strong, the labor market is strong, and inflation has come down significantly, which gives us the ability to deal with this issue carefully.”

On the other hand, US Federal Reserve officials updated their expectations for US economic growth this year. Also, indicating that they may end up keeping the main interest rate higher in 2025 and 2026 than previously thought.

Returning to the recent technical analysis of the gold price, we indicated that there might be an opportunity for strong upward breakthroughs. Firstly, it breached the $2200 resistance per ounce if the tone of the US Federal Reserve was less hawkish, which has occurred. Now, with the movement above the $2220 resistance per ounce. Currently, all technical indicators have moved towards levels of strong and sharply overbought conditions, caution is advised against buying at these levels. Activating selling operations while awaiting profit-taking is possible but without risking much. After the recent gains, breaking the $2145 support per ounce gains importance for breaking the current upward trend.

Ready to trade our Gold forecast? We’ve shortlisted the most trusted Gold brokers in the industry for you. 

The US Federal Reserve surprised markets yesterday by forecasting it would still make three rate cuts of 0.25% each over the course of 2024, leading to a rally in risky assets and a decline in the US Dollar.

1. The US Federal Reserve held a policy meeting yesterday at which it surprised markets by forecasting that it would still be likely to make 3 rates in 2024, and by raising its forecasts for inflation and economic growth in 2024. The Fed also sees longer-term rates a bit higher beyond 2024, while leaving its rate unchanged for a fifth consecutive meeting. Powell’s bottom line can be summarised as “we need to see more evidence inflation is coming down before we cut”. Markets reacted to this dovish surprise by sending all the major US stock indices, notably the S&P 500 Index, to new record highs, which the US Dollar was moderately sold. Trend traders will be very interested in being long of major US stock market indices, as the price action suggests they will continue to advance.
2. Following the Fed’s meeting yesterday, the Bank of England and the Swiss National Bank will be holding policy meetings today. Both banks are widely expected to leave their interest rates unchanged.
3. After the Fed meeting yesterday, Gold rose strongly to make a new all-time high, trading above $2,200 per ounce for the first time.
4. The Japanese Yen regained some of its earlier losses following its decline after the Bank of Japan raised its interest rate for the first time since 2007 on Tuesday, as the Japanese Finance Minister talked up the Yen by saying he was “watching the FX market with a high sense of urgency”. The USD/JPY currency pair is some way off the 4-month high it made yesterday, but there will still be traders interested in looking for long trades here.
5. In the Forex market, the Australian Dollar has been the strongest major currency since the Tokyo open today. The US Dollar has been the weakest. This puts the AUD/USD currency pair in focus today. When this pair advances it is a typical risk-on indicator.
6. Bitcoin recovered a lot of ground yesterday in line with the Fed-driven risk-on rally, but it still significantly far from its record high near $74,000.
7. In the commodities market, Cocoa futures rose yesterday to close at a new record high price. Trend traders will still be keen to be involved in this very long-running trend on the long side.
8. UK CPI (inflation) data released yesterday was lower than expected, showing a fall from an annualized rate of 4.0% to 3.4% when only a fall to 3.5% was widely expected.
9. There will be important data releases today of US, German, UK, and French Flash Services & Manufacturing data.
10. Yesterday’s release of New Zealand GDP data was a little worse than expected, showing a quarterly decline of 0.1% when an advance by the same amount was widely expected.
11. The earlier release of Australian Unemployment data was much better than expected, showing a decline in the unemployment rate from 4.1% to 3.7% when only 4.0% was expected.

• Gold price gains strong positive traction for the second straight day and refreshes record high.
• The Fed’s projected three rate cuts this year weigh on the USD and benefit the yellow metal.
• The prevalent risk-on mood prompts some profit-taking amid slightly overbought conditions.

Gold price (XAU/USD) maintains its strong bid tone through the early part of the European session and currently trades around the $2,210 area, just below a fresh record high touched earlier this Thursday. The US Dollar (USD) selling remains unabated in the wake of the Federal Reserve’s (Fed) projection for three 25 basis points (bps) interest rate cut this year, which, in turn, is seen benefitting the non-yielding yellow metal. Adding to this, geopolitical risks stemming from the protracted Russia-Ukraine war and the ongoing conflicts in the Middle East further seem to underpin the safe-have commodity. 

That said, an uptick in the US Treasury bond yields helps limit any further USD losses. Apart from this, a generally positive risk tone might hold back bullish traders from placing fresh bets around the Gold price amid slightly overbought conditions. Nevertheless, the fundamental backdrop seems tilted in favour of bullish traders and suggests that the path of least resistance for the XAU/USD is to the upside. Traders now look to the flash PMIs for cues about the global economic health, which along with the US Weekly Jobless Claims and Existing Home Sales data, might provide some impetus to the XAU/USD. 

Daily Digest Market Movers: Gold price stands tall near the record peak as Fed sticks to three rate cuts projection

• The Federal Reserve on Wednesday maintained its projection of three rate cuts for this year, which weighs on the US Dollar for the second straight day and lifts the Gold price to a fresh all-time peak.
• Policymakers now see the US economy to grow at 2.1% this year compared to 1.4% expected previously, and the jobless rate is seen at 4% by the end of this year, versus 4.1% anticipated in December.
• The Personal Consumption Expenditures Price Index, excluding food and energy, is projected to rise at a 2.6% rate by year-end, compared to the 2.4% increase in the previous quarterly economic projections.
• In the post-meeting press conference, Fed Chair Jerome Powell said that inflation is moving down gradually on a somewhat bumpy road; the recent high inflation readings kept officials on a cautious footing.
• According to the CME Group’s FedWatch Tool, traders are now pricing in a greater chance, around 75%, that the Fed will begin cutting interest rates at the June policy meeting, up from 59% on Tuesday.
• This leads to a modest decline in the US Treasury bond yields, dragging the US Dollar to a one-week low during the Asian session on Thursday and lending some support to the precious metal.
• A slightly overbought condition on the daily chart prompts some profit-taking at higher levels amid a positive tone around the equity markets, which tends to undermine the safe-haven XAU/USD.

Technical Analysis: Gold price seems poised to appreciate further, overbought RSI warrants caution for bulls

From a technical perspective, the overnight strong positive move confirmed a breakout through a bullish flag chart pattern and validated the positive outlook for the Gold price. That said, the Relative Strength Index (RSI) has moved back above the 70 mark, making it prudent to wait for some near-term consolidation or a modest pullback before traders start positioning for any further appreciating move. Nevertheless, the broader setup supports prospects for an extension of the recent well-established strong uptrend witnessed over the past month or so.

Meanwhile, any meaningful corrective decline below the $2,200-2,190 region is likely to attract fresh buyers and remain limited near the $2,160-2,158 horizontal zone. This is followed by the weekly swing low, around the $2,146 area, which, if broken decisively, might prompt some technical selling and drag the Gold price further towards the next relevant support near the $2,128-2,127 zone. The XAU/USD could decline further, eventually dropping to the $2,100 round figure.

Next Article

How US Fed’s decision impacts gold prices

The US Federal Reserve’s decision to keep interest rates unchanged at 5.25%-5.50% has triggered a surge in spot gold prices.

Market analysts emphasized that investors breathed a sigh of relief when the Federal Reserve confirmed its plan for three rate cuts in 2024.

The lenient stance of the Federal Open Market Committee and chair Jerome Powell’s assertion that strong hiring alone wouldn’t prevent rate cuts have contributed to this spike in gold prices.

Crude oil prices also influence gold rates

Anuj Gupta from HDFC Securities pointed out that crude oil prices could significantly impact gold price trends following the US Fed meeting.

He elaborated that escalating crude oil prices are likely to exert inflationary pressure on precious metal prices and other assets.

The uncertainty surrounding inflation is directly tied to crude oil prices and could bolster gold rates.

Strengthening dollar puts downward pressure on gold prices

Before the US Fed meeting took place, a strengthening US dollar put downward pressure on gold prices, resulting in sharp selling during morning trading sessions.

The gold futures contract on the MCX for April 2024 opened at a lower Rs. 65,348 per 10 grams. However, some strategic buying at these lower levels helped offset early morning losses.

Anuj Gupta from HDFC Securities attributed this pressure to the US dollar index surpassing the 103 mark.

Fed’s rate cut indications and market impact

The US Federal Reserve has kept benchmark interest rates steady at 5.25%- 5.50%, marking the fifth consecutive instance of no change.

Despite a robust job market and rising prices, the Fed hinted at potential rate cuts three times this year.

G. Chokkalingam, Founder and Head of Research at Equinomics Research Private Limited, predicts that gold prices will remain strong due to geopolitical uncertainty and rate cuts, while Shrey Jain of SAS Online believes that lower interest rates favor gold prices.

After witnessing mixed trends in the Indian market yesterday, both gold and silver prices recorded a hike on the Multi Commodity Exchange (MCX) on Thursday, March 21, 2024.

Gold futures, maturing on April 5, 2024, stood at Rs 66,778 per 10 grams on the MCX, after recording a jump of Rs 1000 or 1.52 per cent. The previous close was recorded at Rs 65,750.

Read More

Meanwhile, silver futures, maturing on May 3, 2024, witnessed a hike of Rs 1187 or 1.58 per cent and were retailing at Rs 78,323 per kg on the MCX against the previous close of Rs 75,313.

GOLD, SILVER PRICES IN MAJOR CITIES

The gold and silver prices in India depend on several factors, including the value of the rupee against the dollar. Global demand also plays a key role in determining the trends observed in the rate of precious metals.

GOLD, SILVER PRICES ON INTERNATIONAL MARKET

Gold prices climbed to a record high on Thursday, as the US dollar and bond yields ticked lower after the Federal Reserve maintained its projection of three rate cuts for this year, news agency Reuters reported.

According to the latest metal report, spot gold was up 0.8 per cent at $2,203.84 per ounce, as of 0153 GMT, after hitting an all-time high of $2,222.39 earlier in the session.

US gold futures jumped 2.1 per cent to $2,206.30.

“It’s the goldilocks scenario for gold prices, where marginally higher inflation expectations meet lower nominal rates to create decreased real yields,” said Kyle Rodda, a financial market analyst at Capital.com.

Among other precious metals, spot silver gained 0.4 per cent to $25.70 per ounce.

The gold price today in Delhi is 6094 per gram for 22 karat gold and 6647 per gram for 24 karat gold.

The price of gold in India today is 6,079 per gram for 22 karat gold and 6,632 per gram for 24 karat gold (also called 999 gold).

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Check Gold Price In Your City Today On 21st March 2024

Gold Price Today In Mumbai

The price of gold in Mumbai is 6079 per gram for 22 karat gold and 6632 per gram for 24 karat gold.

Gold Price Today In Kolkata

The gold price today in Kolkata is 6079 per gram for 22 karat gold and 6632 per gram for 24 karat gold.

Gold Price Today In Chennai

The Gold price today in Chennai is 6141 per gram for 22 karat gold and 6699 per gram for 24 karat gold.

Gold Price Today In Delhi

The gold price today in Delhi is 6094 per gram for 22 karat gold and 6647 per gram for 24 karat gold.

Gold Price Today In Thane

The gold price today in Thane is 6079 per gram for 22 karat gold and 6632 per gram for 24 karat gold.

Gold Price Today In Surat

The gold price today in Surat is 6084 per gram for 22 karat gold and 6637 per gram for 24 karat gold.

Gold Price Today In Pune

The gold price today in Pune is 6079 per gram for 22 karat gold and 6632 per gram for 24 karat gold.

Gold Price Today In Nagpur

The gold price today in Nagpur is 6079 per gram for 22 karat gold and 6632 per gram for 24 karat gold.