• As long as it stays below the downtrend line, the XAU/USD could approach and reach new lows.
• The fundamentals should move the rate during the week.
• After such impressive growth, a correction is natural.

The gold price rallied in the last hours and now trades at $2,163. The precious metal has dropped slightly in the short term, but the bias remains bullish.

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Fundamentally, the XAU/USD turned to the upside as the US Prelim UoM Consumer Sentiment, Capacity Utilization Rate, and Empire State Manufacturing Index came in worse than expected.

Today, Chinese industrial production rose 7.0%, beating the expected 5.3% growth. Retail Sales registered only a 5.5% growth, less than the 5.6% growth forecasted. Unemployment Rate jumped unexpectedly from 5.1% to 5.3%, while Fixed Asset Investment came in better than expected. Furthermore, the Eurozone Final CPI and Final Core CPI matched expectations, while the Trade Balance was reported higher at 28.1B above the 14.2B estimated.

The BOJ and the RBA are expected to keep the monetary policy tomorrow, but the press conferences should move the markets.

In addition, the Canadian Consumer Price Index may announce a 0.6% growth after only a 0.0% growth in the previous reporting period. The FOMC and the UK CPI represent high-impact events on Wednesday that remain pivotal for the gold.

Gold Price Technical Analysis: Down Channel

Technically, the XAU/USD dropped within a down-channel pattern. It could print a more extensive correction if it stays below the downtrend line.

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The weekly pivot point of $2,165 stands as a static resistance. The price could try to test the resistance levels in the short term.

We have a vital confluence area at the intersection between the pivot point and the downtrend line. A valid breakout activates further growth, while false breakouts may announce a new sell-off.

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Australia’s Gold Coast Airport has unveiled its 2024 Preliminary Draft Master Plan. It outlines the objectives for the airport and surrounding precinct over the next 20 years, with a more detailed focus on the initial eight years leading up to the 2032 Olympic and Paralympic Games.

It is the largest of four airports owned by Queensland Airports Limited and, as the country’s sixth busiest airport, Gold Coast Airport currently welcomes more than 6.2 million passengers a year. By 2044, that number is set to soar to around 13 million passengers annually.

Under the new plan, Gold Coast Airport will reinvent itself as a “destination within its own right – delivering a reimagined precinct that serves the communities of the Gold Coast and northern New South Wales”, the airport said.

Queensland Airports Limited CEO Amelia Evans said the Master Plan embraces innovation and new technologies. Smart aviation technologies being considered as part of the plan include biometric-enabled check-in and a fully digital passenger experience that could anticipate customer behavior and provide personalized travel suggestions based on travel history.

According to the Master Plan document, an expanded security screening footprint at the airport will accommodate evolving security requirements.

“Significant expansions to check-in, security and baggage make-up infrastructure will necessitate continued development of the passenger terminal to the south within the Terminal and Aviation Expansion Precinct,” the plan states. “Planning is in-place for check-in and security processes to ultimately be able to relocate to Level 2, where all domestic and international passengers would then flow and combine seamlessly into a Common Departure Lounge.”

One of the key concepts considered during the preparation of the Master Plan was the ongoing development of a Common Departure Lounge concept, where domestic and international passengers would be able to share the same departure facilities. This would require domestic and international passengers to be screened to the same standard, as well as the sharing of biometric information.

The Master Plan also reflects Gold Coast Airport’s commitment to sustainability including reaching Net Zero Scope 1 and Scope 2 emissions by 2030.

Gold Coast Airport’s 2024 Preliminary Draft Master Plan is open for public consultation and community feedback until 14 June 2024.

Gold is expected to trade at $2067.94 per ounce by the end of this quarter, according to global macroeconomic models and analysts’ forecasts. 

• At the start of an important week, gold prices fell below $2,150 per ounce, reaching their lowest level in over a week.
• This was due to a stronger US dollar and higher Treasury yields, which were triggered by stronger-than-expected US inflation data that dampened expectations of early rate cuts.
• Also, the investors are cautiously awaiting monetary policy decisions from major global central banks this week, including the US Federal Reserve, the Bank of Japan, the Reserve Bank of Australia, and the Bank of England.

Furthermore, inflation and PMI figures for major economies will be announced. Most central banks are expected to keep interest rates steady this week, as traders look for clues about the possible start of interest rate cuts this year. Meanwhile, the Bank of Japan is expected to exit its negative interest rate policy due to rising wages, high inflation, and a stable economy.

In a factor impacting the gold market, the US dollar index (DXY) steadied around 103.5 on Monday as investors looked ahead to the Federal Reserve’s policy decision this week, where it is expected to keep key US interest rates unchanged. Last week, the index rose 0.7% as hotter-than-expected US inflation data raised concerns that the Fed may keep interest rates at restrictive levels for longer.

Last Thursday data showed that US producer prices rose more than expected in February on both a monthly and annual basis. Moreover, this followed data earlier in the week showing that US consumer prices rose more than expected last month. Currently, the markets see about a 55% chance of a US rate cut in June, down significantly from around 80% seen earlier this month.

Despite the recent selling pressure, the overall trend for the price of gold remains bullish. According to the performance on the daily chart, a bearish trend reversal is unlikely to occur without gold prices moving towards the support levels of $2080 and $2020 per ounce. The current upward trajectory of gold prices is supported by the shift in global central bank policies towards easing, along with increased global demand for purchasing gold bullion led by global central banks. This is in addition to growing global geopolitical tensions, which support gold buying as a safe haven.

Based on the overall upward trend, the resistance levels of $2165 and $2180 per ounce are the next targets. From there, it would be prudent to consider selling gold, but without excessive risk.

The question now, will the price of gold decline in the coming days? Gold prices have risen by $89.55 per ounce, or 4.34%, since the beginning of 2024, according to trading on the Contract for Difference (CFD) tracking the standard market for this commodity. Finally, the gold is expected to trade at $2067.94 per ounce by the end of this quarter, according to global macroeconomic models and analysts’ forecasts. Looking ahead, we anticipate gold to trade at $2134.44 within 12 months.

Ready to trade today’s Gold prediction? Here’s a list of some of the best XAU/USD brokers to check out. 

The price of gold today, as of 9:08am, was £1,690.18 per ounce. That’s down 0.21% on yesterday’s closing price of £1,693.77.

Compared to last week, the price of gold is down 0.26%, and it’s up 6.54% from one month ago.

The 52-week gold price high is £1,703.39, while the 52-week gold price low is £1,581.70.

Gold Prices Today

Gold Price Over Time

How to invest in gold

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

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

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

One option is to buy gold in physical form:

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

Alternatively, investors can invest in gold indirectly:

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

Should you invest in gold?

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

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

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

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

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

Is gold an inflation hedge?

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

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

KATHMANDU, March 18: Police have arrested Krishna Bahadur Mahara, vice chairman of the ruling CPN (Maoist Center). According to police sources, he was arrested from Pakadi of Kapilvastu.

Police arrested Mahara after the high-level probe commission formed under the chairmanship of former judge Dilliraj Acharya to investigate gold smuggling recommended action against Mahara in a gold smuggling case.

Deputy Prime Minister and Home Minister Rabi Lamichhane had earlier directed law enforcement agencies to take prompt action against Mahara, who is also a former Speaker of the House of Representatives.

Home Secretary Ek Narayan Aryal, Inspector General of Police Basanta Kunwar and head of the Central Investigation Bureau of Nepal Police Shyam Gyawali requested immediate implementation of the recommendation of the Probe Commission on Gold Smuggling and instructed police to arrest Mahara.

Preparations are underway to bring Mahara who was apprehended in Pakadi of Kapilvastu, to Kathmandu.

Mahara was arrested this morning in connection with a gold smuggling case. Upon reaching Pakadi at 9AM, police had heightened surveillance against him. Sources said that upon crossing Pakadi, Mahara promptly switched vehicles in an attempt to evade arrest.

Following his arrest in Kapilvastu , Mahara stated he was en route to Dang. However, sources suggest he might have attempted to hide somewhere near Parasi and then cross the international border on a motorcycle.

A chaos had ensued upon receiving a message from Kapilvastu  police about Mahara’s attempted escape.

Home Minister Lamichhane had instructed law enforcement agencies to take action upon learning of Mahara’s alleged attempt to flee to India.

CPN (Maoist Center) Vice Chairman Krishna Bahadur Mahara will be produced before court today.

According to police sources, preparations are being made to produce Mahara, who was arrested from Kapilvastu, in court today.

Mahara, who was brought to Kathmandu through Bhairahawa Airport earlier today, has been taken directly to the Central Investigation  Bureau (CIB) from Tribhuvan Airport for questioning. He was taken to CIB office by SSP Dinesh Acharya.

Mahara was arrested today at 9 AM from Kapilvastu. He was brought to Kathmandu by Yeti Airlines flight at 9:50 AM today.

The police arrested Mahara after the commission formed under the chairmanship of former judge Dilli Raj Acharya to investigate the control of illegal gold smuggling.

Deputy Prime Minister and Home Minister Rabi Lamichhane on Sunday morning instructed to take action against Mahara, who is also the former speaker.

Home Secretary Ek Narayan Aryal, Inspector General of Police Basanta Kunwar and Head of CIB of Nepal Police Shyam Gyawali requested immediate implementation of the report of the probe committee on gold smuggling and instructed them to arrest Mahara.

Gold Price On March 18: Gold prices opened on the Multi Commodity Exchange (MCX) on Monday at Rs 65,348 per 10 grams and hit an intraday low of Rs 65,236. In the international market, spot gold was little changed at $2,156.69 per ounce, as of 0059 GMT. US gold futures inched 0.1% lower to $2,159.90.

Meanwhile, silver opened at Rs 75,232 per kg and hit an intraday low of Rs 75,210 on the MCX. In the international market, the price hovered around $24.09 per ounce.

Gold rate today in India: Retail gold price on March 18

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 66,090.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 66,240, Rs 66,090, and Rs 66,700, respectively.

In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 60,580.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 22-carat gold stood at Rs 60,730, 60,580, and 61,140, respectively.

US gold struggled for momentum in early Asian hours on Monday as the dollar held firm and investors braced for a series of major central bank policy meetings including the US Federal Reserve this week.

Spot gold was little changed at $2,156.69 per ounce, as of 0059 GMT. US gold futures inched 0.1 per cent lower to $2,159.90.

Spot platinum rose 0.2 per cent to $935.15 per ounce, palladium gained 0.2 per cent to $1,080.02, while silver was steady at $25.18.

The price of one kilogram of silver in Delhi, Mumbai, and Kolkata stood at Rs 77,200. One kilogram of silver in Chennai was trading at Rs 80,200.

Check gold rates today in different cities on March 18, 2024; (In Rs/10 grams)

Retail Cost of Gold

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

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

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The gold price today in Delhi is 6073 per gram for 22 karat gold and 6624 per gram for 24 karat gold.

The price of gold in India today is 6,058 per gram for 22 karat gold and 6,609 per gram for 24 karat gold

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Check Gold Price In Your City Today On 18th March 2024

Gold Price Today In Mumbai

The price of gold in Mumbai is 6058 per gram for 22 karat gold and 6609 per gram for 24 karat gold.

Gold Price Today In Kolkata

The gold price today in Kolkata is 6058 per gram for 22 karat gold and 6609 per gram for 24 karat gold.

Gold Price Today In Chennai

The Gold price today in Chennai is 6114 per gram for 22 karat gold and 6670 per gram for 24 karat gold.

Gold Price Today In Delhi

The gold price today in Delhi is 6073 per gram for 22 karat gold and 6624 per gram for 24 karat gold.

Gold Price Today In Thane

The gold price today in Thane is 6058 per gram for 22 karat gold and 6609 per gram for 24 karat gold.

Gold Price Today In Surat

The gold price today in Surat is 6063 per gram for 22 karat gold and 6614 per gram for 24 karat gold.

Gold Price Today In Pune

The gold price today in Pune is 6058 per gram for 22 karat gold and 6609 per gram for 24 karat gold.

Gold Price Today In Nagpur

The gold price today in Nagpur is 6058 per gram for 22 karat gold and 6609 per gram for 24 karat gold.

Gold remains a significant commodity in Nigeria, reflecting both the nation’s economic health and the global market’s fluctuations.

As of March 18th, 2024, the gold prices per gram in Nigeria have been subject to various factors, including global demand, currency exchange rates, and local market conditions.

Below, we answer some frequently asked questions about today’s gold prices in Nigeria.

What is the price of gold per gram in Nigeria today?

As of March 18th, 2024, the gold prices per gram in Nigeria are as follows:

• 24K Gold: ₦112,281.44
• 22K Gold: ₦102,849.80
• 21K Gold: ₦98,246.26
• 18K Gold: ₦84,211.08
• 14K Gold: ₦65,684.64
• 12K Gold: ₦56,140.72
• 10K Gold: ₦46,821.36
• 9K Gold: ₦42,105.54
• 8K Gold: ₦37,389.72

How are these prices determined?

The prices of gold per gram in Nigeria are influenced by the international gold market, the USD to NGN exchange rate, and local market dynamics. The rates are updated frequently to reflect the live spot gold price.

What could affect the future prices of gold in Nigeria?

Several factors could influence the future prices of gold in Nigeria, including:

• Global Economic Stability: Economic downturns or stability can significantly impact gold prices.
• Currency Fluctuations: Changes in the value of the Nigerian Naira against the US dollar can affect gold prices.
• Supply and Demand: The balance between gold production and consumer demand can cause price changes.
• Investor Behavior: Investor decisions based on market conditions can lead to price volatility.

Where can I buy gold in Nigeria?

Gold can be purchased from licensed jewelers, gold traders, and financial institutions offering precious metal investments. It’s crucial to ensure that you’re dealing with reputable sources to avoid counterfeit products.

Gold Price Table (Per Gram in NGN)

For the most accurate and up-to-date information, it’s recommended to check with local gold traders or stay tuned to Okay.ng.

The 22-year-old Dandjinou captured six World Cup medals across five competitions this season, including three victories in the 1,500. 

He had also won the national crown back in October and finishes the season ranked third overall in the Crystal Globe standings, thanks in part to top five rankings in both the 1,500 and 1,000.

Canada’s women’s relay team also came away with bronze in the 3,000 on Sunday. The quartet of Kim Boutin, Danae Blais, Rikki Doak and Renee Steenge finished with a time of 4:12.675.

The Netherlands (4:07.788) and the U.S. (4:08.061) earned gold and silver, respectively.

“There was a lot of action in the race, but we remained calm, and I thought we had good aggression,” Boutin said. “So many different things happened in the race that the officials decided to keep the result as is. 

“I think we were ready to have a great race, but we are very happy with the bronze medal. A third place is consistent with our other performances this season.”

Canada closed the world championships with four medals (two gold, two bronze).

This report by The Canadian Press was first published March 17, 2024.

The Canadian Press