KATHMANDU: Gold price increased by Rs 500 per tola in the Nepali market today.
According to the Nepal Gold and Silver Dealers’ Association, the price of fine gold has been fixed at Rs 123,500 per tola and standard gold is traded at Rs 122,900 per tola.
The precious yellow metal was traded at Rs. 123,000 per tola, and standard gold at Rs. 122,400 per tola on Tuesday.
Similarly, the price of silver has been fixed at Rs 1,440 per tola today.
The Federation fixes the prices of gold and silver in the domestic market on a daily basis based on the price rates in the international market.
Gold Rate Today In India: Gold prices on Tuesday surged Rs 800 to hit a fresh record high of Rs 65,000 per 10 grams in the national capital amid strong global trends. On March 6, 2024, gold rates in India experienced fluctuations. However, the fundamental price for 10 grams stayed close to Rs 65,000. A detailed examination revealed that the average price for 10 grams of 24-carat gold was approximately Rs 64,860, while 22-carat gold averaged around Rs 59,460.
At the same time, the silver market displayed an upward trend, reaching Rs 74,800 per kilogram.
Gold rate today in India: Retail gold price on March 6
Gold Rate Today In Delhi
As of March 6, 2024, in Delhi, the current price for 10 grams of 22-carat gold is approximately Rs 59,610, whereas 10 grams of 24-carat gold is priced at around Rs 65,010.
Gold Rate Today In Mumbai
Currently in Mumbai, the price of 10 grams of 22-carat gold stands at Rs 59,460, while the equivalent amount of 24-carat gold is valued at Rs 64,860.
Gold Rate Today In Ahmedabad
In Ahmedabad, the price for 10 grams of 22-carat gold is Rs 59,510, and for the same amount of 24-carat gold, it’s Rs 64,910.
Check gold rates today in different cities on March 6, 2024; (In Rs/10 grams)
City
22 Carat Gold Price
24-Carat Gold Price
Chennai
60,160
65,630
Kolkata
59,460
64,860
Gurugram
59,610
65,010
Lucknow
59,610
65,010
Bengaluru
59,460
64,860
Jaipur
59,610
65,010
Patna
59,510
64,910
Bhubaneshwar
59,460
64,860
Hyderabad
59,460
64,860
Multi Commodity Exchange
On March 6, 2024, the Multi Commodity Exchange (MCX) saw active trading in gold futures contracts expiring on April 5, 2024. These contracts were priced at Rs 64,735 per 10 grams. Additionally, silver futures contracts expiring on May 3, 2024, were quoted at Rs 73,139 on the MCX.
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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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2024 Outlook
As per the recent statement from the All India Gem and Jewellery Domestic Council (GJC), they anticipate that ongoing global economic uncertainties and geopolitical tensions will drive gold prices to reach a historic peak of Rs 70,000 per 10 grams in the coming year. This projection highlights gold’s role as a reliable investment and a valuable safeguard against inflation.
Namit Singh SengarNamit writes on personal finance, economy and brands. Currently contributing to …Read More
The price of gold in Mumbai is 5,946 per gram for 22 karat gold and 6486 per gram for 24 karat gold.
Gold Rate Today: Fluctuation is being seen in the prices of gold and silver in the global market today. The effect of which is clearly visible in the domestic market. The gold price in India today is Rs 5946 per gram for 22 karat gold and Rs 6,486 per gram for 24 karat gold.
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Check Gold Price In Your City Today
Gold Price Today In Mumbai
The price of gold in Mumbai is 5,946 per gram for 22 karat gold and 6486 per gram for 24 karat gold.
Gold Price Today In Kolkata
The gold price today in Kolkata is 5946 per gram for 22 karat gold and 6,486 per gram for 24 karat gold.
Gold prices and bitcoin hit all-time highs Tuesday before paring some gains, while a sell-off in some tech stocks led to a slump in many stock markets around the world.
On Wall Street, the Dow and the S&P 500 both finished 1.0 percent lower, while the tech-rich Nasdaq composite ended the day down 1.7 percent, pulled down by firms including Apple and Tesla.
Despite the gloomy trading day in New York, US stock indices are still up sharply on the year.
Kurt Spieler, chief investment officer at FNBO, told AFP he thinks US markets can still climb slightly higher in the short term, but added: “I think we’re getting closer to the end of the momentum run.”
Gold on Tuesday hit a new record of $2,140 an ounce in early trading, before giving up some of its gains to trade close to $2,128 at around 4:30pm local time (2130 GMT).
The precious metal, whose twin drivers are jewelery and investment buying, has now gained about 15 percent in value since the same stage last year.
“Concerns surrounding global economic prospects, geopolitical tensions, and shifting expectations towards earlier interest rate cuts have fuelled increased demand for the precious metal,” said ActivTrades analyst Ricardo Evangelista.
Among digital assets, bitcoin briefly hit a record high above $69,000 — beating a record of $68,991 struck in November 2021 — buoyed by the world’s biggest cryptocurrency becoming more accessible for trading amid tight supplies.
However, bitcoin then plummeted by as much as 10 percent, to trade closer to $63,700 at around 2130 GMT.
– All eyes on Powell –
Traders will be paying close to attention to testimony by Federal Reserve chair Jerome Powell in Congress on Wednesday and Thursday, looking for signs of when the US central bank might start cutting rates.
Most analysts expect highly-anticipated Fed rate cuts to start later this year, as officials have voiced caution about trimming too soon while they await further inflation data.
The European Central Bank is expected to keep rates steady when it meets Thursday, and the US reports non-farm payrolls on Friday.
“Labor-market data will be centre-stage for markets this week,” said Brock Weimer, an analyst at Edward Jones.
“Our view is that current labour-market conditions could ease, however, we don’t foresee a sharp rise in unemployment,” he added.
In Europe, Paris and Frankfurt closed slightly lower on Tuesday while London was little changed.
German chemicals giant Bayer fell 7.6 percent after it revealed that it plunged deep into the red in 2023, weighed down by woes related to its glyphosate-based weedkillers.
On the eve of a key UK budget update, London won a slight boost from news that network testing firm Spirent Communications agreed to a £1-billion (around $1.3-billion) takeover from US communications equipment maker Viavi. Spirent rose 63 percent.
– Key figures around 2115 GMT –
New York – Dow: DOWN 1.0 percent at 38,585.19 points (close)
New York – S&P 500: DOWN 1.0 percent at 5,078.65 (close)
New York – Nasdaq Composite: DOWN 1.7 percent at 15,939.59 (close)
London – FTSE 100: UP 0.1 percent at 7,646.16 (close)
Paris – CAC 40: DOWN 0.3 percent at 7,932.82 (close)
Frankfurt – DAX: DOWN 0.1 percent at 17,698.40 (close)
EURO STOXX 50: DOWN 0.4 percent at 4,893.07 (close)
Tokyo – Nikkei 225: FLAT at 40,097.63 (close)
Hong Kong – Hang Seng Index: DOWN 2.6 percent at 16,162.64 (close)
Shanghai – Composite: UP 0.3 percent at 3,047.79 (close)
Euro/dollar: FLAT at $1.0860
Dollar/yen: DOWN at 149.97 yen from 150.51 yen
Pound/dollar: UP at $1.2707 from $1.2691
Euro/pound: DOWN at 85.44 pence from 85.54 pence
Brent North Sea Crude: DOWN 0.9 percent at $82.04 per barrel
West Texas Intermediate: DOWN 0.7 percent at $78.15 per barrel
Today Gold rate in Saudi Arabia, (SAR) 10 gram of 24K gold is SAR 2,455.57. However, these rates are given in 1 tola, 1 gramme, and 10-gramme increments in Saudi Riyal.
Every day, the local gold and bullion markets in the SAR provide live rates.
Gold Rate in Saudi Arabia Today
The latest Gold Rate in SAR on, 06 March 2024. is mention below.
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.
SoFi Slumps on Plan To Sell Up To $862.5 Million in Convertible Bonds
34 minutes ago
Shares of SoFi Technologies (SOFI) tumbled 13% Tuesday, after the online financial services provider said it was planning to sell up to $862.5 million in convertible bonds.
Convertible bonds are a fixed-income corporate debt security that pay interest but can also be converted into a predetermined number of common stock or equity shares. SoFi’s share price drop reflects the potential dilution to existing shareholders if the bonds are converted into stock, although SoFi said it will use part of the proceeds to pay for capped call transactions to limit that dilution.
Essentially, it means SoFi will be buying a form of call options on its own stock.
SoFi said it would be offering $750 million in convertible senior notes due in March 2029. In addition, initial investors will have the option to purchase another $112.5 million within a period of 13 days from when the notes are first issued.
SoFi shares were down 14.3% at $7.35 Tuesday afternoon, and are about 26% lower this year.
Dialysis Stocks Soar After Ozempic Kidney Disease Data Disappoints
1 hr 19 min ago
Shares of dialysis companies surged Tuesday after Novo Nordisk (NVO) reported results from a trial of Ozempic as a kidney disease treatment that fell short of some analysts’ expectations.
Novo Nordisk said on Tuesday that Ozempic reduced kidney disease progression and the odds of cardiovascular or kidney death by 24%. The trial, called FLOW, compared outcomes for 3,533 people with type 2 diabetes and chronic kidney disease, who were either given 1 mg injections of Ozempic or a placebo. The trial was ended last October, a year ahead of schedule after preliminary data demonstrated the drug’s efficacy.
The results add to a growing body of evidence that GLP-1 agonists, like Novo’s Ozempic and Wegovy and Eli Lilly’s (LLY) Mounjaro, have uses beyond diabetes treatment and weight loss. In August, Novo published data showing Wegovy reduced patients’ risk of major cardiovascular events by 20%.
The results, however, weren’t quite what analysts and investors were expecting. Novo Nordisk shares were down more than 2.7% Tuesday afternoon, while dialysis providers soared. DaVita (DVA) climbed 7% to $134, while Fresenius Medical Care (FMS) rose more than 11% to nearly $21.
Apple Stock Slips as China iPhone Sales Plunge 24% in First Six Weeks of Year
1 hr 50 min ago
Apple’s (AAPL) sales of iPhones in China, its biggest overseas market, fell by 24% over the first six weeks of this year, according to market research firm Counterpoint.
The iPhone maker’s market share in China fell to 16% in the first weeks of 2024, falling to fourth place from second place in 2023, when it had a 19% share. Chinese retail giants JD.com, TMall, and Pinduoduo are offering steep discounts on Apple’s iPhone 15 just five months after launch to generate demand.
Apple shares were down 2.7% midday Tuesday. They have lost about 11% of their value so far this year.
Tesla Stock Slides as Arson Halts Production at Berlin Plant
3 hr 22 min ago
Tesla (TSLA) shares slid in early trading on Tuesday after the electric vehicle maker was forced to halt production at its Berlin factory following an arson attack on a nearby electricity pylon.
The fire, which occurred in a field near Tesla’s Gigafactory Berlin-Brandenburg in Grünheide, cut off power to the plant and the surrounding area. The factory was evacuated and workers were sent home.
The attack comes amid local opposition to Tesla’s efforts to expand the factory, its only assembly plant in Europe. Tesla last July filed applications with local authorities to expand the plant, with plans to add a battery testing center and water treatment facilities. Tesla hopes the plant will eventually produce 1 million cars a year, about double its current output.
But it has run into resistance from locals and environmental activists. Late last month, Grünheide residents voted against Tesla’s planned expansion in a non-binding vote. And last week nearly 100 activists set up camp in a forest near the factory that Tesla intends to fell as part of its expansion.
Residents and activists have also expressed concern about the factory’s water consumption and its potential to contaminate the region’s groundwater.
Tesla shares were down about 4.7% at $179.38 as of 10:45 a.m. ET Tuesday. They have lost nearly 28% of their value so far this year.
Target Stock Surges on Q4 Earnings Beat
3 hr 56 min ago
Target (TGT) shares surged in early trading Tuesday as the company posted stronger-than-expected earnings for the fourth quarter of fiscal 2023.
The retail giant reported net income of $1.38 billion, up 57.8% from the fourth quarter of 2022 and well above Target’s own guidance and analyst estimates compiled by Visible Alpha. Earnings per share (EPS) at $2.98 also surpassed estimates as revenue rose 1.7% from a year ago to $31.9 billion, beating projections.
The company said that the higher profit came in part as a result of lower costs and improved inventory management, and outlined plans to introduce a new membership program as part of its Target Circle rewards program.
Shares of Target were up 12.2% at $168.87 Tuesday morning. They’ve gained close to 18% so far this year.
Target Corp. (TGT): Shares of the retailer jumped 8% after it reported fiscal fourth-quarter earnings of $2.98 a share, beating Wall Street’s consensus estimate of $2.41.
Coinbase Global Inc. (COIN): Shares of the cryptocurrency exchange gained 2% as the price of Bitcoin rose above $68,000 to trade just shy of an all-time high.
Newmont Corp. (NEM): Shares of the gold miner ticked up 1% as the price of gold continued to climb after hitting a record high yesterday.
Losses:
Gitlab Inc. (GTLB): Shares of the coding collaboration platform tumbled 22% after it forecast full-year fiscal 2025 earnings of between 19 and 23 cents per share, far less than the 35 cents per share analysts were expecting.
Tesla Inc. (TSLA): Shares of the electric vehicle maker fell about 3% after it stopped production at its plant outside Berlin amid a suspected arson attack that cut off power to the factory.
Apple Inc. (AAPL): Shares of the tech giant slid about 2% amid reports iPhone sales in China were 24% lower in the first six weeks of the year than in 2023.
Stock Futures Slip in Premarket Trading
5 hr 27 min ago
Futures contracts connected to the Dow Jones Industrial Average were down about 0.3% in early trading on Tuesday.
S&P 500 futures were also off about 0.3%.
Nasdaq 100 futures traded 0.5% lower about an hour before markets opened.
[Click here for an interactive chart of gold prices]
Gold has added about $100 in the past five sessions, fueled by a combination of expectations for monetary easing, geopolitical tensions and the risk of a pullback in equity markets.
According to Bloomberg, the scale of the recent move has surprised some market watchers, who said it may be partially driven by momentum,
The rising risk of a stock market correction — flagged by weak US manufacturing data on Friday — may have persuaded some investors to move out of equities and into gold, said Ole Hansen, commodity strategist at Saxo Bank A/S.
While the timing of the Fed’s pivot remains uncertain, signs that it’s getting closer have supported gold since mid-February. Swaps markets show an almost 60% chance of a rate cut in June, a higher probability than early last month.
The recently rally has also highlighted an increasing disconnect between spot prices and outflows from bullion-backed exchange traded funds. Holdings in SPDR Gold Shares, the world’s largest such ETF, fell by 0.3% on Monday, taking the total to the lowest level since July 2019, according to data compiled by Bloomberg.
Those outflows have partly been offset by persistent central bank demand for the precious metal, which helped keep prices elevated even as real interest rates spiked last year. Bullion was also supported over the Lunar New Year, as Chinese consumers sought a hedge against turmoil the country’s stock market and property sector.
In the first months of this year, gold’s role as a haven asset is being underlined by elevated geopolitical risks, with attacks on shipping in the Red Sea showing escalating Middle East tensions. China’s economic woes and the US presidential election at the end of the year make it a potentially volatile mix.
“Speculation over a Fed rates pivot and continued geopolitical tensions keep gold shining,” said Ewa Manthey, commodities strategist at ING Groep. “We expect gold prices to trade higher this year as safe-haven demand continues to be supportive amid geopolitical uncertainty with ongoing wars and the upcoming US election.”
Still, bullion has further to go to reach its inflation-adjusted peaks set more than a decade ago. It has risen more than 600% since the turn of the millennium, though adjusted for inflation it remains below the high of $850 touched in January 1980, which would be equivalent to more than $3,000 in today’s dollars.
The price of platinum opened at $885.10 per ounce, as of 9 a.m. That’s down 0.85% from the previous day and down 10.39% from the beginning of the year.
The lowest trading price within the last day: $883.52 per ounce. The highest platinum spot price in the last 24 hours: $903.55 per ounce.
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Platinum spot price
Platinum price chart
The chart below shows how the spot price of platinum is trending over the year.
Year to date, platinum is down 10.39%, as of 9 a.m. The 52-week high reached $1,135.49 on April 21, 2023, and the 52-week low dropped to $843.15 on Nov. 10, 2023.
The precious, silvery-colored metal is priced in U.S. dollars. This means that the fluctuations in the value of the U.S. dollar can impact its price.
The price of XPT/USD reflects the value of one ounce of platinum in U.S. dollars, and it is traded like traditional currency pairs. Because platinum trades occur globally, investors can also track the spot price of platinum in other currencies, such as XPT/EUR for euros and XPT/GBP for British pounds.
Factors that can influence the price of platinum include changes in demand, geopolitical events and tensions in major platinum-producing countries. Of course, investor opinion and speculation can also affect prices.
Precious metals spot prices
Platinum is one of four main precious metals investors can trade via physical bullion, exchange-traded products or futures contracts. Gold, silver and palladium spot prices are also updated 24/7 in various currencies.
Platinum vs. gold price
Currently, platinum trades at $885.10 per ounce, as of 9 a.m., compared to gold, which trades at $2,091.76 per ounce. Year to date, platinum prices are down by 10.39% and gold prices are up by 1.23%.
“Historically, platinum has often been more expensive than gold due to its relative scarcity and unique properties. However, the price of platinum can fluctuate in response to changing market conditions,” said John Bergquist, president of Elysium Financial.
Political instability and supply disruptions in major platinum-producing regions like South Africa and Russia affect prices.
The silvery metal also tends to be a less reliable store of value than gold.
While historically, platinum has been pricier than gold, that flip-flopped briefly in August 2011. When looking at the gold-to-platinum price ratio, platinum was priced above gold from January 2013 until December 2014. Since then, gold has more than doubled its value compared to platinum prices.
Platinum price history
Like any metal, the price of platinum can be volatile. Various factors affect it, the most significant being supply and demand dynamics. Other factors, such as economic conditions, geopolitical events, and changes in industrial and investment demand, can also impact the price of platinum.
At the start of the new millennium, the precious metal’s spot price was around $420. Fast-forward over 20 years, and the current price of platinum has more than doubled.
The spot price soared to new heights, trading in February 2008 at around $2,200 per troy ounce. In November of that year, the price returned to less than $1,000.
Platinum’s spot price has fluctuated between around $800 to $1,400 for the past decade, hovering around the $1,000 threshold on average.
Platinum prices today remain historically low. Prices dropped as low as $623.50 in March 2020 during the COVID-19 pandemic. While prices have recovered, platinum is nowhere near its all-time high of $2,213.20, set on March 3, 2008.
Platinum futures
Futures contracts let investors speculate on the future price movements of an underlying asset like platinum.
These financial contracts represent an agreement between two parties to trade a set amount of platinum at a specified price at a future date. They can be settled by exchanging the physical commodity or cash in place of the commodity.
Futures contracts differ from spot prices in that futures contracts establish a future price whereas spot prices are for immediate delivery. These contracts can be fulfilled by trading the physical commodity or exchanging cash in place of the underlying asset. They are usually traded through an exchange.
Platinum as an investment
The automotive industry creates the highest demand for platinum. Platinum is a key component in manufacturing catalytic converters, which are responsible for reducing vehicle emissions.
In addition to the automotive industry, platinum is widely used in the industrial industry to create medical products, nitric acid and glass. As the demand for these products rises, so does the price of platinum.
It is anticipated that platinum will play an essential role in the development of hydrogen technology. Platinum is used to produce carbon-free hydrogen from renewable energy.
“If hydrogen-based power meets expectations in the coming decade, then one could expect a material demand tailwind in platinum,” said Stash Graham, managing director of Graham Capital Wealth Management.
Precious metals such as platinum, gold and silver have long been used to diversify an investment portfolio.
When choosing investments, it is crucial to consider potential drawbacks. While there may be an increase in the demand for platinum, other factors may throw a wrench in the investment benefits.
When considering an investment, it is essential to consider your current holdings and individual financial goals.
Platinum is rarer than both silver and gold, which could make it attractive to investors seeking a scarce metal. This practice helps protect other holdings, such as stocks, in an economic downturn. Investing in platinum can help balance inflation and economic uncertainties.
Frequently asked questions (FAQs)
The highest platinum price was $2,213 on March 3, 2008. This notable high can be attributed to critical supply issues in South Africa, the world’s largest platinum producer. Both geopolitical and economic factors played a role in this price hike during the recession.
The London Bullion Market Association is responsible for price auctions of platinum and other industrial metals.
On Monday, March 4th, U.S. markets closed lower, with investors holding back in anticipation of upcoming economic reports and testimony from Fed Chair Jerome Powell before Congress.
The majority of sectors on the S&P 500 were up; utilities, real estate, and materials led gains, while communication and consumer stocks declined.
Chip stock rally, led by NvidiaNVDA, pushed the S&P 500 to new highs as investors bet on AI demand despite caution before economic data.
The Dow Jones Industrial Average declined 0.25% to close at 38,989.83. The S&P 500 fell 0.12%, ending the day at 5,130.95. Meanwhile, the Nasdaq Composite slid 0.41%, finishing the session at 16,207.51.
Asian Markets Today
On Tuesday, Japan’s Nikkei 225 index closed the session higher by 0.45% at 40,087.07, led by gains in the Paper & Pulp, Shipbuilding, and Electrical/Machinery sectors.
In Australia, the S&P/ASX 200 was down 0.15% and closed at 7,724.20, led by losses in the Consumer Discretionary, Consumer Staples, and Utilities sectors.
India’s Nifty 50 closed lower by 0.22% at 22,356.30, and the Nifty 500 slid 0.24% to 20,382.00.
China’s Shanghai Composite gained 0.28% to 3,047.79, while the Shenzhen CSI 300 was up 0.70%, closing at 3,565.51.
Hong Kong’s Hang Seng Index slipped 2.80%, concluding the day at 16,131.00.
Eurozone at 06:00 AM ET
The European STOXX 600 index was down 0.14%.
Germany’s DAX declined 0.05%.
France’s CAC gained 0.04%.
U.K’s FTSE 100 traded higher by 0.01%.
Commodities at 06:00 AM ET
Crude Oil WTI was trading lower by 0.04% at $78.72/bbl, and Brent was up 0.13% at $82.92/bbl.
Natural Gas gained 0.42% to $1.924.
Gold was trading higher by 0.28% at $2,132.40, Silver gained 0.62% to $24.142, while Copper gained 0.28% to $3.8678.
US Futures at 06:00 AM ET
Dow futures were down 0.12%, S&P 500 futures slid 0.30%, and Nasdaq 100 Futures declined 0.70%.
Forex at 06:00 AM ET
The U.S. Dollar Index rose 0.04% to 103.88, USD/JPY was down 0.08% to 150.38, and AUD/USD gained 0.23% to 1.5399.
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