The markets are currently at their highest point ever in many areas, including the S&P 500, Wall Street indices, major benchmarks in Europe, and the London markets. And it’s not just stocks, both gold and Bitcoin are also reaching record highs. However, Ron William, a market expert, thinks that gold may experience a short-term dip because it is overbought. He predicts it could drop to around $2,100 to $2,000 before continuing its rise in the long term, potentially reaching targets above $2,400.
Economic factors affecting the markets
William also talks about the momentum trade in the markets and how the overall economic factors are impacting it. Right now, those factors are all over the place, and this could be a turning point for the market. He warns that there’s a risk of increasing inflation and geopolitical uncertainty, which could trigger a market downturn. So, it’s crucial to be prepared for potential risks and diversify your investments to protect yourself.
Gold and Bitcoin
Speaking of diversification, William mentions that both gold and Bitcoin are following similar paths. He brings up something called the “bold index,” which could be a way to trade both of these assets in a diversified and leveraged manner. This offers a unique opportunity to potentially profit from the rise of both gold and Bitcoin.
Lastly, William talks about the potential for a market downturn and stresses the importance of technical analysis. By studying patterns and exhaustion points, investors can identify when the market is about to turn. He suggests looking for confirmation of a downward trend and considering trimming positions or using protective stops to reduce risks.
Gold prices firmed on Friday but were on track for their first weekly drop in four over concerns that the Federal Reserve might defer interest rate cuts beyond June after data showed a higher-than-expected rise in inflation.
Spot gold rose 0.4% at $2,169.99 per ounce, as of 1035 GMT. U.S. gold futures edged 0.3% up at $2,174.20.
Bullion was on track for a weekly drop of about 0.5%, its first since mid-February, and retreating from its last week’s record high of $2,194.99 after data indicated that U.S. consumer prices increased above expectations in February. U.S. producer prices also showed some stickiness in inflation.
Higher-than-expected inflation puts the Fed under more pressure to maintain interest rates higher for longer, weighing on non-yielding assets such as gold.
“There will be a positive undertone in 2024 for gold with strong investment demand and safe-haven demand,” Jigar Trivedi, a senior analyst at Reliance Securities, said.
After last week’s strong rally, some sort of consolidation or profit booking is expected, and the dollar index rebounding after very strong U.S. economic data has led to the weekly dip in gold, Trivedi added.
The US dollar index headed for its largest weekly gain since mid-January. A firmer dollar makes gold more expensive for holders of other currencies.
Traders continue to bet on interest rate cuts in June, pricing in about 59% chance compared with 72% before the CPI data, according to the CME Group’s FedWatch Tool, opens new tab. For 2024, market sees about three rate cuts, down from between three to four last Friday.
Spot platinum rose 1.1% to $937.95 per ounce, palladium gained 2.6% to $1,097.50, while silver was up 1.1% at $25.09. All three metals were poised to post a weekly gain. Commerzbank raised its year-end forecast for silver to $29 but noted that it is unlikely to hit record high in the foreseeable future.
The opening two days saw plenty of success for Willie Mullins, who finally hit his historic milestone of a century of victories at the Cheltenham Festival but went winless on St. Patrick’s Thursday. However, he’s trained the favourite of the showpiece race with Galopin Des Champs looking to retain the Gold Cup this afternoon.
Harry Skelton and Paul Townend are vying for the leading jockey title with both sitting on four wins heading into the final day while Rachael Blackmore trails behind on two and could be in contention.
More than 60,000 spectators are expected to flock to Prestbury Park again for the Festival’s conclusion looking to beat the bookmakers, with today’s schedule including the Triumph Hurdle first up at 1.30pm, as well as the County Handicap Hurdle, the Albert Bartless Novices Hurdle, and of course, the Cheltenham Gold Cup.
Things are quite close in the Prestbury Cup after a storming day for Great Britain yesterday. They still trail by four meaning they must win six of the seven races today to claim the bragging rights.
Zara Tindall, who has been at the Cheltenham Festival with her husband Mike this week, spoke about her time at the racecourse.
She said: “It’s been good this week, it’s been busy. It’s great to have racing this week and be involved. There has been some incredible racing – it’s exciting.
“Today has been an amazing day. More winners from the English trainers, so that’s great. That was incredible for Sir Alex Ferguson (to have two winners) today. The support he’s given the sport over the years, it’s great to get payback with a couple of winners. He’s an incredible advocate for the sport.”
Asked if Queen Camilla and the Princess Royal have enjoyed their time at Cheltenham this week, she said: “Yeah, I think everyone loves their racing and they love the horses, that’s why everyone gets involved. We’ve been involved with horses for a long time, so we always love being at Cheltenham.
“Getting them all along is great fun and some time to hang out together. I’ve put no money on whatsoever. I’m too busy for that.”
Paisley Park ran his final race in the Stayers’ Hurdle yesterday and Emma Lavelle has confirmed that the hugely popular 12-year-old, who won the race in 2019, will now be retired.
“We have an awful lot to thank him for, we really do,” Lavelle said. “It’s definitely the right thing to do, we said this season would be on a race-by-race basis but he kept running his heart out, it was just a shame he couldn’t get his head in front for one last time.
“Today was the big test and he doesn’t have the same pace that he used to, that turbo button is missing and based on that, Andrew [Gemmill, the owner] had a discussion as we crossed the line and as he’s done so much for us, he doesn’t need to do any more.”
Champion Bumper winning jockey Patrick Mullins, spoke to Racing TV about what makes his dad Willie so successful: “In his early 60s instead of consolidating, he went out and got more horses and more owners.
“Then there’s the calibre of staff here and the owners he has built. He has made the very most of everything he has been able to.”
What’s it like working with him? “Several headaches. He could say something one day and then give out the next day for doing it. He is always chopping and changing. He can’t be told no. He has outside the box thinking, at times it can be like man from the moon, but enough times it works.
“He is a funny man in that the more you try to tell him to do something, the more he will try to do the opposite!”
Following his son’s win in Tuesday’s Champion Bumper Willie Mullins said: “It’s a wonderful day, it’s fantastic. As much I enjoy what’s happening, I think of my colleague and fellow trainer Nicky Hendersonand what’s happened with his yard this week.
“That’s always a worry that we have in the two or three weeks coming up to Cheltenham, that something will come in and bite you from outside.
“As much as we’re enjoying it, I don’t know how he must be feeling. You want competition and it must be gutting for him. You’d like good opposition to have fun with because I’m sure he would have beaten us a few times this week.”
Willie Mullins on his son Patrick riding his 100th winner
“I thought my lifetime achievement was when I had a winner here in Cheltenhamin the Supreme Novices’ Hurdle back in 1995 and who ever dreamt any trainer, never mind me, could do it .
“The team of owners we have help and I can’t train winners without a team of owners who have horses and then the team from my wife Jackie, to David Casey, Patrick, Ruby [Walsh], all our head people, it’s huge for them. I think they are probably going to enjoy it more than I will. It’s extraordinary stuff.”
“For Patrick to do it makes it very special and to do it for one of my biggest owners [Simon Munir and Isaac Souede]. The team of owners we have make the job what it is, I can’t do it without them. They all praise each other when they have a winner and share in each other’s disappointment. Without owners I wouldn’t be here, none of us would, it’s their sport.
“I was really pleased that Patrick was the one to do it because I wasn’t sure he was on the right one but he was spot on and I was wrong. I’m just delighted, I wouldn’t say emotional. When I started out I didn’t think anyone would ever train 100 Cheltenham winners and I certainly didn’t think it would be me. People were saying I should have done it last year!”
Cheltenham Gold Cup, in numbers: From Rachael Blackmore to Galopin Des Champs
To mark 100 years of the Cheltenham Gold Cup, here are some key numbers associated with jump racing’s most prestigious contest:
33 – Galopin Des Champs became the 33rd favourite to oblige in 2023.
95 – How many times the race has actually been run; it was abandoned in 1931 because of frost, in 1937 due to flooding, in 1943 and 1944 because of World War II and 2001 due to a foot-and-mouth outbreak.
100 – Norton’s Coin was the longest-priced Gold Cup winner at 100-1 in 1990. He was trained in Wales by dairy farmer Sirrel Griffiths.
Cheltenham Festival horse Highland Hunter dies after fatal incident
Highland Hunter, the 11-year-old grey gelding was put down after the Ultima Handicap Chase, with concerns about his health immediately beginning to grow after the 2.50pm race – the third of the day.
And ITV presenter Ed Chamberlin confirmed the sad news of the death live on air shortly afterwards.
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The Gold Cup will headline Friday’s racing at the 2024 Cheltenham Festival, as Galopin Des Champs returns chasing a second successive triumph in the showpiece event.
Trained by Willie Mullins and ridden by Paul Townend, Galopin’s Gold Cup glory would cap another dream week for the Irish duo, who were leading the trainer and jockey standings respectively after the Festival’s first two days having dominated Cheltenham over the past half a dozen years.
The main competition is set to come from Fastorslow, Gerri Colombe, LHomme Presse and Barvemansgame, who finished runner-up last year after Galopin raced to the front with two fences to go before pulling away up the hill to claim a clear victory.
The 2024 edition of the Gold Cup marks the centenary of the race, first won by Red Splash in 1924.
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Jockey Paul Townend, right, with Irish trainer Willie Mullins
(AFP via Getty Images)
When is the 2024 Gold Cup?
The race is scheduled for Friday 15 March, with a start time of 3.30pm GMT.
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Trained by Willie Mullins and ridden by Paul Townend, Galopin delivered a storming victory for the Irish duo last year and looks set to cap another glorious week for Mullins and Townend at Cheltenham.
But they face competition from Fastorslow, Gerri Colombe, L’Homme Presse and Barvemansgame, who finished runner-up last year after Galopin raced to the front with two fences to go before pulling away up the hill to claim a clear victory.
The 2024 edition of the Gold Cup marks the centenary of the race, first won by Red Splash in 1924.
Find the latest Cheltenham odds and free bet offers with Independent Sport ready to provide daily coverage from the festival and get our free betting newsletter for the latest Cheltenham odds, offers and tips. Sign up here.
Jockey Paul Townend, right, with Irish trainer Willie Mullins
(AFP via Getty Images)
Racing ambassadors Alex Hammond, Oli Bell and Ed Chamberlin spoke to Sky Bet about their Day 3 picks, legendary former jockey Ruby Walsh shared his tips with Paddy Power and racing expert Tony Calvin makes his final day tips with Betfair.
When is the 2024 Gold Cup?
The race is scheduled for Friday 15 March, with a start time of 3.30pm GMT.
Get our free betting newsletter for the latest Cheltenham odds, offers and tips. Sign up here.
Gold Cup Day – Friday’s full schedule
13:30 – Triumph Hurdle
Alex Hammond: “The first race on the final day of the festival is the Triumph Hurdle and Sky Bet are offering money back as cash if you lose. No Sir Gino here and that’s been the big story throughout the week, the Nicky Henderson horses that aren’t running. But we’ve got Sir Gino by proxy here in Salvator Mundi who’s the horse who’s finished closest to Sir Gino in his career. He’s owned by the same people as Sir Gino and is now with Willie Mullins and I hope he can run a big race in the Triumph.”
Ruby Walsh adds: “Willie Mullins has plenty of runners including Majborough, Storm Heart, Kargese and Bunting. There isn’t much between them all so I’ll take Bunting at a bigger each-way price.”
14:10 – County Hurdle
Tony Calvin has a couple of options here: “Absurde has been my lean for the County Hurdle at 14:10 ever since I did my prep for the Preview in Dublin last week – providing he got decent ground on the day.
“But surely, last year’s winner Faivoir has a big chance at these weights, just 2lb higher than winning last season and 4lb well-in here for his Imperial Cup second on Saturday (he obviously should have won, as his jockey admitted afterwards), but the obvious doubt for him is the quick turnaround.”
Walsh adds: “Zenta is Willie Mullins’ best chance but I’m with Leau Du Sud. Dan Skelton told me he really fancies him, as he did with Unexpected Party who bolted up on Wednesday, so I’ll side with him!”
14:50 – Albert Bartlett Novices’ Hurdle
Oli Bell: “In the Albert Bartlett, Sky Bet are paying five places instead of three and the horse I like is trained by Harry Fry – one on the board hopefully for the Brits. Gidleigh Park is a progressive stayer, got a good form to his name and I think there is plenty left under the bonnet. With the extra places on offer, I’m going with the Brits in the Albert Bartlett with Gidleigh Park – good luck.”
Walsh says: “I’m with Readin Tommy Wrong. He’s the classiest horse in this race but keep an eye on Dancing City, who finished second behind Ballyburn and ahead of Slade Steel at Punchestown last year.”
15:30 – Cheltenham Gold Cup
Alex Hammond: “Gold Cup time and Sky Bet are paying four places rather than three. That makes me even more keen on L’Homme Presse, Venetia Williams’ horse has done well this season, returning from injury. He won at Lingfield, he run a solid race at Ascot in conditions that weren’t playing to his strengths. The team weren’t in great form then, but they’re in better form now so for me L’Homme Presse in the Gold Cup.”
Calvin says: “The Gold Cup at 15:30 looks a great race but it doesn’t make it an attractive betting medium. I’d rather be with Galopin Des Champs than against him at around evens, but that is probably his right price, in truth.
“The absence of Shishkin is a big positive for him, as the Henderson horse and Fastorslow were his most dangerous form rivals, and I sense he will take a lot of whacking.
“Fastorslow at 7.2 on the exchange is probably the bet to be had if there is one.”
Walsh: “I’ve been with Galopin Des Champs for a long time and I like everything about him. He was very good last year and he’s the best horse in here. Fastorslow will most likely chase him home. Corach Rambler or Gerri Colombe will likely be third.
16:10 – Festival Challenge Cup Open Hunters’ Steeple Chase
Ed Chamberlin: “We’re hoping to create some magic on Gold Cup day in the Hunters’ Chase. Sky Bet are paying four places on the Hunters’ Chase, and I see no reason why Premier Magic can’t produce some Hunters’ Chase magic again!”
Walsh adds: “I’d be lying if I said I had a really strong fancy in this but I’ll side with Its On The Line for Emmet Mullins. He’s won his last three and he’ll relish the stamina test.”
16:50 – Mares’ Steeple Chase
Oli Bell: “In the Mares’ Chase I’m all aboard the J.P. McManus hotpot, Dinoblue. She’s a short price but I think she’s going to take a world of beating and send me off from Cheltenham this year with a winner to my name. It’s been a tough with for the Brits and I think it’s going to get even harder in the Mares’ Chase because Dinoblue is a rock-solid favourite and will be hard to beat.”
Walsh is also keen on Dinoblue: “Allegorie De Vassy has improved considerably but Dinoblue is the standout. She’s got rock solid form and she’ll be hard to beat.”
17:30 – Martin Pipe Conditional Jockey’s Handicap Hurdle
Alex Hammond: “The final race of the whole festival is the Martin Pipe Conditional Jockeys’ Handicap Hurdle and Sky Bet are paying six places rather than four. I’m going to have a go with Ocastle des Mottes, who has his second start for Willie Mullins here. His first start for the stable came in the Betfair hurdle at Newbury, which is an ultra-competitive race just like this one, but it’s over a shorter trip. I think the step-up in trip will suit this horse, he got a little bit jazzed up before Newbury because he had to be reshod, but I’m hoping that everything goes smoothly, and we can get a good run from Ocastle des Mottes.”
Walsh likes Ocastle des Mottes, but has another fancy too: “Willie Mullins has Quai De Bourbon at the top of the market and he could be ahead of the handicapper. Ocastle Des Mottes makes appeal to me as he will show improvement from stepping up in trip.
KATHMANDU: Gold price decreased by Rs 400 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 125,400 per tola and standard gold is traded at Rs 124,800 per tola.
The precious yellow metal was traded at Rs. 125,800 per tola, and standard gold at Rs. 125,200 per tola on Thursday.
Similarly, the price of silver has been fixed at Rs 1,515 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.
A person arranges gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price rose 0.61% to VND81.6 million ($3,298.97) per tael Friday morning.
Gold ring price decreased by 0.08% to VND68.95 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices were on track on Friday to snap a three-week winning streak as surprisingly hot U.S. inflation readings prompted traders to re-think on how swiftly and deeply the Federal Reserve could cut interest rates this year, Reuters reported.
Spot gold was up 0.1% at $2,163.92 per ounce but on track to post a weekly fall of more than 0.6%, its first since mid-February.
U.S. gold futures were steady at $2,168.00.
U.S. producer prices increased more than expected in February. A reading on consumer inflation earlier this week also showed some stickiness in inflation.
Higher inflation adds pressure on the U.S. Fed to keep interest rates elevated, weighing on non-yielding assets such as gold, and increasing appeal for bonds, raising the dollar.
Both gold and silver prices recorded a hike on the Multi Commodity Exchange (MCX) on Friday, March 5, 2024.
Gold futures, maturing on April 5, 2024, stood at Rs 65,676 per 10 grams on the MCX, after recording a marginal hike of Rs 81 or 0.12 per cent. The previous close was recorded at Rs 65,595.
Meanwhile, silver futures, maturing on May 3, 2024, witnessed a hike of Rs 264 or 0.35 per cent and were retailing at Rs 75,490 per kg on the MCX against the previous close of Rs 75,226.
GOLD, SILVER PRICES IN MAJOR CITIES
CITY
GOLD (per 10 grams, 22 carats)
SILVER (per kg)
NEW DELHI
Rs 60,760
Rs 77,100
MUMBAI
Rs 60,610
Rs 77,100
KOLKATA
Rs 60,610
Rs 77,100
CHENNAI
Rs 61,360
Rs 80,100
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 slid on Thursday after a larger-than-expected rise in February’s U.S. producer price index (PPI) cooled expectations of early rate cuts by the Federal Reserve, boosting Treasury yields and the dollar, news agency Reuters reported.
According to the latest metal report, spot gold was down 0.6 per cent at $2,136.39 per ounce. US gold futures fell 0.6 per cent at $2,167.5.
Among other precious metals, silver fell 0.8 per cent to $24.83 per ounce.
KARACHI: Gold prices in Pakistan decreased marginally on Tuesday in line with the decline in the international rate.
The yellow metal was priced at Rs230,100 per tola after shedding Rs100 during the day.
The 10-gram gold was sold at Rs197,274 after a decrease of Rs86, according to rates shared by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).
Meanwhile, silver rates remained stable at Rs2,600 per tola.
Spot gold fell 0.5% to $2,171.59 per ounce as of 1207 GMT, trading below a record high of $2,194.99 it hit on Friday. U.S. gold futures also dipped 0.5% to $2,177.50.
Spot platinum fell 0.5% to $928.50 per ounce, palladium lost 0.9% to $1,021.75, while silver was little changed at $24.41.
