Gold Sales

Weaker dollar, geopolitical concerns over Ukraine peace process, economic and political concerns due to Trump's tariff plans and softer yields are positive for the metal

Gold rally is being driven more by subdued yields and US Dollar Index rather than safe haven demand

Gold rate today: India's budget to be presented on February 1 will be important for domestic gold prices as import duty on precious metals may be increased.

Gold is looking somewhat overstretched at the current level as the US economy continues to do well amid sticky inflation and strong job market

The Watches & Wearables domestic growth was 13 per cent Y-o-Y, with analog watches clocking a robust 19 per cent growth

Goldman Sachs expects gold prices to reach $3,150 per ounce (bull-case scenario; base case: $3,000/oz) by December 2025, an upside of around 17 per cent from the current levels

In India, prices jumped to a record high of Rs 79,775 per 10 grams earlier this week, marking a nearly 33 per cent increase since last year's Diwali

Gold prices today: Spot gold hit a fresh record high of $2,773.53 on October 29, 2024. Buying the dips is the preferred strategy

Gold rate today: As gold prices are expected to be highly volatile, especially due to Brics headlines, buying the dips is the preferred strategy

UBS analysts have raised gold's target to $2,750 per oz by end-2024 (from $2,600 per oz), $2,850 per oz by mid-2025 (from $2,700 per oz), and $2,900 per oz by end-3Q25 (from $2,750 per oz)

In the previous session, the precious metal of 99.9 per cent purity had settled at Rs 72,350 per 10 grams on Monday

Gold trading strategy today, July 31: Unless the US Fed is outrightly dovish, Gold is expected to fall in the coming days. Support for MCX October Gold contract is at Rs 67,600/Rs 66,200

Gold demand India: Gold prices, meanwhile, surged 18 per cent year-on-year (YoY) in the June 2024 quarter to $2,338.2 an ounce (oz), and were up nearly 13 per cent when compared with the December 2023

In dollar terms, gold prices hit $2,331/oz at the end of H1-CY24, according to WGC data, rising 12.1 per cent during this period

The gold jewellery industry is advocating a 'One Nation, One Rate' policy, starting with a unified rate for Eastern India from August, an official said. All stakeholders have shown interest in the idea of a unified gold rate across the country, said Samar Kr De, President of the Swarna Silpa Bachao Committee. "We will begin with a single rate for Bengal and eastern India from August and have onboarded bullion sellers for this initiative," De said. Saiyam Mehra, Chairman of the All India Gem and Jewellery Domestic Council (GJC), said, "The idea is to create a level playing field for all stakeholders and prevent undercutting." De said that they aim to extend the 'One Gold Rate' policy nationwide within the next six months and are in discussions with large national jewellery retail chains. He also noted that the recent 9 per cent duty cut was unexpected by the industry. Union Finance Minister Nirmala Sitharaman in her budget proposals slashed import duties on gold and silver from 15

The price of 22-carat gold rose Rs 10, with ten grams of the yellow metal selling at Rs 67,860

The dollar held steady, while long-dated U.S. bond yields rose, as investors weighed whether the assassination attempt on Trump increased his chances of victory

Kalyan Jewellers on Friday reported a 27 per cent year-on-year increase in consolidated revenue for the first quarter of the financial year 2024-25, driven by strong performance in both Indian and Middle Eastern markets. The company had reported a consolidated net revenue of Rs 4,376 crore in the first quarter (April-June) of the 2023-24 fiscal year. India operations saw a 29 per cent revenue growth during the first quarter of this fiscal, compared to the corresponding quarter of the previous fiscal year, with a 12 per cent same-store-sales growth, the company said in a regulatory filing. The revenue from Middle East operations was up 16 per cent, contributing 15 per cent to the consolidated revenue. The company said 13 new franchisee-owned-company-operated (FOCO) showrooms were opened during the April-June period this year in India, while the digital platform Candere recorded a 13 per cent revenue growth. The company said it plans to convert its Candere business into a wholly-own

Spot gold traded with a bearish bias on Tuesday as most of the commodities were under pressure due to the rise of far-right parties in the recently concluded European elections

The metal was changing hands at $2381 at the time of the MCX closing, which is down 0.20 per cent from Wednesday's closing level