GBI’s Post

Gold prices are reaching new heights in 2024, with record highs set in April following a strong fourth quarter in 2023. According to recent data, gold prices rose by 7.03% in the first quarter of 2024 alone, while silver gained 3.45%. These impressive gains make gold and silver valuable commodities to keep an eye on.

Gold prices surge Rs 8,500/10gm since Budget lows. Could Rs 80k be a reality by year-end? Gold prices surged to record highs, climbing by Rs 8,500 since July, fueled by domestic buying and global trends. Analysts predict further increases to Rs 80,000 per 10 gm by year-end, despite potential short-term pullbacks amid ongoing geopolitical tensions.

Gold is trading at 40-year extremes: Gold prices have seen a historic rally this year, up 29%. As a result, gold is now ~15% above its 200-day moving average or 2 standard deviations, the widest gap since 2020. Over the last 40 years, such a significant divergence has occurred only 8 times. Following these extremes, gold returns were flat within 1-6 months and gained just ~5% within 12 months, on average. History suggests that gold prices might be overextended in the short term. Can gold keep pushing higher?

Gold prices surged to an unprecedented peak, solidifying expectations for a rate cut in June by the Federal Reserve. Summary: Gold prices soared to a new record high on Monday, driven by expectations of a U.S. interest rate cut and heightened demand for the precious metal as a safe haven asset. The surge was fueled by softer U.S. inflation data, which reinforced expectations of a rate cut by the Federal Reserve in June. Despite ongoing uncertainties, such as low liquidity due to Easter Monday closures in certain markets, gold’s upward momentum remained strong. https://lnkd.in/d-ZG-wJ8

Gold prices rose more than 1% to hit a record high on Thursday, helped by expectations of an interest rate cut by the Federal Reserve next week after U.S. data signalled a slowing of the economy. Spot gold was up 1.7% at $2,554.05 per ounce, as of 02:10 p.m. ET (1810 GMT). U.S. gold futures settled 1.5% higher at $2,580.60.

Gold hits over two-week low despite touching record highs in 2024; What's hurting the yellow metal's appeal? Gold prices extended losses for a second day to hit a more than two-week low on Tuesday, April 23, as diminishing fears about an escalation of tensions in the Middle East prompted investors to book profits ahead of key US economic data this week. Spot gold fell 0.3 per cent to $2,318.90 per ounce after earlier hitting its lowest since April 5. Bullion's March to April rally drove it up by nearly $400 to an all-time high of $2,431.29 on April 12, according to news agency Reuters. US gold futures slipped 0.6 per cent to $2,331.80. Elsewhere, spot silver was little changed at $27.17. Auto catalyst metal platinum dipped 0.5 per cent to $912.90, while palladium gained 1.2 per cent to $1,020.75. On the multi commodity futures, gold futures dipped 0.22 per cent at ₹71,042 per gram.

What comes up must come down, right? After seeing a massive rally and reaching a record high recently, gold prices fell dramatically last week, with April 22nd marking gold's biggest daily loss in two years. Highlighting just how volatile it is at the moment. Still, despite this drop-off, the value of gold overall remains high, with current prices up more than 50% compared to where we were back in February 2020.

Gold prices edged higher in Asian trading on Thursday, recovering slightly from recent declines. Despite a drop earlier in the week, gold remained strong due to safe-haven demand, driven by uncertainty around the *U.S. presidential election* and escalating tensions in the *Middle East*. Spot gold rose 0.6% to $2,730/oz. Gold futures for December rose 0.6% to $2,745/oz. Increased safe haven demand supports gold, even as the dollar strengthens on expectations of slower interest rate cuts. Other precious metals also saw gains: Platinum futures rose 1% to $1,040/oz. Silver futures rose 1.5% to $34.35/oz. Copper prices rose by 1.3%, with markets focused on upcoming economic data from the U.S. and eurozone, as traders await cues on potential stimulus from China