Zambia Gold Company Limited (ZGCL)’s Post

Gold prices continued their positive trajectory in MCX, registering gains of over 400rs in morning trade at 69400. Although some minor profit booking occurred, with prices dipping towards 69150, the overall trend remained strong. This sustained rally, which has seen an increase of over 3000rs since March 27th when prices were at 66000, is fueled by geopolitical tensions and ongoing US-China trade issues. Additionally, expectations of interest rate cuts being implemented from June 2024 are contributing to the bullish sentiment. As long as prices remain above 68500 for the week, the outlook for gold remains positive.

March 7 (Reuters) - Gold prices surged to a record high on Thursday, poised for their seventh consecutive daily rise, led by sluggish U.S. economic data and Federal Reserve Chair Jerome Powell's indications of potential rate cuts in the coming months should inflation alleviate. Spot gold XAU= rose 0.3% to $2,155.42 per ounce, as of 0723 GMT. U.S. gold futures GCcv1 added 0.2% to $2,163.10. Bullion continued its record-breaking rally, reaching an all-time high of $2,161.09 earlier in the session and looked set for its longest intra-day winning streak since at least November 2021. The marginal weakness in U.S. data gave gold a reason to rally, yet the magnitude of movement appears disproportionately large, possibly influenced by large futures buying that commenced on Friday, Marcus Garvey, head of commodities strategy team at Macquarie, said. Gold got a boost on Wednesday after Powell indicated that interest rate cuts were likely in the coming months "if the economy evolves broadly as expected," along with further evidence of falling inflation. Powell will speak again later in the day. Lower rates boost the appeal of non-yielding bullion. Powell's remarks, coupled with data released the same day indicating a softening of labour market conditions, resulted in U.S. Treasury yields and dollar sliding, increasing the appeal of gold. If Friday's labour market data or next week's inflation data shows any weakness, $2,300 would be the short term target based on technical levels, but that would be fairly a short lived phenomenon, before prices correct and consolidate, Macquarie's Garvey said. "We expect central bank buying to continue on the back of geo-political uncertainty. Slowdown in China will keep global growth contained. Hence, in an uncertain financial environment, gold will remain safe investment for banks," said Jigar Pandit, head of commodity and currency business at BNP Paribas' Sharekhan.

Gold prices surged to a fresh record high on Friday as data showing a rise in the U.S. unemployment rate boosted expectations that the Federal Reserve could begin cutting interest rates soon. Spot gold rose 0.7% to $2,173.49 per ounce by 10:42 a.m. ET (1542 GMT), while U.S. gold futures added 0.7% to $2,180.50. Bullion was on track to post its biggest weekly percentage increase since mid-October. Gold reached an all-time high of $2,185.19 after a report showed a rise in the U.S. unemployment rate and a moderation in wage gains despite job growth acceleration in February. "We still believe the same underlying premise remains, which is the combination of the expectation that the Fed is still going to cut rates later this year and dollar weakness," said David Meger, director of metals trading at High Ridge Futures. The dollar index was 0.3% lower, making gold cheaper for overseas buyers, while the yield on the 10-year U.S. Treasury fell to a more than one-month low. Traders boosted bets the Fed could start cutting interest rates in May to around 30% after the jobs report, although June remained the mostly likely scenario at 80%. Gold began its record run on Tuesday when it surpassed its December peak, primarily aided by growing indications of cooling price pressures and its traditional safe-haven cachet. Low interest rates are supportive for gold prices as they reduce the opportunity cost of holding bullion. "This (jobs) report will be seen as one that keeps the Fed on course for June. Gold prices will continue to trend higher overall, though a short consolidation may be necessary," said Tai Wong, a New York-based independent metals trader. Spot silver eased 0.3% to $24.25, while platinum was down 0.5% to $913.95 per ounce, and palladium lost 0.6% to $1,027.25. All were set for weekly gains.

Gold prices fall from record highs; technical signs flash overboughtGold prices fell in Asian trade on Friday, retreating from recent record peaks in anticipation of key U.S. labor data that is likely to factor into the outlook for interest rates.A key technical indicator for spot gold prices also showed that buying momentum was running dry after a strong run-up through March and early-April.Still, the yellow metal may benefit from increased safe haven demand, especially with the prospect of worsening geopolitical conditions in the Middle East amid saber rattling between Iran and Israel. Spot gold fell 0.6% to $2,277.10 an ounce after hitting a record high of $2,305.31 on Thursday, while gold futures expiring in June fell 0.6% to $2,295.50 an ounce by 00:03 ET (04:03 GMT), after hitting a record high of $2,325.30 an ounce on Thursday.A recovery in the dollar also pressured gold, as the greenback rose tracking a slew of hawkish comments from Federal Reserve officials. RSI shows gold overbought, due for profit-taking Gold’s 14-week relative strength index- which gauges buying and selling momentum for the yellow metal- showed spot prices were well within overbought territory. The RSI rose as high as 82 earlier this week, and was currently at about 74.9- indicating that the yellow metal remained overbought despite Friday’s price losses.An RSI reading above 70 indicates an asset is overbought. The yellow metal had shrugged off recent strength in the dollar and hawkish warnings on U.S. interest rates, as it benefited from increased safe haven demand on tensions in the Middle East.But traders now appeared to be locking in some profits ahead of key nonfarm payrolls data due later on Friday. U.S. consumer price index inflation data is also on tap next week.Other precious metals also retreated, with platinum futures down 1.1% at $935.60 an ounce, while silver futures fell 2.2% to $26.648 an ounce. Copper prices cool after rallying to 15-mth peaks; more China cues awaited Among industrial metals, copper prices saw some profit-taking on Friday after surging to 15-month highs earlier this week.

Australian gold prices rose by 1.03% ($31.11 per oz) to AUD 3064.80 at the US close. Australian silver prices rose by 1.95% ($0.66 per oz) to AUD 34.68 at the US close. The current Gold and Silver USD Ratio is 88.38 See our daily market wrap here: https://lnkd.in/g6z3jmWE

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 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.

Here's why Gold prices may decline; Support seen at Rs 69,400. Read here https://mybs.in/2dY8aiD Sharekhan #goldprice #goldrate