Why Gold at Lifetime High? Let’s Understand
On March 15, 2024, the gold and silver prices are soaring on the Multi Commodity Exchange (MCX). Investors are closely monitoring the latest trends in precious metals as they continue to show an upward trajectory.
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Gold futures maturing on April 5, 2024, are currently priced at Rs 65,676 per 10 grams on the MCX, marking a slight increase of Rs 81 or 0.12 per cent from the previous close. Silver futures maturing on May 3, 2024, are trading at Rs 75,490 per kg after a hike of Rs 264 or 0.35 per cent from the previous close.
The prices of gold and silver in India are influenced by various factors, including the value of the rupee against the dollar and global demand for precious metals. Investors are keeping a close eye on these factors to make informed decisions about their investments.
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On the international market, gold prices experienced a slight decline following a larger-than-expected rise in the U.S. producer price index (PPI).
This development tempered expectations of early rate cuts by the Federal Reserve, leading to an increase in Treasury yields and the dollar.
Spot gold was down 0.6 per cent at $2,136.39 per ounce, while US gold futures fell 0.6 per cent at $2,167.5. Silver also experienced a decrease, falling 0.8 per cent to $24.83 per ounce.
Central bank buying has been a key support for precious metal prices, while ETFs have seen continuous outflows.
Investors are eagerly awaiting US weekly jobless claims, PPI, and retail sales data to gain more insights into the Fed’s policy direction.
The producer price index reading, scheduled for later today, will be the final inflation report before the Fed’s rate decision next week.
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Analysts are expecting policymakers to maintain borrowing costs for a fifth consecutive meeting, with the possibility of a rate cut in June according to swaps markets.
