Gold Trade

Spot gold at the time of the MCX closing was trading at $2624, up around 0.55 per cent on the day. The MCX December Gold contract at Rs 75,152 (LTP) was up nearly 0.30 per cent.

Spot gold was up 0.3 per cent at $2,615.19 per ounce, as of 0833 GMT. US gold futures edged 0.2 per cent higher to $2,632.30

Despite the increase in gold prices, the enduring appeal of gold during festive seasons and weddings remains strong

Spot gold crashed to breach the crucial support around $2620 on Tuesday as commodities witnessed across-the-board selling.

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)

Gold hit a fresh record high of $2664 and closed with a hefty gain of 1.09 per cent at $2657.

Prices of gold have climbed 26 per cent in 2024, its biggest annual rise since 2010, as investors also sought to hedge uncertainties spurred by prolonged conflicts in the Middle East and elsewhere

US yields and the US Dollar Index surged on no recession talks, which sent the yellow metal to $2547 in today's Asian session.

Gold, Treasuries and the S&P 500 Index have all typically risen as the Fed starts lowering rates, according to an analysis of the past six easing cycles going back to 1989

Spot gold was trading with a loss of around 0.45 per cent at $2,570 at the time of the MCX closing. The MCX October gold contract closed at Rs 73,150 (LTP), down 0.49 per cent.

After consolidating in the $2470-$2530 range for nearly three weeks, spot gold rallied to a fresh record high of $2555 on Thursday.

Spot gold was trading with a gain of around 0.20 per cent at $2514 at the time of the MCX closing. The MCX October gold contract at Rs 71,903 (LTP) was up 0.38 per cent.

Spot gold was trading with a gain of 0.78 per cent at $2,515 at the time of the MCX closing. MCX October gold was at Rs 71,948 (LTP), up 0.67 per cent on the day

Traders are confident that the US Fed will cut rates this month and are pricing in a 59 per cent chance of a 25-basis-point cut, according to CME FedWatch tool

Under the agreement, India agreed to import up to 200 metric tonnes of gold annually from the UAE with a one per cent tariff concession under Tariff Rate Quota (TRQ)

In July alone, the imports declined by 10.65 per cent to $3.13 billion as against $3.5 billion in the same month last year

Spot gold was trading with a slight loss of 0.19 per cent at $2,468 at the time of the MCX Closing

Gold price today, August 7, 2024: Barring any major developments on the geopolitical front, gold may slide further

The international market has also seen a dip in gold prices, with a 4.5% correction from recent peaks due to a potential slowdown in seasonal demand

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