Here is an extensive daily list to give you the most recent information on gold prices in India's key cities.
Check gold rates in different cities on 20th May 2024
“COMEX Gold prices remained stable close to $2387 per ounce, indicating little fluctuation, but are positioned to record a second consecutive weekly increase. This trend is attributed to the recent release of US economic data, which has led to increased speculation of potential rate cuts. Despite this optimistic outlook, any significant upward movement in gold prices is restrained by the consistent stance of Federal Reserve officials, who have reiterated their commitment to maintaining interest rates at elevated levels for an extended period. While there is anticipation surrounding the possibility of rate adjustments, Fed officials have not openly signaled any immediate changes, thus tempering the bullish sentiment in the gold market,” says Kaynat Chainwala, Senior Manager – Commodity Research at Kotak Securities.
The Indian equity market started the week on a bleak note, considering the pessimistic developments of the week went by. The benchmark index slipped towards the previous swing low, coinciding with the 100 DEMA on the daily chart, but the bulls took care of the same and made a strong recovery to eventually settle the week above all its major EMAs on the daily time frame. It had been a robust week for the bulls, with Nifty50 soaring nearly 2 percent and settling above the 22450 zone, says Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One.
The Indian equity market experienced a strong recovery this week, with Nifty 50 rising nearly 2% and closing above 22450, Overtaking all major EMAs. This rebound followed a dip to the previous swing low, coinciding with the 100 DEMA. The bulls' dominance was marked by broader market participation and sectoral rotations, with the MIDCAP index reaching an all-time high. In Spite of elevated volatility, the market sentiment turned positive. Key support levels are at 22350-22300 and 22200, while resistance stands at 22600-22650 before potentially reaching the peak of 22800. However, the participation of BANKNIFTY is essential for continuous progress, and market movements may be influenced by voting participation, suggesting cautious positioning.
Gold rates experience daily fluctuations due to a myriad of short- and long-term factors. These include considerations such as shifts in supply and demand, economic indicators, geopolitical developments, currency movements, investor sentiment, and more. Given the dynamic nature of the precious metals market, effective monitoring and analysis of pricing data are crucial for investors and traders to make informed investment decisions.
While these data points offer valuable insights into market trends and factors driving price movements, investors are advised to perform their own due diligence before making any investment decisions. As the day progresses, it is important for investors to remain vigilant and monitor gold rates closely for any emerging trends or market developments. By staying informed about these daily price fluctuations, investors can identify potential trading opportunities and make well-informed investment decisions.
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Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. Rates are subject to change from time to time and across multiple geographical locations. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.