New Delhi, Gold plunged Rs 350 to Rs 59,650 per 10 grams in the national capital on Wednesday amid weak cues in global markets, according to HDFC Securities. The yellow metal had ended at Rs 60,000 per 10 grams in previous trade. "Gold declined on Wednesday, with spot <keyword id="46002" type="General" weightage="20" keywordseo="gold-prices" source="Orion">gold prices</keyword> (24 carats) in the Delhi markets trading at Rs 59,650/10 gram, down by Rs 350 in response to bearish cues from overseas markets," <keyword id="1335996" type="General" weightage="80" keywordseo="saumil-gandhi" source="Orion">Saumil Gandhi</keyword>, Senior Analyst of commodities at HDFC Securities, said. Silver also nosedived Rs 1,000 to Rs 73,400 per kg. In the international markets, both gold and silver were down at USD 1,911 per ounce and USD 22.94 per ounce, respectively. Gold slipped to a more than two-week low amidst an uptick in yields and as investors are also positioning for the US inflation data scheduled later on Wednesday, which could offer insights on whether the Fed Reserve will further hike interest rates this year, <keyword id="377165" type="General" weightage="80" keywordseo="navneet-damani" source="Orion">Navneet Damani</keyword>, Senior Vice-President of commodity research at Motilal Oswal Financial Services, said.

Gold plunges ₹350; silver nosedives ₹1,000 on weak global cues

Gold has turned into a more bankable asset and its prices going up as several American banks are going down, say experts. On Monday, the yellow metal shone brighter at the markets with gold at the MCX crossing the Rs 60,000 mark. "Gold prices have risen almost 7-8 per cent in the past month. The rally in the yellow metal is primarily due to the banking crisis in the west. The liquidity infused by the central banks and the expectations of lower to no rate hikes is pushing gold prices up. Gold is a safe haven, historically it has gained in periods of uncertainty," <keyword id="1800107" type="General" weightage="80" keywordseo="colin-shah" source="Orion">Colin Shah</keyword>, MD, <keyword id="15722229" type="General" weightage="80" keywordseo="kama-jewelry" source="Orion">Kama Jewelry</keyword>, said. Gold prices hitting a fresh high is a sign of slower economic growth and lower interest rates with ample liquidity to help the system steer of the current situation. According to Shah, the current situation globally may take some time to clear out. Globally, central banks have been adding gold reserves. "We expect gold to gain further and touch new highs in the next few months. Domestically, it is expected to trade in the range of Rs 61,000-62,000/10gm. Internationally, it may scale levels of $2,050-2100/oz," he added. <keyword id="377165" type="General" weightage="80" keywordseo="navneet-damani" source="Orion">Navneet Damani</keyword>, Senior VP, Commodity Research at Motilal Oswal Financial Services, said: "Bullions continue surge, with gold on domestic front hitting a new lifetime high of over Rs 60,000, as a wave of banking crises shook global markets and put bullion on track for its biggest weekly rise in three years, while bets solidified for a less aggressive <keyword id="45672" type="General" weightage="80" keywordseo="fed" source="Orion">Fed</keyword> in its fight against inflation. "The collapse of Silicon Valley Bank in the US has highlighted banks' vulnerabilities to sharply higher rates, while a rout in Credit Suisse shares has added to the market turmoil. On other hand, after ECB announced a 50bps rate hike last week, all eyes are now on Fed's policy meeting scheduled later this week. "Fed is expected to raise rates by 25bps, however probability for a pause is increasing sharply supporting the move in safe haven assets. Over the weekend, there were quite a updates regarding the US banking concerns which slightly weighed on the safe haven assets. UBS agreed to buy 167-year-old Credit Suisse for $3.23 billion and assume up to $5.4 billion in losses in a deal backed by a massive Swiss guarantee and expected to close by the end of 2023. Meanwhile, major central banks including Fed, ECB, BOJ, BOE announced a co-ordinated central bank action to enhance liquidity via USD-Swap line. These updates are likely to keep the volatility high." "Broader trend on COMEX could be in the range of $1985- 2015 and on domestic front prices could hover in the range of Rs 59,80060,600 could be expected," <keyword id="630853" type="General" weightage="80" keywordseo="damani" source="Orion">Damani</keyword> added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-enterprises-rvnl-reliance-industries-among-stocks-to-watch/articleshow/98792050.cms">Sensex, Nifty50 end lower dragged down by metal, PSU banks, realty</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fear-of-financial-crisis-is-keeping-investors-away-from-stock-markets-say-experts/articleshow/98813720.cms">Fear of financial crisis is keeping investors away from stock markets say experts</a>

Gold is bankable, shines more than some western banks say experts

Falling for the third straight session, equity benchmark <keyword id="6484188" type="General" weightage="100" keywordseo="sensex" source="Orion">Sensex</keyword> tanked nearly 900 points to close below the 59,000 mark on Monday due to a massive sell-off in banking, finance and auto stocks amid one of the biggest US bank failures. Besides, unabated flight of foreign capital and a weak domestic currency amid global rate hike fears added to the gloom, traders said. After gaining 375 points in the early trade, the BSE Sensex could not hold to gains and declined 897.28 points or 1.52 per cent to settle at 58,237.85 as 29 of its constituents declined while only one advanced. During the day, it hit a low of 58,094.55 and a high of 59,510.92. The NSE Nifty fell 258.60 points or 1.49 per cent to end at 17,154.30, with 45 of its scrips ending in the red. IndusInd Bank was the biggest loser in the Sensex pack, shedding 7.46 per cent, followed by SBI, <keyword id="42747" type="General" weightage="50" keywordseo="tata-motors" source="Orion">Tata Motors</keyword>, M&amp;M, Bajaj Finserv, Axis Bank and Infosys. In contrast, <keyword id="43217" type="General" weightage="50" keywordseo="tech-mahindra" source="Orion">Tech Mahindra</keyword> was the only winner. In the broader market, the BSE smallcap gauge dipped 2.08 per cent and the midcap index declined 1.82 per cent. The US-based SVB Financials, which mainly funds startups, crashed 60 per cent in the US market last week, triggering concerns over the health of banks' bond portfolios and its possible rippling effects globally. "...jitters over the largest US bank failure since the 2008 financial crisis, driving investors to the safe-haven asset," <keyword id="377165" type="General" weightage="50" keywordseo="navneet-damani" source="Orion">Navneet Damani</keyword>, Senior VP - of Commodity Research at Motilal Oswal Financial Services, said. In Asian markets, Shanghai, Hong Kong and Seoul ended in the green, while Tokyo settled lower. European equity markets were trading with significant losses in the afternoon trade. Meanwhile, the rupee declined 10 paise to close at 82.16 against the US dollar on Monday. International oil benchmark Brent crude declined 1.79 per cent to USD 81.30 per barrel. Foreign portfolio investors (FPIs) offloaded shares worth Rs 2,061.47 crore on Friday, according to exchange data. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/over-70-bn-wiped-off-global-crypto-market-bitcoin-drops-below-20000/articleshow/98605876.cms">Over $70 bn wiped off global crypto market, Bitcoin drops below $20,000</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-stocks-rally-after-group-prepays-2-15-billion-margin-linked-loans/articleshow/98601176.cms">Adani stocks rally after group prepays $2.15 billion margin-linked loans</a> <a href="https://www.businessinsider.in/finance/banks/news/new-yorks-signature-bank-collapses-becomes-2nd-us-bank-to-be-shut-down/articleshow/98602409.cms">New York's Signature Bank collapses, becomes 2nd US bank to be shut down</a>

Massive selloff in domestic equities amid US bank failures: Sensex closes below 59,000, Nifty tests 17,000

A roller-coaster ride may have fewer ups and downs than what the gold market has had in 2022, industry experts said while looking back at the year that is set to end soon. "A roller-coaster ride has less ups and downs than what the bullion market had in the year 2022. Both the metals, <keyword id="508294" type="General" weightage="100" keywordseo="gold-and-silver" source="Orion">Gold and Silver</keyword>, kept the market participants on edge," <keyword id="377165" type="General" weightage="50" keywordseo="navneet-damani" source="Orion">Navneet Damani</keyword>, Senior Vice-President of Currency &amp; Commodity, Motilal Oswal Financial Services, said. According to <keyword id="630853" type="General" weightage="80" keywordseo="damani" source="Orion">Damani</keyword>, the Comex Gold has made a high of about $1,935 and a low of about $1,630, while silver on other hand made a high of about $25 and a low of about $18. There are a few factors which triggered volatility in the market like, a move in the Dollar Index and yields, aggressive monetary policy stance from major central banks, rising inflationary concern and geo-political tension, which led to this volatility. Concurring with him are Chirag Mehta, CIO and Ghazal Jain, Fund Manager- Alternative Investments, <keyword id="594214" type="General" weightage="80" keywordseo="quantum-amc" source="Orion">Quantum AMC</keyword> who said in a report: "Gold prices approached an all-time high of around $2,070 in March on the back of risk aversion triggered by the Russia-Ukraine war. But later, as the geopolitical risk premium waned coupled with the Federal Reserve's tightening spree to combat sky-high inflation, prices faced heavy downside pressure." Pointing out the repo rate hikes by the Reserve Bank of India (RBI) and the <keyword id="6356435" type="General" weightage="50" keywordseo="us-federal-reserve" source="Orion">US Federal Reserve</keyword>, the two experts said the action resulted in the flight of money from risky assets to the US dollar as the real interest rates (indicated by US 10Y Treasury Inflation Protected Securities) turned positive for the first time in two years in May 2022. "This led to a sell-off in gold taking prices down to a two-and-a-half-year low of $1,614. However, as inflation started to moderate sequentially in Q4 2022, investors started anticipating a less aggressive <keyword id="45672" type="General" weightage="80" keywordseo="fed" source="Orion">Fed</keyword> in 2023, and the dollar came under pressure helping gold prices to scale back up," the Quantum AMC report said. "Stepping into 2023, we can't be sure if this reaction is justified given that inflation in the US remains well above the Fed's two per cent target, and the Fed has made it clear that while the pace of rate hikes could slow down from here on, but the slower pace does not mean lower rates which the markets had started anticipating," the Quantum AMC officials said. According to the Quantum AMC report, there can be another 50-75 basis points hike in the first half of 2023 by the US Fed which in turn could result in bouts of volatility in both risk assets and gold as real rates rise in an environment of cooling inflation and higher nominal rates. Damani said the gold's domestic story is quite different, as even after such macro happenings there was not a great on the MCX, amidst factors like sharp depreciation in the rupee coupled with a hike in basic customs duty by five per cent on gold. He said 2022 has definitely given a boost in market participants' confidence as to gold and silver. Along with Russia-Ukraine tensions, inflationary concerns and the Covid scare in China, market participants will also carry the baggage regarding slower global growth into the next year, Damani said. "Going ahead, market participants will keenly focus on the monetary policy stance of major central bankers. A move in the Dollar Index and Yields will also be watched by the market. The gold/silver ratio has also fallen from the recent peak of about 97 to about 75, supporting the move in silver. And also apart from safe-haven bets, advancement in green technology and increase in industrial demand could continue to support silver prices," Damani remarked. According to him, there seems some signs of exhaustion in gold and silver and dips could be used as buying opportunities for any medium-to-long-term investor for the target of Rs 58,000 in gold and Rs 73,000 followed by 82,000 in silver. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/homebuyer-affordability-declines-in-2022-but-still-better-than-pre-pandemic-2019-level-says-knight-frank-india/articleshow/96597187.cms">Homebuyer affordability declines in 2022 but still better than pre-pandemic 2019 level, says Knight Frank India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/coals-and-other-unapproved-fuels-to-be-banned-across-ncr-from-january-1/articleshow/96575746.cms">Coals and other unapproved fuels to be banned across NCR from January 1</a>

Gold & silver markets most likely to see signs of exhaustion in 2023

Gold prices rose by Rs 320 to Rs 53,449 per 10 grams in the national capital on Wednesday in line with firm global trend and depreciation in the rupee, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 53,129 per 10 grams. <keyword id="35264" type="General" weightage="100" keywordseo="silver" source="Orion">Silver</keyword>, however, dropped Rs 125 to Rs 62,682 per kg. The rupee depreciated 66 paise to 81.57 against the US dollar in early trade on Wednesday, tracking the strength of the American currency in the overseas market and a muted trend in domestic equities. "Better domestic physical demand, a weaker rupee and higher international prices supported domestic gold prices," said <keyword id="329584" type="General" weightage="80" keywordseo="dilip-parmar" source="Orion">Dilip Parmar</keyword>, <keyword id="162421" type="General" weightage="80" keywordseo="research-analyst" source="Orion">Research Analyst</keyword> at HDFC Securities. In the international market, gold was trading higher at <keyword id="54123" type="General" weightage="80" keywordseo="usd" source="Orion">USD</keyword> 1,777.56 per ounce while silver was down at USD 21.68 per ounce. "Gold prices steadied near a three-month peak as signs of cooling US inflation boosted bets for smaller rate hikes, while reports around Russian missiles killing two people in Poland led to some demand for safe-haven assets," said <keyword id="377165" type="General" weightage="80" keywordseo="navneet-damani" source="Orion">Navneet Damani</keyword>, Senior VP - of Commodity Research at Motilal Oswal Financial Services. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/first-international-cruise-viking-mars-arrives-in-goa-with-650-passengers-onboard/articleshow/95553220.cms">First International cruise 'Viking Mars' arrives in Goa with 650 passengers onboard</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/upgrad-to-hire-over-1400-people-by-march-2023/articleshow/95553305.cms">upGrad to hire over 1,400 people by March 2023</a>

Gold gains Rs 320; silver drops Rs 125

<keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">Gold prices</keyword> climbed Rs 230 to Rs 72,250 per 10 grams in the national capital on Monday amid a jump in precious metal rates in the international markets, according to HDFC Securities. The yellow metal had settled at Rs 72,020 per 10 grams in the previous session. <keyword id="20762025" type="General" weightage="20" keywordseo="silver-prices" source="keywords">Silver prices</keyword> also jumped Rs 700 to Rs 84,300 per kg. It had closed at Rs 83,600 per kg in the previous close. "Spot gold prices (24 carats) in the Delhi markets are trading at Rs 72,250 per 10 grams, up Rs 230, taking positive cues from the overseas markets," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said. Globally, spot gold at <keyword id="20507568" type="General" weightage="20" keywordseo="Comex" source="keywords" meta.keywordsubtype="org" meta.entityname="Comex" meta.hostid="261" meta.entityid="Comex">Comex</keyword> was trading at USD 2,312 per ounce, up USD 11 from the previous close. Gold resumed trading on a positive note as Friday's weaker-than-expected <keyword id="21550543" type="General" weightage="20" keywordseo="US-job-market-reports" source="keywords">US job market reports</keyword> have boosted the odds of a September rate cut from the US Federal Reserve. This turned negative for the US dollar and helped the gold price rebound above the USD 2,300 level, Gandhi said. Silver was also quoting higher at USD 27.05 per ounce. In the previous session, it had ended at USD 26.55 per ounce. Meanwhile, in the futures trade on the Multi Commodity Exchange (<keyword id="19925779" type="General" weightage="20" keywordseo="MCX" source="keywords" meta.keywordsubtype="org" meta.entityname="MCX" meta.hostid="261" meta.entityid="MCX">MCX</keyword>), gold bounced Rs 657 to trade at Rs 71,325 per 10 grams. The most traded June contract hit an intra-day high of Rs 71,447 per 10 grams at 1840 hrs. Further, silver contracts for July delivery were also trading higher by Rs 1,623 or 2 per cent to Rs 82,666 per kg on the bourse. "Gold prices surged over Rs 500 in MCX to hit Rs 71,200 due to renewed conflict in the Middle East and weak US jobs data. This data increased expectations of an earlier US interest rate cut, which is positive for gold prices. "The forecast is for gold to trade in a range of Rs 70,000 to 72,500 in the near future," Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said. According to Navneet Damani, Senior VP of Commodity Research at Motilal Oswal Financial Services, "Focus will be on Services Purchasing Managers Index (PMI) and Producer Price Index (PPI) from the EU will further provide more direction for the gold prices. A broader trend on COMEX could be in the range of USD 2,275-2,330 level, Damani said.

Gold prices today: Yellow metal climbs Rs 230 while silver jumps Rs 700

<ul><li><keyword id="46002" type="General" weightage="20" keywordseo="gold-prices" source="Orion">Gold prices</keyword> hit a fresh all-time high in the last two trading sessions.</li><li><keyword id="85550" type="General" weightage="20" keywordseo="silver-prices" source="Orion">Silver prices</keyword> also zoomed Rs 1,000 to hit record Rs 81,700 per kg.</li><li>In the international markets, spot gold at COMEX was trading at USD 2,297 per ounce.</li></ul>New Delhi, Gold prices surged by Rs 850 to reach a new peak of Rs 70,050 per 10 grams on Thursday on strong global cues, according to HDFC Securities. This is the second straight session that precious metal prices have hit all-time high levels. In the previous trade, the precious metal had settled at Rs 69,200 per 10 grams. Silver prices also zoomed Rs 1,000 to hit record Rs 81,700 per kg. In the previous session, it had finished at Rs 80,700 per kg. "Spot gold prices (24 carats) in the Delhi markets are trading at Rs 70,050 per 10 grams, up by Rs 850, amid a bullish trend in the overseas markets," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said. In the international markets, spot gold at COMEX was trading at USD 2,297 per ounce, up by USD 22 from the previous close. Gold touched yet another record after Federal Reserve Chair Jerome Powell confirmed that an interest rate cut would likely be appropriate "at some point this year". Traders focus on rate cuts rather than the timing of the first rate cut, Gandhi said. Silver was also trading higher at USD 27.05 per ounce. It had closed at USD 26.25 per ounce in the previous session. "Gold continues to hover around its all-time high levels on the back of weakness in the dollar amid uncertainty over US interest rate cuts, while increased safe-haven demand also aided prices. "Additionally, silver prices too marked an all-time high on the domestic front, amidst a sharp rally in industrial metals," Navneet Damani, Senior VP of Commodity Research at Motilal Oswal Financial Services, said. Persistent geopolitical tensions in the Middle East and between Russia and Ukraine, coupled with a devastating earthquake in Taiwan, spurred safe haven plays into bullion and other precious metals, Damani added. According to Praveen Singh - Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, "Major US economic data, including weekly jobless claims to be released on Thursday, will provide more insights on the US Federal Reserve's monetary policy outlook". Investors will also look forward to services and composite PMIs out of the UK and the Eurozone, Singh added.

Two sessions, two new peaks: Gold hits fresh all-time high of ₹70,000/10 gm

<keyword id="46002" type="General" weightage="20" keywordseo="gold-prices" source="Orion">Gold prices</keyword> plunged by ₹574 to ₹57,155 per 10 grams in the national capital on Monday amid weak global trends, according to HDFC Securities. In the previous trade, the precious metal had closed at ₹57,729 per 10 grams. Silver plummeted by ₹2,113 to ₹68,133 per kg. "Spot <keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">gold</keyword> prices in the Delhi markets traded at ₹57,155 per 10 grams, down ₹574 per 10 grams," said Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities. In the overseas market, both gold and silver were trading lower at $1,875 per ounce and $22.48 per ounce, respectively. "We expect volatility will continue in precious metals with negative bias after short-term trend reversal in gold prices last week, with Comex gold having support at $1,856 to $1,833 per ounce," Gandhi said. "In the last Fed policy meeting, a 25 basis points rate hike was announced with a less hawkish tone. However, US job market data and comments from Fed officials scheduled this week will be very important to watch for. "Focus this week will also be on the RBI's monetary policy committee meeting and US Fed Governor Jerome Powell's speech," Navneet Damani, Senior VP of Commodity Research at Motilal Oswal Financial Services said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-group-to-pre-pay-1114-million-for-release-of-pledged-shares-ahead-of-maturity-in-september-2024/articleshow/97643602.cms">Adani Group to pre-pay $1,114 million for release of pledged shares ahead of maturity in September 2024</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/xiaomi-ms11-ev-image-leak-gives-us-a-look-at-the-companys-upcoming-electric-car/articleshow/97643920.cms">Xiaomi MS11 EV image leak gives us a look at the company’s upcoming electric car</a>

Gold plunges ₹574, silver plummets ₹2,113 amid weak global trends

<ul><li>With rising inflation, borrowing costs and <keyword id="6357558" type="General" weightage="20" keywordseo="recession" source="Orion">recession</keyword> looming, demand for <keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">gold</keyword> has picked up.</li><li>Amid all these uncertainties, <keyword id="75411" type="General" weightage="20" keywordseo="Gold-futures" source="Orion">gold futures</keyword> touched an all time high of ₹56,250 on the MCX.</li><li><keyword id="471847" type="General" weightage="20" keywordseo="Gold-exchange-traded-funds" source="Orion">Gold exchange-traded funds</keyword> (ETFs) saw outflows of ₹273.19 crore in December as investors booked profits, shows the AMFI data.</li></ul>Gold is always seen not just as a good hedge against inflation but also a safe haven against numerous risks that face economies and markets. With rising inflation and the risk of a recession looming, demand for gold has picked up. Gold returns are typically muted when economic conditions are strong and other asset classes are doing well. Last year, with the Federal Reserve hiking rates, the dollar remained strong. This capped the precious metal’s returns. But with inflation cooling, markets expect the rate hikes to ease, which has triggered a rally in <keyword id="46002" type="General" weightage="20" keywordseo="Gold-prices" source="Orion">gold prices</keyword>. Gold futures touched an all-time high of ₹56,250 on the MCX. In international markets, gold has crossed the important psychological mark of $1,900 per ounce. Gold exchange-traded funds (ETFs) saw outflows of ₹273.19 crore in December as investors booked profits amid a rise in bullion prices, shows AMFI data. Two economic scenarios where gold wins Ghazal Jain, fund manager- alternative investments at Quantum Asset Management Company explains that while the Federal Reserve is focused on battling inflation till it sees price pressures come down meaningfully, markets are pricing in peak Fed aggressiveness to be behind us by mid-2023 given the deteriorating economic situation. “As such we see either of the two scenarios playing out in second half of the year - a) Fed keeping rates restrictive at 5% levels for the rest of the year, which will keep gold relatively better placed than equities as risk aversion intensifies or b) Fed gives markets what they want in the form of some rate cuts in response to a recession or other financial vulnerabilities, which will be bullish for gold,” said Jain. As gold remains a safe haven, equity markets across the world are under pressure on fears of rising interest rates by the US Fed. The Fed raised the cost of borrowing from near-zero to around 4.5% in 2022 in a bid to cool inflation, which had climbed to forty-year highs last year. With talks of slower rate hikes, gold is seeing some action. Recession is typically defined as a significant decline in economic activity that is spread across the economy and lasts more than a few months. “Inflationary concerns and rising uncertainties are ingredients for gold’s rally,” said Navneet Damani, senior VP – commodity research at Motilal Oswal Financial Services. Further Damani attributed a couple of factors to the rally in bullion price, “Domestic prices supported by rupee depreciation and hike in import duty, aggressive rate hikes from major central bankers weighed on the metal, any sign of ease off in stance from the Fed will support the metal further, geo-political and Covid concerns continue to support safe-haven assets, central banks’ gold-buying spree is also boosting market sentiment and positive flows in ETF coupled with stagflation/recession scenario could benefit.” An inflection point According to the World Gold Council (WGC), the global economy is at an inflection point after being hit by various shocks over the past year. “The interplay between inflation and central-bank intervention will be key in determining the outlook for 2023 and gold’s performance,” says the WGC in its gold outlook for 2023. As per the World Gold Council, a mild recession and weaker earnings have historically been gold-positive. A further weakening of the dollar as inflation recedes could provide support for gold. Jain said that while we are currently at all-time-high prices, rate hikes by the Fed over the next few months will spur volatility in gold prices and give investors an opportunity to accumulate gold and build their allocation. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/9-in-10-super-rich-indians-get-richer-in-2022-knight-frank/articleshow/97033671.cms">9 in 10 super-rich Indians get richer in 2022, confident of minting money in 2023 too: Knight Frank</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fpis-back-to-selling-in-first-two-weeks-of-2023-after-investing-94877-crore-in-h2-2022/slidelist/97055510.cms">FPIs back to selling in first two weeks of 2023 after investing ₹94,877 crore in H2 2022</a>

Gold prices hit life-time high amid looming recession & hope that Fed will slow its rate hikes

New Delhi, Dec 5 () Gold prices on Thursday fell by Rs 74 to Rs 38,985 per 10 gram in the national capital on rupee appreciation. 
 The precious metal had closed at Rs 39,059 per 10 gram in the previous trade, according to HDFC Securities.
 Silver also dropped by Rs 771 to Rs 45,539 per kg from Rs 46,310 per kg on Wednesday.
 "Spot gold for 24 Karat in Delhi declined by Rs 74 on rupee appreciation along with strong Asian currencies. The spot rupee was trading 7 paise stronger against the dollar during the day," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
 Gold prices seesawed in the last two days on flipping news about the US-China trade deal, Patel added.
 In the international market, both gold and silver prices were trading flat. While the yellow metal was trading at USD 1,475.4 per ounce, silver was quoting at USD 16.88 per ounce.
 Motilal Oswal Financial Services Ltd VP - Commodities Research Navneet Damani said, "US imposing tariffs on Brazil and Argentina and various comments from US President (Donald Trump) kept the momentum positive for precious metal." 
 "Although few sources reported that the US-China are said to move closer to a deal despite the heated rhetoric which capped the bullion's rally," he added. SUM
RVK

Gold falls Rs 74, silver tumbles Rs 771

New Delhi, Dec 3 () Gold prices rose by Rs 80 to Rs 38,789 per 10 gram in the national capital on Tuesday as stronger rupee limited the gains, according to HDFC Securities.
 On Monday, gold had closed at Rs 38,709 per 10 gram.
 "Spot gold for 24 Karat in Delhi was trading up by Rs 80, limiting the upside on stronger rupee and weak domestic demand. The spot rupee was trading 7 paise stronger against the dollar during the day," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
 In early trade, the Indian rupee appreciated by 8 paise to 71.58 against the US dollar.
 Silver prices also gained Rs 101 to Rs 45,826 per kg from Rs 45,725 per kg in the previous trade.
 In the international market, gold was ruling higher at USD 1,463 per ounce, while silver was trading with gains at USD 16.91 per ounce.
 "Gold prices traded firm on Tuesday with international spot gold prices rallying above USD 1,463 an ounce with fall in US manufacturing PMI and mounting worries over the US-China trade deal," Patel added.
 Motilal Oswal Financial Services Ltd VP (Commodities Research) Navneet Damani said, "Gold prices showed some signs of recovery after US President targeted Brazil and Argentina as he announced to impose tariffs on steel and aluminium imports from both the countries." The sudden move to slap tariffs stoked fresh concerns around global trade and hit risk appetite, he said.
 "US factory activity contracted for a fourth straight month in November as new orders slumped to lowest level since 2012, while construction spending fell in October, giving additional support to precious metals," he added. SUM 
RVK

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