Gold Price Today: Globally, Gold prices edged higher today (Friday); however, the price of the precious metal is set for a weekly loss in the wake of the recent interest rate hike by the Federal Reserve. Gold, considered a hedge against inflation, is mainly impacted by the strength of the U.S. dollar. The price of the yell metal are quoted in U.S. dollars; a firmer U.S. dollar usually keeps the price of yellow metal lower and more controlled. Similarly, a weaker U.S. dollar tends to drive the gold price by increasing demand (since more gold can be bought when the dollar is weaker).
As of 0230 GMT, Spot gold was up 0.2% to $1,780.63 per ounce. However, it was down almost 1% so far in the week. Meanwhile, U.S. gold futures rose 0.1% to $1,789.40. The dollar index fell 0.2%. A weaker dollar makes bullion more affordable for buyers from other countries.
Source: TradingView
Gold prices declined for the third straight day in Indian markets as sentiment remained weak after the Federal Reserve signaled that interest rates could remain higher for an extended period. On MCX, gold edged lower to ₹54026 per 10 grams, while silver fell 0.3% to ₹67,610 per kg. Earlier this week, the yellow metal rose to nine-month highs when it rose above ₹55,000 per 10 grams.
After a deep sell-off in the previous session, the rupee fell further in Friday’s early morning trade. As per Bloomberg, the rupee was last at 82.83 per dollar, compared to its previous fall of 82.7625 on Thursday. A weak domestic currency increases the cost of the commodity in the country because a large chunk of India’s gold demand is met through imports.
Today Gold rates in AED (U.A.E Dirham) is 10 grams of gold 24 Karat is 2103.42 Dirhams.
The gold rate (22 karat per gram) is 1,928.14 Dirhams.
Dubai is called the City of Gold. The gold rates today in Dubai majorly depend on the bullion markets.
Each gram of 24K gold is priced at 83.80 SGD (a decline of 0.80% from yesterday’s price). Meanwhile, 22K gold per gram costs 75.40 SGD (down 0.60% compared to yesterday’s price.
Gold is considered a safe haven during the time of economic uncertainties. This is because higher interest rates have a tendency to dim bullion’s appeal by increasing the opportunity cost of holding the non-yielding metal.
According to Trading Economics, Gold is expected to trade at 1818.60 USD/t oz by the end of this quarter. Going ahead, the analysts expect it to trade at 1884.92 in 12 months.
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Byadmin
Jan 31, 2023