Gold, counted among the most precious metals of the world, has played a key role in the monetary framework. It is also used for producing gold bars, bullion coins and similar units of fixed purity and weight, which makes gold a medium to store wealth in hoards. The utility of gold in the monetary framework increased in the period leading to the first World War, when warring countries decided to use fractional gold standards in bid to inflate their currencies. The move was aimed at financing the war costs, point out experts. Following the war, the United Kingdom had begun restoring gold-convertibility, but global outflows of gold in the forms of bills of exchange remained embargoed. International shipments at the time were restricted exclusively for war reparations and bilateral trade. Following the second World War, gold was swapped by a regime of nominally convertible currencies regulated by fixed exchange rates -- based on the Bretton Woods system. In the period to come, gold standards and the direct convertibility of currencies to the precious metal was discontinued by most countries. This move was led by the United States of America, which decided not to redeem its dollars into gold in 1971. Currently, fiat currency fulfils most monetary roles in the world. More
Jul 05, 2022 09:39 AM ISTGold prices may move towards Rs 52700 levels while it has support at Rs 51600. Silver has support at Rs 58000 and resistance at Rs 59800, said Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart.
Jul 04, 2022 08:37 PM IST On Monday, gold prices declined as expectations for higher interest rates reduced demand for the non-yielding asset. However, a weaker dollar allowed gold to maintain its position above the $1,800 support level.
Jul 04, 2022 03:20 PM IST In the previous trade, the yellow metal settled at Rs 51,807 per 10 grams.
Jul 04, 2022 09:42 AM IST Pritam Patnaik, head - commodities, HNI and NRI acquisitions, Axis Securities, expects gold prices to remain under pressure for some time now. If $1800 per ounce is again breached, a move towards $1780-1760 cannot be ruled out. Bulls will only return if $1845 levels are taken out on the upside.
Jul 04, 2022 09:28 AM IST Spot gold was up 0.1% at $1,811.99 per ounce, by 0319 GMT. U.S. gold futures rose 0.6% to $1,812.10. Bullion prices hit a five-month low of $1,783.50 on Friday, but recovered to end the session early steady.
Jul 04, 2022 06:32 AM IST Speaking at a press conference in Ukraine's capital alongside President Volodymyr Zelenskiy, Albanese said Australia would impose sanctions and travel bans on 16 more Russian ministers and oligarchs, bringing the total number of Russian individuals sanctioned by Australia to 843.
Jul 01, 2022 07:55 PM IST The Centre on July 1 said it has hiked the gold import duty to 15 per cent from 10.75 percent amid an increase in the yellow metal’s imports, which is putting pressure on the current account deficit.
Jul 01, 2022 04:02 PM IST In the previous trade, the precious metal finished at Rs 50,370 per 10 grams.
Jul 01, 2022 03:59 PM IST With domestic gold prices surging, demand is likely to take a hit at a time when the country is already grappling with high inflation, say analysts.
Jul 01, 2022 11:35 AM IST India is currently staring at higher trade and current account deficits amid volatile global macroeconomic conditions, partly due to large imports of gold
Jul 01, 2022 10:17 AM IST Spot gold was down 0.2% at $1,804.26 per ounce, as of 0258 GMT, after hitting an over six-week low of $1,801.50 in the previous session. U.S. gold futures dipped 0.1% to$1,805.00.
Jul 01, 2022 09:53 AM IST Gold and silver prices will remain under pressure in today’s session. The yellow metal has support at $1796-1785, while resistance is at $1818-1828, said Rahul Kalantri, VP Commodities at Mehta Equities.
Jun 30, 2022 09:51 AM IST Prices of precious metals may remain down today and selling pressure is expected if price rises towards resistance levels, said Nirpendra Yadav, senior commodity research analyst at Swastika Investmart.
Jun 30, 2022 09:39 AM IST Spot gold was flat at $1,817.07 per ounce by 0339 GMT. U.S. gold futures edged up 0.1% to $1,819.70.
Jun 29, 2022 09:09 PM IST Gold prices see-sawed caught between headwinds from aggressive interest rate hikes and growing recession risks
Jun 29, 2022 12:44 PM IST Jun 29, 2022 09:56 AM IST Tapan Patel, Senior Analyst (Commodities) at HDFC Securities, expects gold prices to trade sideways to down for the day with COMEX spot gold support at $1810 and resistance at $1840 per ounce. MCX Gold August support lies at Rs 50500 and resistance at Rs 51000 per 10 grams, he said.
Jun 29, 2022 09:17 AM IST Spot gold was up 0.1% at $1,821.57 per ounce by 0254 GMT. U.S. gold futures firmed 0.1% at $1,823.10.
Jun 28, 2022 12:10 PM IST Jun 28, 2022 09:54 AM IST "Precious metals prices may remain range-bound whereas the upper range may witness selling pressure. Gold has resistance at Rs 51100 and support at Rs 50400. Silver has resistance at Rs 61000 and support at Rs 59500," said Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart.
Jun 28, 2022 09:08 AM IST Spot gold held its ground at $1,824.51 per ounce, as of 0246 GMT. U.S. gold futures were flat at $1,824.50.
Jun 28, 2022 08:13 AM IST Traditionally, investors looked at gold as an effective hedge against volatility in the stock market. Over the last few years, increasing digitisation also ensured that more investors get to invest in a convenient manner.
Jun 27, 2022 10:00 AM IST Gold may remain a range amid warring factors however Fed’s tightening expectations may keep pressure on prices, said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.
Jun 27, 2022 09:21 AM IST Spot gold rose 0.5% to $1,835.58 per ounce by 0231 GMT. U.S. gold futures were up 0.3% at $1,836.30.
Jun 27, 2022 07:05 AM IST At the start of the meeting in the Bavarian Alps, four of the Group of Seven rich nations moved to ban imports of Russian gold to tighten the sanctions squeeze on Moscow and cut off its means of financing the invasion of Ukraine.
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