Quick Look:
- Gold (XAU) prices rose by Rs 10 per 10 grams, and silver increased by Rs 100 per kilogram in India.
- Global issues, notably Middle East conflicts, pushed USold to $2,369.93 per ounce.
- Market sentiment shows that 78% of investors don’t foresee a recession next year.
Gold and silver prices in India have seen modest increases today. XAU prices have risen by Rs 10 per 10 grams for both 24-carat and 22-carat gold, while silver prices climbed by Rs 100 per kilogram.
Gold and Silver Rates Peak in Chennai Today
The price of 24-carat gold is now Rs 74,120 per 10 grams. In Delhi, it has reached Rs 74,270 and is slightly higher in Chennai at Rs 74,940. The 22-carat gold is also up, with a new price of Rs 67,940 per 10 grams. This category sees prices in Delhi at Rs 68,090 and Chennai at Rs 68,690. Silver now stands at Rs 86,400 per kilogram nationally, with Chennai showing a higher rate of Rs 89,900.
US GUSd Soars to $2,369 Amid Mideast Tensions
The rise in US gUSd prices has been influenced significantly by ongoing conflicts in the Middle East, with spot XAU now at $2,369.93 per ounce and US gUSd futures slightly lower at $2,385.10 per ounce. The price of silver has also increased slightly to $28.28 per ounce.
Platinum and palladium Prices Surge; Silver Deficit Grows
The prices of platinum and palladium have also been affected, with platinum rising to $940.55 per ounce and palladium remaining steady at $1,026.25 per ounce. Additionally, a report projects that the global silver deficit is expected to increase by 17% to 215.3 million troy ounces by 2024.
Investor Optimism Up; Gold Viewed as Overvalued
The recent uptick in gold and silver prices has brought concerns among investors regarding the valuation of gold, which many see as overvalued since it surged above $2,400 last week. Nonetheless, the global macroeconomic outlooks have improved, marking optimism among investors for the first time since December 2021.
78% Rule Out Recession; Rate Cuts Expected
Despite the high gold prices, 78% of respondents believe a recession is unlikely within the next year. The anticipation for “no landing” scenarios, where the economy does not enter a downturn, has increased, with 38% of investors holding this view. Additionally, most investors predict at least two interest rate cuts in the coming year.
Furthermore, this month has recorded the largest increase in commodity allocations on record. Investors have shown an increased interest in commodities, now 11% more inclined to invest, marking the largest such interest in a year.
Copper, Oil, and Cocoa Prices Climb Amid Market Shifts
There have been notable increases in copper, oil, and cocoa prices, reflecting a broader trend of growing investment in physical commodities.
As global events continue to influence the financial markets, precious metals and other commodities remain key focus areas for investors seeking stability and potential profit. The slight increases in gold and silver prices mirror ongoing market adjustments driven by global instability and investor sentiments.
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