(From Trade Representative)
Mumbai:Considering the efforts being made by regulators globally to bail out the banking sector, the local jewelery market also saw a mixed trend in gold spot and futures at the start of the session in London today, especially silver prices by Rs. 31 and the price of gold was Rs. 10 per gram. There was an improvement from 4 to 5. However, at the time of writing this report today, as the rupee was quoting at an 11-paise appreciation against the dollar in the local forex market, the recovery in gold remained limited due to a fall in domestic gold imports. According to the market instruments, today, during the mid-term, the price of gold is mainly Rs. 10 per gram. A break below the 59,000 level opened up demand for the prevailing retail level. Also, demand from retail jewelery manufacturers and stockists was supportive of price correction. Although today there is a strong trend in the rupee, price hikes are limited and the price of 99.5 touch standard gold is Rs. 10 per gram. 4 increased to Rs. 58,661 and 99.9 touch standard gold at Rs. 5 to Rs. 58,897 remained at the head. Similarly, to support the demand of scattered industrial users and jewelery manufacturers in silver, the price per kg rose to Rs. 31 with amendment of Rs. 69,400 remained at the head.
Spot gold fell 0.1 percent from yesterday’s close to $1,955.60 an ounce and futures fell 0.1 percent to $0.00 from yesterday’s close as investors pressured sporadic profit-taking at the start of the session on the London Metal Exchange today, amid indications that regulators are trying to resolve a global banking crisis. .1 percent up to be quoted around $1956.60 per ounce, while silver prices were down 0.7 percent from yesterday’s close to be quoted around $22.94 per ounce. Overall, taking into account the current global financial crisis and the possibility of a global economic slowdown, investors’ demand for safety in gold is likely to persist over the next few periods, and global gold prices are likely to break through the resistance level of $2071 per ounce to $2148 by the second half of 2023, according to Reuters technical analysts. Wang Tao expressed.
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