Gold prices in the country have slipped from the high of Dhanteras. This, amid a time when the US currency has lost in the few trading sessions and Crude prices dipping on account of better supplies seems like a blessing for those interested in investing in the yellow metal.
The global outlook on US Currency dipped following a comment from the US Federal Reserve Chairman Jerome Powell that interest rates could.
On Thursday, crude prices dropped to a 12 month high. Reports said, future transactions on New York traded at $49.41 per barrel. The Rupee subsequently bounced to a three-month high against the US greenback, quoting 69.88 during trade on Thursday.
The Rupee's gain and a drop in global crude prices ensured a cheer for stock markets. The BSE Sensex gained 453 points on Thursday. On Friday, the thirty scrip sensitive index settled marginally higher at 36252.41, a gain of 82 points.
Amid this, the outlook on Gold has suddenly appeared positive. On the spot markets, Gold is selling at $1222.60 per ounce. THe yellow metal has gained in the past two trading sessions. On 13th November, Gold had quoted a price of $1196 per ounce.
The mood in domestic markets has been slightly optimistic after the dip in the US greenback. A look at the pricing trends suggests that this could be an opportune time to invest in the yellow metal. This, based majorly on the premise that Gold has slipped from its Dhanteras high.
Gold in the country's top buying destinations is cheaper in the range of Rs 120-140 per gram. Prices in Delhi were revised the most, and were trading down by Rs 145-155 per gram. In Kolkata, price-revisions have been moderate in the range of Rs 115-122 per gram.
Here is a graph that shows the images price drops across six cities and the state of Kerala.
Meanwhile, traders and analysts expect a meeting between Russian President Vladimir Putin and Saudi Arabia's Mohammad Bin Salman at the G20 summit in Argentina. Traders believe that this meeting could hold talks on the downward trend witnessed of late in crude prices. Bloomberg reported that the Russian President was okay with $60 per barrel. But considering that the crude prices are hovering below $50 per barrel, a correction was expected. Any comments or policy to this regards could lead to a gain for Crude.
This, could temporarily alter the investor sentiment for the yellow metal.
Also traders are currently speculating a bull-run for the yellow metal. There is a strong speculation that Gold could touch $1230 per ounce. Considering the market-signals and sentiments, you should consider heading to your local jeweller and checking the price. If you are considering to invest in ETFs or paper Gold do call your investment manager and evaluate the pros and cons of investing.
Sify.com is updated regularly to reflect Gold prices as accurately as possible. Do download the app to check the price in your city.
Prices mentioned in the app are representative and could change depending upon several factors such as making charges, brand, location, usage of gemstones or other elements in jewellery.
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