Livemint.com, updated Nov. 5, 2021; Sheldon S., Seth Auberon, CC Liu (eds.), Wisdom Quarterly
Gold prices fall today, a day after Diwali, as silver rates slide
Maybe gold will get me what I really want. |
Gold and silver rates in India declined today after a sharp jump in the previous session [which included the Indian Xmas-style holiday Diwali, the "Festival of Lights"].
On MCX, gold futures were down 0.03% to ₹47540 per 10 grams, while silver declined 0.6% to ₹63741 per kilogram.
Maybe gold can buy me the Buddha's freedom |
In global markets, gold was steady today at $1,792.74 per ounce, ahead of US monthly jobs data due later today.
Among other precious metals, spot silver fell 0.1% to $23.75 per ounce, while platinum rose 0.2% to $1,027.84 per ounce.
- Bitcoin, Ether plunge, while Dogecoin, Shiba Inu surge 5%.
- Bitcoin, Dogecoin fall, Shiba Inu plunges over 23%
- What runaway crude prices mean for the Indian economy
- Day trading guide for Tuesday: 6 stocks to buy or sell today
Gold prices rollercoaster from a high of $1,960.60 this year to a low of $1,731. Ride it out. |
Earlier this week, the US Federal Reserve stuck to its view that inflation would prove "transitory" though it announced its plan for tapering the vast bond-buying program.
Why does anyone invest in gold or silver? |
Gold, which pays no interest, tends to benefit when interest rates are low as it reduces the opportunity cost of holding bullion.
The US central bank also signaled it would stay patient before raising interest rates as it held onto its belief that inflation would be "transitory" and awaited more signs of job growth.
On Thursday, the Bank of England kept interest rates on hold, surprising investors who were expecting it would be the first of the world's big central banks to raise borrowing costs after the COVID-19 pandemic.
The European Central Bank (ECB) is aware of people's fears about high inflation but is very unlikely to raise interest rates next year, ECB board member Isabel Schnabel said on Thursday.
Gold's appeal has boosted by major central banks standing pat on interest rates. The dovish tones struck by these central banks helped gold shrug off early losses of the week and put it on pace to end the week higher.
Low interest rates to spur economic growth during the pandemic have pushed gold prices to new highs over the last two years, as an easy monetary policy cuts the opportunity cost of holding non-yielding assets. (With agency inputs) Source: Gold prices today fall, a day after Diwali, silver rates slide (livemint.com)
Is gold still a safe haven asset or is it not holding its own? (livemint.com) |
- Gold Price Today | Gold Spot Price Charts | APMEX®
- Silver Price Today | Silver Spot Price Charts | APMEX®
- "Big Oil" wants to make this fuel saving gadget illegal (luxestone.com)
- Ew, David, your book is a best seller! (nytimes.com)
- PHOTOS: Breathtaking history gives chills (reference.com)
- Apple IPhone XR, 64GB, TMobile Service | Property Room
- Buy police auction treasure: propertyroom.com
No comments:
Post a Comment