Gold price hits a mark above Rs. 41000 rupees amidst the conflicts between the US and Iran. President Donald Trump had issued an airstrike on Iran killing Iran soldiers and also important Iranian commander Qasem Soleimani. This had disrupted political stands between the countries.
The US President, Donald Trump detected a state of alert in regards to Iran’s missile forces, the United States has announced a warning strike if Iran attacks any American person or targeted location in America.
Amongst geopolitical issues and uncertainty, gold benefits immensely as investors move to the safe-haven metal. Trader’s flight towards the yellow metal has pushed gold prices to a new record high above an Rs. 41000 level to Rs. 41,096. The united stated and Iran’s political conflict has escalated over the weekend.
Bullion may witness an upside momentum on the safe-haven demands in the coming weeks. Palladium hit a $2,000 upward level reaching a new record high too.
In the US markets, spot gold surged high up to 1.5 percent to $1,579.55 per ounce in the apprehensive trade market and has reached its highest momentum record since April 2013.
Bullion remains a safe asset for investors during these conflicted times. Asian shares pushed towards a lower level on account of tensions in the Mideast supporting the bullion prices in both the global market and domestic market.
Spot gold may rise into a range of $1,595 to $1,614 per ounce, clearing resistance at $1,568.
The US Federal Reserve Bank acknowledges the current rate stance to be appropriate in their final policy meeting of 2019. It has been proposed that the lower interest rate reduces the opportunity cost of holding non-yielding bullion.
Silver gained 2 percent to $18.39 per ounce, whereas platinum rose at a level of 0.6 percent to $985.87.
India’s gold imports in the year 2019 fell at 12 percent to the lowest level it has ever been in three years, as retail buying faltered in the second half of the year after gold local prices rallied to a record high.
Gold price also gained due to the weakness in the US dollar. The depreciation of the dollar has been a huge advantage in supporting the bullion market. Also, the announcement by North Korea on the debut of a new strategic weapon has also supported the gold price moving towards a high record.
Iran also declared that it was ramping up its nuclear program. It announced its fifth step back from a nuclear deal saying it will forego the limit on the number of centrifuges that were mandated in the deal.
US President Donald Trump threatened sanctions against Baghdad for the move and stated that if troops did leave, Baghdad would have to pay Washington for the cost of the airbase there.
Gold futures crossed above Rs 41,000-level to a record Rs 41,096. It was trading at Rs 40,939 per 10 gram, up to 2.06 percent. Silver futures were also up 2.08 percent to Rs 48,514 per kg.
Mohit Kamboj is the author of this article. Find more information about Mohit Kamboj.
The US President, Donald Trump detected a state of alert in regards to Iran’s missile forces, the United States has announced a warning strike if Iran attacks any American person or targeted location in America.
Amongst geopolitical issues and uncertainty, gold benefits immensely as investors move to the safe-haven metal. Trader’s flight towards the yellow metal has pushed gold prices to a new record high above an Rs. 41000 level to Rs. 41,096. The united stated and Iran’s political conflict has escalated over the weekend.
Bullion may witness an upside momentum on the safe-haven demands in the coming weeks. Palladium hit a $2,000 upward level reaching a new record high too.
In the US markets, spot gold surged high up to 1.5 percent to $1,579.55 per ounce in the apprehensive trade market and has reached its highest momentum record since April 2013.
Bullion remains a safe asset for investors during these conflicted times. Asian shares pushed towards a lower level on account of tensions in the Mideast supporting the bullion prices in both the global market and domestic market.
Spot gold may rise into a range of $1,595 to $1,614 per ounce, clearing resistance at $1,568.
The US Federal Reserve Bank acknowledges the current rate stance to be appropriate in their final policy meeting of 2019. It has been proposed that the lower interest rate reduces the opportunity cost of holding non-yielding bullion.
Silver gained 2 percent to $18.39 per ounce, whereas platinum rose at a level of 0.6 percent to $985.87.
India’s gold imports in the year 2019 fell at 12 percent to the lowest level it has ever been in three years, as retail buying faltered in the second half of the year after gold local prices rallied to a record high.
Gold price also gained due to the weakness in the US dollar. The depreciation of the dollar has been a huge advantage in supporting the bullion market. Also, the announcement by North Korea on the debut of a new strategic weapon has also supported the gold price moving towards a high record.
Iran also declared that it was ramping up its nuclear program. It announced its fifth step back from a nuclear deal saying it will forego the limit on the number of centrifuges that were mandated in the deal.
US President Donald Trump threatened sanctions against Baghdad for the move and stated that if troops did leave, Baghdad would have to pay Washington for the cost of the airbase there.
Gold futures crossed above Rs 41,000-level to a record Rs 41,096. It was trading at Rs 40,939 per 10 gram, up to 2.06 percent. Silver futures were also up 2.08 percent to Rs 48,514 per kg.
Mohit Kamboj is the author of this article. Find more information about Mohit Kamboj.
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