Global spot gold rate was little changed at $1,226.71 an ounce. It touched $1,233.26 on Monday, its highest since July 26. US gold futures were flat at $1,230.40 an ounce. Despite the recent rally in global gold rates, price of the precious metal remains down nearly 10% from its April peak.
Bullion
Gold Prices Hit over 1 Week High on Soft Dollar – Gold Silver Reports
Global gold prices hit highest in more than a week on Wednesday as the dollar softened and demand for the safe-haven metal got a boost on concerns surrounding Italy’s plans to tackle budgetary deficit. Risk appetite was hit after European Union (EU) officials expressed concerns about Italy’s budget plan, which would widen the deficit significantly.
Gold Prices Slip Today on Weak Demand, Silver Follows – GSR
Gold Silver Reports (GSR) — Gold prices declined by Rs 100 to Rs 31,550 per 10 gram following slowing demand from local jewellers amid a weak global trend, reported PTI. Global gold prices rose marginally as investors largely discounted a US interest rate hike, but gains were limited as the dollar gained following reports of a row in Italy’s new government.
Not by Gold Alone: Top Marketable Metal Commodities for Investing
Gold Silver Reports (GSR) – Along with gold, these are primarily silver and platinum, followed by precious metals used in industrial processes such as iridium, frequently a part of specialty alloys, according to Investopedia, and palladium, frequently used in electronics and chemical processing.
Gold May Hit $1,300 by End of Year, ICBC Says
Gold Silver Reports (GSR) – Bullion is set to average $1,260 an ounce in the third quarter and rise further in the following three months as interest rate increases are priced in and physical demand emerges, Marcus Garvey, a London-based commodities strategist, said in an interview in India.
Russia is Dumping Its US Bonds for Gold, But Where Is It Storing Its Bullion?
Gold Silver Reports (GSR) – Russia’s gold reserves rose to 1,944 tons as of June 2018, up from less than 500 tons just a decade ago. The holdings, amounting to over 17 percent of Russia’s total foreign reserves, were shored up in part by offloading some $77 billion worth worth of its US Treasury bills, bonds and notes over the last six months or so.
MCX Sees Record Turnover, Volumes in Gold Options
Gold Silver Reports (GSR) – MCX Sees Record Turnover, Volumes in Gold Options — Multi Commodity Exchange of India Ltd (MCX) witnessed a record turnover and volume of Rs 2,021 crore and 6443 kilograms (kg) respectively on Tuesday in gold options contract, according to a release issued by the exchange.