Gold Prices reach close to $2,650

Gold Prices reach close to $2,650

Gold prices (Yellow Metal) extend their momentum from the prior day’s mixed macroeconomic signals from the United States, rising from the $2,603 region—near a three-week trough—and gathering positive momentum for the second consecutive day this Friday.

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Rise in the prices of gold and silver

Rise in the prices of gold and silver

Gold edged higher to above $2,629 on Thursday, rebounding from the three-week low of $2,608 from the prior session as markets digested a batch of fresh economic data for insights on the Fed’s policy path in upcoming decisions.

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Israel-Iran war: Gold rate today trades flat as market awaits US Fed minutes

Israel-Iran war: Gold rate today trades flat as market awaits US Fed minutes

Israel-Iran war: Ahead of the announcement of the US Fed meeting minutes and the US CPI data this week, gold prices opened flat in early morning deals. Gold rate today on the Multi Commodity Exchange (MCX) opened lower at ₹75,851 per 10 gm and touched an intraday high of ₹75,908 per 10 gm within a few minutes of the Opening Bell. In the international market, spot gold prices are quoted at around $2,643 per troy ounce, 0.02% above the previous day’s high.

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Silver net speculative longs at four and half year high

Silver net speculative longs at four and half year high

Precious metals speculators yet again increased their net long positions in the Silver (XAG/USD) futures markets sharply last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of Silver futures, traded by large speculators, hedge funds and retailers, totaled a net position of 62198 contracts in the data reported through September 24, 2024. This was a weekly gain of 4000 net contracts and took net longs to four and half year high.

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Strong US Jobs Report Takes Pressure Off Fed for Next Meeting

Gold Investors Await Fed Policy Announcements

Gold Investors And Fed Policy: The US economic calendar will feature Retail Sales data for August on Tuesday. Investors expect a monthly increase of 0.2% following the 1% growth recorded in July. A negative print could make it difficult for the USD to find demand and help Yellow Metal edge higher. Nevertheless, the market reaction is likely to remain short-lived, with investors refraining from taking large positions ahead of the Fed’s monetary policy announcements on Wednesday.

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