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GOLD IN UPCOMING FESTIVE SEASON

Gold Prices-

After Surging To A Six-Year High, Spot Gold In The International Market Corrected Slightly. However, Prices Managed To Stay Above The Psychological Level Of $1,500 An Ounce And Domestic Prices Will Follow Suit.

Gold Prices Spiked Due To Trade War Worries, Geopolitical Tensions And Expectations Of Policy Easing By Central Banks’ Amid The Weak Global Economic Outlook.

Prices Have Gained More Than 25 Percent In The Domestic And International Markets Since The Start Of The Year.

However, Gold Has Recently Corrected Due To Realistic Policy Measures Taken By The Central Banks And Nascent Signs Of Easing Trade War Tensions Which Moderated The Metal’s Safe-Haven Demand. Higher-Level Of Profit-Taking Assisted The Sentiments As Well.

Domestic Market

In The Domestic Market, Weak International Prices Coupled With Moderate Demand And Strong Rupee Weighed Down The Sentiments. Indian Demand Is Reportedly Lower As Record-Level Prices Deterred Customers.

However, Demand Is Likely To Edge Higher As The Country Enters The Peak Demand Season. Gold Demand Is Usually Higher In India During September-December, Due To Higher Wedding Demand. Festivals Such As Diwali And Dussehra Also Fall During These Months. In The Domestic Market, A Move To Rs 41,800 Per 10 Gram Is Still Open But A Recovering Rupee Is Likely To Weigh Down The Sentiment.

US-China Trade War–

The US Also Welcomed China’s Decision To Exempt Some US Goods From Trade Tariffs. Similarly, The US Delayed Its Proposed Tariffs On Chinese Goods. This Is Considered A Positive Gesture From Both Sides Ahead Of The Trade Negotiations.

The Trade War Between The World’s Top Two Economies Has Dragged For More Than A Year-And-A-Half, Straining The Global Economy. Amid Forecasts Of A Weak Global Economic Outlook, Investors Sought Shelter In Safe-Haven Assets Like Gold.

US Fed-

As Expected, The Fed’s Two-Day Meeting Concluded With A 25 Basis Point Rate Cut Last Week. However, It Described The US Economic Outlook As Favourable, Which Diminished Chances Of Further Rate Cuts From The World’s Largest Economy. Cuts In Interest Rates Usually Support Non-Yielding Assets Such As Gold.

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