3 weeks ago

Gold, Silver Volatile Amid Middle East Tensions and US Data

Gold, Silver Volatile Amid Middle East Tensions and US Data
Gold, silver rates today on an uptrend. Which one to buy for whopping returns? · livemint.com

Gold and silver are shiny metals that people buy to keep their money safe.

On Monday, their prices went up and down a little, and silver got slightly more expensive.

There is trouble between countries in the Middle East, a part of the world far away, and that makes investors nervous.

When people are nervous, they often buy gold because they see it as a safe place to keep money.

The US dollar became a little stronger, which made gold cost more for people using other kinds of money.

America also announced that fewer jobs were created last month than people hoped.

Experts say gold is like an insurance policy that protects your money when things go wrong.

Silver can grow in value faster than gold when things go well, but it can also drop faster when things go badly.

So the experts suggest buying mostly gold and only a little silver.

Key facts

MCX gold October futures
₹1,51,870 per 10 grams (largely unchanged)
MCX silver September futures
₹2,33,532 per kg (+0.90%)
Spot gold
Above $4,300 an ounce
Spot silver
$64.15 an ounce (+1%)
US dollar index
Up 0.20%
Crude oil price
Above $84 a barrel (+1%)
US July nonfarm payrolls
Fell by 23,000; May-June revised down by 1,03,000 jobs
Upcoming US economic data
CPI on Wednesday, PPI on Thursday

Quotes

Harshal Dasani

Business Head – INVESTMENT, INVasset PMS

“Gold is the insurance policy: it carries the central-bank bid, 337 tonnes bought in the first quarter alone with China now on a 20-month buying streak, it answers to America's $39.9 trillion debt rather than to industrial cycles, and in any re-escalation of the US-Iran conflict it is the first asset the world reaches for.”
livemint.com
“low-key”
livemint.com

Kaynat Chainwala

AVP, Commodity Research, Kotak Securities

“Spot gold holds gains above $4,350 an ounce today, while silver trades above $64, both digesting a soft US jobs print rather than reacting to West Asia headlines.”
livemint.com

Sources

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