Gold Rate in Mysore (9th August 2020)

The gold rates in Mysore edged high following cues in the international market amid a stronger dollar.

In the local market, the precious metal prices in Mysore were seen trading high at Rs.50,760/- per 10 grams of 22-carat gold and Rs.55,370/- per 10 grams of 24-carat gold.

In the international market, the spot gold has eased 0.2% to $1,971.52 per ounce and U.S gold futures have 0.1% higher at $1,988 an ounce.

Gold hit a record high in the global market as fears about the economic fallout from rising coronavirus cases strengthened its appeal as a safe haven, before gradually falling as a rising dollar fueled some profit-taking. Rising COVID-19 cases and simmering US-China tensions have shaken hopes for a rapid economic recovery, leading to inflows to safe-haven assets such as gold, which has soared by around 30% to present this year.

The yellow metal prices in Mysore decided by some local jewellery shops association based on the international market.

The gold rates in Mysore inched down slightly today despite its rise in the international market amid a spike in coronavirus cases. In the local market, the yellow metal prices in Mysore were seen trading at Rs.45,680/- per 10 grams of 22-carat gold and Rs.49,830/- per 10 grams of 24-carat gold.

In the international market, the spot gold has risen 0.6% to $1,782.96 per ounce and U.S gold futures have risen 1% to $1,799.20 per ounce. The dollar index which measures the dollar gained against a basket of six major traded currencies.

Gold prices surged today in the bullion market as the bullion was set for its biggest quarterly gain in more than four years as an outbreak of coronavirus cases cast doubt on a rapid global economic recovery. The increase in coronavirus cases in the United States as well as the ongoing U.S-China conflict all point really to the purchase of safe-haven gold.

The gold rates in Mysore declined today following cues in the overseas market amid rallied in the equities. In the local market, The yellow metal prices in Mysore were seen trading at Rs.44,300/- per 10 grams of 22-carat gold and Rs.48,320/- per 10 grams of 24-carat gold. In the International market, spot gold has down 0.3% at $1,724.74 per ounce and U.S gold futures have fallen 0.6% to $1,725.10 per ounce.

The precious metal prices fell slightly today in the bullion market as hopes of an economic recovery lifted equity markets, with many countries easing blockages caused by coronaviruses, although Sino-U.S tensions over Hong Kong have limited bullion losses. European stocks hovered near an 11-week high, while U.S equity futures rose 2% and crossed a major graphic barrier as companies around the world gradually reopened after a lockout of several months. In India, many jewellery shops are reopened after a long gap due to coronavirus lockdown with some conditions.

The gold rates in Mysore gained today despite its fell in the international market amid a stronger dollar. In the national market, the yellow metal prices in Mysore were seen trading high at Rs.40,410/- per 10 grams of 22-carat gold and Rs.44,083/- per 10 grams of 24-carat gold.

In the international market, the spot gold has eased 0.2% to $1,683.08 per ounce and U.S gold futures have risen 1% to $1,704.60 an ounce.

Gold prices fell today in the global market due to a stronger dollar and a race for cash following a historic rout in U..S crude oil futures, which dampened demand for the active refuge. Gold may experience longer-term pressures as it is used as a hedge against inflation and falling crude prices tend to increase deflationary pressures in the market.

However, massive monetary and fiscal stimulus from global central banks, particularly the US Federal Reserve, and governments will continue to support gold.

The gold rates in Mysore edged lower today following cues in the international market amid the impact of coronavirus. In the domestic market, the yellow metal prices in Mysore were seen trading at Rs.37,900/- per 10 grams of 22-carat gold and Rs.41,430/- per 10 grams of 24-carat gold.

In the international market, spot gold has fallen 1.4% to $1,492.81 per ounce and U.S gold futures gained 0.2% to $1,490.00.

Gold prices fell nearly 1.5% today in the overseas market, prolonging losses from the collapse of the previous session, as investors continued to sell assets to keep their money in cash due to heightened concerns about the economic results of the coronavirus epidemic.

Asian stocks fell in an upside-down session after one of Wall Street's biggest one-day routs in history as stocks soaring and its global economic impact wrecked the investor sentiment. The virus has infected more than 174,100 people worldwide.

The gold rates in Mysore remained unchanged today despite its fall in the bullion market amid a firm dollar. In the local market, the yellow metal prices were seen trading unchanged at Rs.38,200/- per 10 grams of 22-carat gold and Rs.41,650/- per 10 grams of 24-carat gold. In the bullion market, the spot has low 0.1% at $1,574.69 per ounce and U.S gold futures have slipped 0.1% to $1,577.80 an ounce. The U.S dollar has trading constant against a basket of six major traded currencies and also pulling the yellow metal prices in the international market. Investors were now looking for US retail sales and the consumer confidence figures expected later today. The US consumer is the biggest chunk of global growth at this point, China being hit by the trade war and the virus. Expectations that the virus could harm the global economy and easy monetary policy by central banks keep gold attractive in the market.

The gold rates in Mysore increased a little bit today despite dipped in the global market amid a stronger dollar. The precious metal prices in Mysore were seen trading at Rs.37,300/- per 10 grams of 22-carat gold and Rs.40,690/- per 10 grams of 24-carat gold. In the global market, spot gold has inched down 0.4% to $1,556.40 per ounce and U.S gold futures have down 0.2% to $1,557.10.

The dollar strengthened before the signing of the trade agreement, making gold more expensive for buyers using other currencies.

U.S Treasury Secretary Steven Mnuchin said Sunday that China's commitments in the phase 1 trade agreement with the United States have not been changed in a long translation process and will be released this week.

Gold prices rose nearly 0.7% last week in volatile trade amid heightened tensions between the United States and Iran after the U.S killing of a top commander Iranian government in Baghdad and slower than expected U.S job growth in December.

The gold rates in Mysore declined slightly despite steadied in the bullion market amid the trade war between the United States and China.

The yellow metal prices in Mysore were seen trading at Rs.35,350/- per 10 grams of 22-carat gold and Rs.38,600/- per 10 grams of 24-carat gold. In the international market, spot gold has constant at $1,460 per ounce and U.S gold futures have flat at $1,464.50 an ounce.

A strong U.S jobs data last week renewed bets that the Federal Reserve would hold interest rates high. Lower interest rates reduce the opportunity cost of holding unproductive ingots.

Meanwhile, the December 15 deadline is still in place for a new round of US tariffs on about $ 156 billion of Chinese imports. Gold has gained more than 13% so far this year after the Fed lowered rates three times this year in the context of the US-China trade war and its impact on the economy.

The yellow metal prices in Mysore remained stable today despite dipped in the global market amid uncertainties around the U.S.-China. In the domestic market, The gold prices in Mysore steadied at Rs.36,000/- per 10 grams of 22-carats gold and Rs.39,270/- per 10 grams of 24-carats gold. The dollar index which measures the strength of the dollar has hit low against a basket of major currencies and also pulling back the yellow metal prices in the bullion market.

In the international market, spot gold has edged low by 0.1% to $1,490.05 an ounce and U.S gold futures also inched down by 0.4% to $1,493 an ounce. The European Union-backed a new Brexit deal with Britain on Thursday, prompting a rise in Asian equities in early trade. However, gains were limited by disappointing data on economic growth in China.

A trade war between the United States and China continues, China's economic growth in the third quarter slowing more than expected, at its slowest pace in the last three decades.

The gold price in Mysore remained unchanged today following global cues in the international market amid escalation in the U.S.-China trade war and Middle East tensions. In the local market, the yellow metal prices in Mysore were seen steady at Rs.35,550/- per 10 grams of 22-carat gold and Rs.38,740/- per 10 grams of 24-carat gold. In the global market, spot gold has firmed at 0.1% to $1,499.24 an ounce and U.S gold futures have down 0.3% at $1,507. Gold prices rose more than 1% on Monday morning, before stabilizing at 0.6% after a weekend attack on oil facilities in Saudi Arabia, which ignited worries about stability in the Middle East. The Federal Open Market Committee (FOMC) is expected to lower interest rates significantly at its two-day meeting, which will begin later in the day. This would be the second reduction of this type of central bank after the rate cut in July for the first time since the financial crisis.