Gold Rate in Mysore (20th February 2020)

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.

The gold prices in Mysore dipped today following global cues amidst a firm dollar. The precious metal prices in Mysore were seen trading at Rs.35,350/- per 10 grams of 22-carat gold and Rs.38,570/- per 10 grams of 24-carat gold. In the international market, spot gold was trading 0.5% low at $1,514.70 per ounce and U.S gold futures declined by 0.5% at $1,523.60.

The United States President Donald Trump wanted to make a trade deal with China. Beijing had vowed to counter the latest tariffs on Chinese goods but called on Washington to meet it another way to seal a potential deal. Meanwhile, the U.S dollar index, which measures the greenback against a basket of six major traded currencies has gained 0.1% after hitting a two-week high.

Market Investors will shift their focus on the U.S. Federal Reserve’s annual symposium next week for more hints on monetary easing. While comparing from the last 10 days, the highest gold price in Mysore was recorded at Rs.34,450/- per 10 grams of 22-carat and Rs.38,670/- per 10 grams of 24-carat.

The gold rate in Mysore steadied today following global cues amidst awaited retail sales data from the United States. The yellow metal price in Mysore was seen trading at Rs.32,400/- per 10 grams for 22-carat gold and Rs.35,340/- per 10 grams of 24-carat gold. In the overseas market, Spot gold was inched up 0.1% to $1,414.92 per ounce and U.S. gold futures rose 0.2% to $1,416.60.

U.S. Treasury Secretary Steven Mnuchin stated that he and U.S. Trade Representative Robert Lighthizer would hold further trade talks with their Chinese counterparts by phone this week. From the Chinese data, which is released on Monday showed 6.2 per cent lower in the second quarter. this is the weakest pace in at least 27 years, raising expectations that Beijing will roll out more support measures in coming months.

Mysore has a rich history and culture with the widespread use of gold, most famously, the Golden Throne, the royal seat of the rulers of the erstwhile Kingdom of Mysore.

The gold rates in Mysore stood flat today despite moving high in the international market amidst a slowdown in U.S. jobs growth. In the local market, the yellow metal price in Mysore was trading at Rs.30,550/- per 10 grams for 22-carat gold and Rs.33,250/- per 10 grams for 24-carat gold. In the bullion market, spot gold was 0.6% higher to $1,343.07 per ounce and U.S gold futures settled $3.40 higher at $1,346.10.

The U.S. jobs number was weaker than expected and this rallied the gold market. Traders of U.S. short-term interest rate futures added to bets that the Fed will start to cut rates as soon as July and reduce them two more times before the end of the year. Meanwhile, the Trump administration pushed ahead on Friday with a plan to slap a 5% tariff on imports from Mexico.

The gold rates in Mysore are updated on a daily basis based on international business reports and it is decided by some local jewellery shops association.

The gold prices in Mysore has moved up following global cues despite the yellow metal has gained slightly in the international market amidst slips in equities. The gold rates in Mysore were seen at Rs 29,750/- for 10 grams of 22 carats gold and at Rs.32,150/- for 10 grams of 24 carats gold. Investors also waiting for further trade negotiations between the United States and China. The two countries are slated to begin the next round of talks on trade on April 30, in an attempt to conclude a nearly year-long tariff spat. Gold is often used as a hedge against economic and financial uncertainties. However, the U.S. dollar, which is traded close to a near two-year peak, kept the metal’s gains in check by making it more expensive for holders of other currencies. The slight rising prices of the jewellery metal have made jewellery purchase dearer for customers in Mysore.

The gold rates in Mysore increased slightly owing to rise in demand despite being firm in the global markets which helped the dollar to move up. Today the yellow metal price in Mysore were trading at Rs.30,150/- per 10 grams for 22-carat gold and Rs.32,245/- per 10 grams for 24-carat gold. The European central bank's(ECB) dovish policy stance pushed the dollar against the Euro. while the dollar rose U.S. bond yields fell on safe demand. The European central bank postponed interest rate hike up to 2020. The investors are now waiting for the U.S non-farm payroll report due later in the day for indications on the strength of the economy and how it would effect the Federal Reserves monitory policy. There is a full demand for gold in Mysore due to their richest culture and history .