Ahead of Dhanteras, gold rates in India today are at this month’s lowest

Demand for gold jewellery, coins and bars typically peaks in India – the world’s second largest consumer – during October to December due to festivals including Dhanteras and Diwali starting next week.

According to the World Gold Council, jewelery sales in India nearly doubled in the last quarter of last year as consumption resumed after two bleak years dominated by the pandemic.

in global markets, Sleep Fluctuating between gains and losses, it rose 0.1% to $1,652.23 an ounce. Bullion has taken a wild ride this year, falling nearly 20% since its March peak as the Federal Reserve aggressively tightened monetary policy and a stronger dollar. The non-yielding metal, which generally has a negative correlation with the dollar and rates, has been under strong greenback pressure. Spot silver rose 0.2% to $18.7181 an ounce.

Concerns over demand from China – the world’s largest consumer of gold – are also weighing on the precious metal as Beijing adopts a Covid Zero strategy.

“ETF holdings, which were stagnant for most of the past week, have started falling once again as investors continue to feel worried about bullion performance amid the Fed’s aggressive monetary policy stance. Although gold is trading at $1650 per ounce level, a strong bullish momentum could start only if we see a sustained decline in the US currency. On the price action front, last week’s low of $1645.6/oz has become an immediate support and strong support remains near $1622.2/oz. Kotak Securities said in a note, unless the said support holds, the bulls may try to push the price higher to $1680 an ounce.

“Silver is getting impacted by both gold as well as industrial metals, whose trading has been weak for the past few sessions. On the price action front, silver seems to have found support near $18 an ounce. Until this holds, the bulls may try to push the price towards the next resistance near $19.21/oz.” (with agency input)