Latest Gold & Silver Price wrt Comex Rate
Comex Gold prices surged past $2,735 per ounce, hitting a record high as safe-haven demand grew and is on track for a weekly gain of over 2%. Comex Silver climbed above $33 per ounce on Friday, touched its highest since Dec 2012, tracking a rally in gold prices.
This rally in Bullions is largely driven by expectations of further interest rate cuts by major central banks, with the European Central Bank lowering its deposit rate to 3.25%—its third cut this year—indicating that inflation control is progressing. Heightened tensions in the Middle East also boosted gold, after Israel confirmed the death of Yahya Sinwar, a key Hamas leader, sparking fears of wider regional conflict.
Meanwhile, investors turned to gold as a safer asset amid disappointing fiscal policies from China, aimed at addressing its ongoing property crisis, and concerns over the US presidential election's potential impact on global markets. According to a World Gold Council (WGC) report, Gold ETFs have seen consistent inflows globally for the fifth month in a row in September that has led to a five percent increase in AUM to $271 billion worldwide and collective holdings climbed 18 tonne to 3,200 tonne by the end of September 2024.
However, strong US economic data may limit gold's momentum by suggesting that Federal Reserve may take a less dovish approach than expected, tempering further gains for bullion prices. Overall, global uncertainties and central bank actions continue to fuel demand for gold, while economic resilience in the US may curbs its rise.
Comex Gold prices surged past $2,735 per ounce, hitting a record high as safe-haven demand grew and is on track for a weekly gain of over 2%. Comex Silver climbed above $33 per ounce on Friday, touched its highest since Dec 2012, tracking a rally in gold prices.
This rally in Bullions is largely driven by expectations of further interest rate cuts by major central banks, with the European Central Bank lowering its deposit rate to 3.25%—its third cut this year—indicating that inflation control is progressing. Heightened tensions in the Middle East also boosted gold, after Israel confirmed the death of Yahya Sinwar, a key Hamas leader, sparking fears of wider regional conflict.
Meanwhile, investors turned to gold as a safer asset amid disappointing fiscal policies from China, aimed at addressing its ongoing property crisis, and concerns over the US presidential election's potential impact on global markets. According to a World Gold Council (WGC) report, Gold ETFs have seen consistent inflows globally for the fifth month in a row in September that has led to a five percent increase in AUM to $271 billion worldwide and collective holdings climbed 18 tonne to 3,200 tonne by the end of September 2024.
However, strong US economic data may limit gold's momentum by suggesting that Federal Reserve may take a less dovish approach than expected, tempering further gains for bullion prices. Overall, global uncertainties and central bank actions continue to fuel demand for gold, while economic resilience in the US may curbs its rise.
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