What Are Gold Futures Contracts
Futures contracts are agreements to buy or sell a commodity or asset at a future date. The amount being exchanged and the price are specified in the contract.
There are two main uses for gold futures contracts. They allow gold miners and dealers to hedge against falling prices. Futures also allow investors and large institutions to speculate on the gold price.
Indian Spot Gold Rate And Silver Price On Friday Sep 24 2021
Gold Price in India has decreased since yesterday. Also, it was lower than the average gold price observed this week by 0.05%.
Although global Gold Price Today experienced growth of 0.18%, the Gold Price remained low in the Indian market .
Gold and other precious metals on Friday, Sep 24, 2021
Following yesterday’s trend, the global Gold Price continued its growth today as well. It was clocked at $1816.7 per Troy ounce in the latest close which noted an increase of 0.18% over yesterday. This price level is 4.24% higher than average Gold Price observed in the past 30 days . Among the other precious metals, Silver Price Today saw a fall. The Silver Price plunged 0.06% to $25.2 per Troy ounce.
Further, platinum price has shown an uptick. The precious metal platinum rose 0.05% to $1078.0 per Troy ounce. Meanwhile in India, gold was priced at 46012 per 10 gram on MCX, with a change of 87.4. Also, the price of 24k gold in the Indian spot market was quoted at 46290 .
MCX Gold on Friday, Sep 24, 2021
Gold prices in India fell today with futures on MCX by 0.19% to 46012 per 10 gram. In the previous session, gold was down 1.28% or about 87.4 per 10 gram.
On MCX, silver futures plunged nearly 0.29% or 176.6 per kg to the price level of 60900 per kg.
Currency Exchange Rate on Friday, Sep 24, 2021
The dollar to rupee conversion has been constant since yesterday and any fluctuation today in the gold price would suggest no relation with the dollar value.
What Is Gold Worth
The worth of Gold is determined by the current spot price. This price is determined by many factors such as market conditions, supply and demand, and even news of political and social events. The value or worth of a Gold product is calculated relative to the weight of its pure metal content and is measured in troy ounces. However, collectible or rare Gold products may carry a much higher premium over and above the value found in its raw metal weight.
Additionally, other factors such as merchandising, packaging or certified grading from a trusted third-party may influence the final worth of the Gold product you are purchasing.
Recommended Reading: Does Kay Jewelers Buy Gold
Economic Data That Influence Xau/usd The Most
The main indicators that traders should watch to understand where gold is standing are:
- Demand vs Supply for the commodity
- Struggling markets or context of currency devaluation: gold is known to be a haven for investors in times of economic uncertainty or when any country sees its currency devaluing
- Practical applications: technology invents, jewellery use, etc
Best Time For Forex Trading
On Friday, the forex market will be closed, and there is no trading during the weekend.
Please think of the Forex market as a working clock system, with its own hours. When do you trade? The volatility and liquidity vary between sessions, starting as the market opens in Sydney, then Tokyo. As London markets open, Sydney is closed, but major hedge funds and banks are active, but the peak occurs after New York markets open.
For example, the best time to trade USD pairs is during Euro and USA sessions. JPY is the best to trade during Asia and USA sessions etc.
Plan your trades based on location. For instance, if youre in South Africa, you would benefit from avoiding periods of lower liquidity because prices are commonly too volatile or not volatile enough, making any technical or fundamental analysis useless. Additionally, understanding weekend hours is important because starting at open on Monday, liquidity tends to be low, while its higher as currencies are impacted by weekend news.
Traders need to know when liquidity and volatility are good. Generally, London or New York is open, preferably overlapping. This offers the most balanced combination of volatility and liquidity. Meanwhile, the worst periods to trade are after the New York session closes and the Sydney sessions opening.
Read Also: Can I Buy Gold On Robinhood
Its Panic Schiffgold Friday Gold Wrap March 13 2020
It appears weve pretty much reached complete panic mode.
The longest bull market in history came to an abrupt end on Wednesday. Wall Street followed up with another massive sell-off on Thursday. The S& P 500 had its worst day since Black Monday in 1987. Even gold was down. Meanwhile, the Fed tried to stem the tide, announcing a new round of quantitative easing. But the tide wasnt stemmed. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey gives an overview of the weeks events and talks about the elephant in the room.
The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the weeks precious metals news coupled with thoughtful analysis. You can .
Tune in to the Friday Gold Wrap each week for a recap of the weeks economic and political news as it relates to gold and silver, along with some insightful commentary.
You Can Also Listen on SoundCloud
What Is The World Gold Council
Founded in 1987, the World Gold Council is the market development organization for the gold industry responsible for stimulating demand, developing innovative uses for gold and taking new products to the market. Based in the U.K., the WGCs members include major gold mining companies. There are currently 17 members including Agnico Eagle, Barrick Gold, Goldcorp, China Gold, Kinross, Franco Nevada, Silver Wheaton, Yamana Gold and more.
Also Check: Buy Gold In Dubai Online
What Is The Gold Spot Price
Spot prices represent what a commodity is trading for at any given moment. It is the live gold price in real time.
This price is used by gold refiners, miners, financial institutions, and gold dealers. It’s how they determine pricing for gold bullion.
In other words, the gold spot price is a benchmark for wholesale transactions. It’s the amount a wholesaler will charge for a unit of physical gold per ounce before any markups or premiums.
Gold derivatives often track with the spot price.
Gold Futures And Paper Gold Faq
What is a gold futures contract?
A gold futures contract is a contract for the sale or purchase of gold at a certain price on a specific date in the future. For example, gold futures will trade for several months of the year going out many years. If one were to purchase a December 2014 gold futures contract, then he or she has purchased the right to take delivery of 100 troy ounces of gold in December 2014. The price of the futures contract can fluctuate, however, between now and then.
If I want to buy gold, couldnt I just buy a gold futures contract?
Technically, the answer is yes. One could purchase a gold futures contract and eventually take delivery on that contract. This is not common practice, however, due to the fact that there are only certain types of gold bullion products that are considered good delivery by the exchange and therefore ones choices are very limited. In addition, there are numerous fees and costs associated with taking delivery on a futures contract.
Isnt buying shares of a gold ETF the same thing as buying bullion?
Although one can buy gold ETFs, they are not the same as buying physical gold that you can hold in your hand. ETFs are paper assets, and although they may be backed by physical gold bullion, they trade based on different factors and are priced differently.
Also Check: How To Get Free Gold Bars In Candy Crush
Uk Inflation Sees Largest Rise On Record
15 Sep 2021
The UKs CPI figure has posted the largest rise on record today. Prices in August rose by 3.2% according to the Office for National statistics, up from 2% in July.
Despite the base effect of the eat out to help out scheme, price pressures are undoubtedly rising, and analysts warn that UK inflation could climb as high as 4 5% by the end of 2021.
Is The Spot Price Universal
Yes. You may see some minor variance in the daily gold price from region to region. These differences are invariably due to local issues. Otherwise the spot price at a given moment applies everywhere in the world.
Realtime spot prices in Zurich, London, New York, and Shanghai are key reference points. It is usually measured in USD but may be expressed in the local currency, as well. The gold gram price may be quoted in addition to the price per troy oz.
Read Also: What Is The Toll For The Golden Gate Bridge
What Is The Gold Silver Ratio
The gold-silver ratio is the ratio between the price of a troy ounce of gold and a troy ounce of silver. You might think of it as the number of ounces of silver it takes to buy one ounce of gold.
The ratio stayed between 15:1 and 16:1 for much of American history. However, in 1971 the âNixon Shockâ closed the gold window forever, and the ratio of the gold and silver price today is more than 70:1.
What Are Some Of The Factors That Drive Spot Gold Prices
Gold is not only bought as an investment, but it is also bought for use in other areas such as industry and jewelry making. The potential influences on the spot price are extensive, but the following list names some of the major ones:
- Investment demand
- Interest rates and/or monetary policy
- Risk aversion or appetite
- Equity markets
Gold can potentially see stronger investment demand during periods of economic or geopolitical stress. For example, spot gold may potentially move higher during times of war or geopolitical unrest. From an economic standpoint, gold may potentially see increased buying from a stock market collapse or bear market. Interest rates and monetary policy can also have a significant effect on the spot gold price. Gold may potentially benefit during periods of ultra-low interest rates, as low rates make the opportunity cost of holding gold less. On the other hand, gold may potentially come under pressure as interest rates rise, due to the fact that gold does not offer any dividend or interest for holding it. Currency markets are another major driver of the spot gold price. Although gold is traded all over the globe, it is often denominated in dollars. As the dollar rises, it makes gold relatively more expensive for foreign buyers and may potentially cause declines in the spot price. On the other hand, a weaker dollar may potentially make gold relatively less expensive for foreign investors, and can potentially cause spot gold prices to rise.
Also Check: Does Kay Jewelers Sell Real Gold
Most Influential Political Events In 2021 For Xau/usd
Despite the liquidity flooding the financial markets, inflation outlook in major economies remains subdued and major central banks voiced their commitment to keeping their policies extremely loose until they see a convincing increase in price pressures. This suggests that investors will not give up on gold in the near future.
On the other hand, a return to normality with mass COVID-19 vaccinations could make risk-sensitive assets more attractive, especially in the second half of 2021, and dampen the demand for the yellow metal.
Gold Price May Jump To A New Lifetime High Say Experts Should You Buy Now
5 min read.Asit Manohar
- Gold price today is most undervalued among the financial asset categories and it may shot up to its lifetime high by end of 2021, say commodity experts
Gold price yesterday at Multi Commodity Exchange slid 0.06 per cent and closed at 47,090 per 10 gm mark. The yellow metal price edged lower for third straight session as Indian National Rupee continue to gain strength against the US Dollar . However, if we go by commodity experts’ views, the bullion metal is most undervalued among the financial asset categories and it may shoot up to its lifetime high by end of 2021. They said that weakness in US dollar, no sign of increase in interest rates post-Jackson Hole symposium and demand for physical gold due to fast approaching festival season in India, the yellow metal may breach its previous lifetime high of 56,191 at MCX.
Gold price outlook
Shopping via buy now, pay later schemes could hurt yo …
Triggers for gold price rally
Third wave of Covid
Rise in demand for physical gold
India-UK travel curbs amid Covid-19 to end soon: Centre
Gold price target 2021
Silver price outlook
Recommended Reading: Where To Sell Gold Rdr2
Why Is The Stock Market Closed On Good Friday
By Diane Alter, Contributing Writer, Money MorningApril 2, 2015
Or to contact Money Morning Customer Service, .
Wall Street is full of adages, superstitions, and myths – and that includes answers to the question: Why is the stock market closed on Good Friday?
The New York Stock Exchange, aka the Big Board, has been closed every Good Friday for more than 150 years, with the exception of 1898, 1906, and 1907. The Friday before Easter is the only non-federal holiday among the exchange’s nine closed days.
The story that’s been spread for decades is that Wall Street gets the day off because of its association with a couple of notable stock market crashes, not simply because it is a Christian holy day.
I even called my Catholic father, a retired American Stock Exchange vice chairman, governor, and 35-year ASE stock specialist, who followed in the career path of his father and grandfather, for his take on the Good Friday closing.
“Whenever there was talk about opening the exchanges on Good Friday, which did come up over the years, it was quickly shot down,” he said. “We all knew to do so was just courting bad luck.”
But what’s funny is there never was a big crash to blame for Good Friday’s bad luck.
Get Your Buy List Ready: COVID-19 has crushed markets, but stocks will bounce higher. This is a once-in-a-lifetime chance to get into great companies at historically low prices, soput these stocks on your buy list now…
UBS’s Art Cashin explained in 2011:
When Is The Gold Price The Strongest
It can be difficult to predict the next major rally in gold as it is strongly driven by sentiment. Gold does well in period of high uncertainty, a shifting inflationary environment and during periods of currency debasement however, historically, there have been high and low seasonal period in the gold market. Historically, September is golds strongest month. Many western jeweler start to build their gold inventories during this time to prepare for the holiday season. The next strongest month is January, which traditionally sees strong buying among Eastern nations ahead of the Lunar New Year. The worst month has historically been March, April and then June.
Don’t Miss: How To Sell Valuables In Rdr2 Online
Full Stock Market Holidays 2021
The following are the stock market holidays in 2021 when the NYSE, Nasdaq and bond markets are all fully closed:
- Friday, Jan. 1 New Year’s Day
- Monday, Jan. 18 Martin Luther King Jr. Day
- Monday, Feb. 15 Presidents’ Day
- Monday, May 31 Memorial Day
- Monday, July 5 Observance of July 4, Independence Day, which occurs on a Sunday
- Monday, Sept. 6 Labor Day
- Thursday, Nov. 25 Thanksgiving Day
- Friday, Dec. 24 Observance of Christmas Day, which occurs on a Saturday
Below, we run down the partial market closures for 2021.
Are Spot Gold Prices The Same Everywhere
Gold is traded and used all over the world for investment purposes, jewelry making and as a medium of exchange. Because an ounce of gold is the same whether it is in the U.S. or in Japan, the spot gold price is theoretically the same everywhere. Of course, differing currency values can have an effect on gold as well, and dealer premiums can also vary. Using the spot price of gold, the yellow metal can be bought anywhere using any currency. For example, if the spot price of gold is $1100 per ounce and you were looking to buy gold in Japan, you could figure out the necessary currency conversion to buy gold using Japanese Yen. Gold is traded all over the world, and thus its price is always on the move. Some of the major hubs for gold trading include the U.S., London, Zurich, India and more. The spot gold market is essentially always open, as markets follow the sun. Keep in mind that gold is typically bought for a premium over spot and sold at a discount to spot.
Read Also: How Many Grams Is 1 10 Oz Of Gold
Gold And Silver Set Highest Friday Finish Of 2021 So Far As Ecb Joins Us Fed In Shrugging At Inflation Fears
GOLD and SILVER PRICEScrypto-currencies resumed their crashfar too early and it’s actually unnecessary10-year borrowing costs for Italyprecisely because of its erratic pricepicked up Wednesday by MarketWatchHandelsblattthe platinum pricetold French television last weekhighest outlook for Eurozone inflationthe #silversqueeze ramp and spike
Adrian Ash is director of research at BullionVault, the world-leading physical gold, silver and platinum market for private investors online. Formerly head of editorial at London’s top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and he has now been researching and writing daily analysis of precious metals and the wider financial markets for over 20 years. A frequent guest on BBC radio and television, Adrian is regularly quoted by the Financial Times, MarketWatch and many other respected news outlets, and his views from inside the bullion market have been sought by the Economist magazine, CNBC, Bloomberg, Germany’s Handelsblatt and FAZ, plus Italy’s Il Sole 24 Ore.
See the full archive of Adrian Ash articles on GoldNews.