Here are your top FOX Business Flash headlines for March 11th.
Gold prices slipped in early Asian trading as hopes for progress in Russian-Ukrainian talks reduce the precious metal’s safe haven appeal, Dow Jones Newswires reported.
| Ticker | Security | past | Change | Change % |
|---|---|---|---|---|
| XAU | No | No | No | No |
| GOAL | GOL LINHAS AÉREAS INTELIGENTES | 5.21 | -0.35 | -6.37% |
Russian President Putin noted that there are “certain positive developments” in negotiations with Ukraine, Oanda said.
While Putin’s comments are likely to give market participants hope that the ceasefire talks are moving in the right direction, fears of economic growth are unlikely to fade any time soon, so the gold pullback should be limited, adds Oanda.
METAL PRICES REACH HIGH, CONSUMER COMMODITY PRICES GROW
Spot gold fell 0.8% to $1,972.78 an ounce, the report said.
Reuters reported that physical gold dealers in India were forced Sunday night to offer their biggest discount in six years this week to lure in customers who were turned away by a domestic price spike, with some people in Asia’s top centers selling their bars to cash in. on the rally
Gold prices slipped in early Asian trading as hopes for progress in Russian-Ukrainian talks reduce the precious metal’s safe haven appeal, Dow Jones Newswires reported.
Earlier this week, global benchmark spot gold prices rose to near an all-time high of $2020.47 as investors sought shelter from the uncertainty caused by the Ukraine crisis.
Local gold prices in India, traditionally the largest consumer of gold after China, jumped to Rs 55,558 per 10 grams, not far from the all-time high of Rs 56,191 reached in 2020.
The surge in prices hit demand and prompted dealers to offer discounts of up to $77 an ounce from official domestic prices, including 10.75% imports and 3% sales fees, up from $27 last week.
GOLD FALLS IN ASIAN TRADE FOR THE FORMATION OF PROFIT FOR INVESTORS
“Demand is less than 10% of the norm,” said Harshad Ajmera, a gold wholesaler in Kolkata.
A Mumbai bullion dealer from a private bank said some consumers are selling their old jewelry to take advantage of higher prices.
In China, rebates widened to $2-4 per ounce from global benchmark rates, compared to last week’s range of $0.8 premium to $2 rebate.
Chinese demand has “clearly fallen,” said independent analyst Ross Norman amid “speed and growth” in gold prices.
Although sales slowed towards the end of the week as prices pulled back, most buyers were expecting a bigger drop.
In Hong Kong, gold was sold at a $3 discount.
While sales slowed towards the end of the week as prices eased, most buyers were expecting a bigger drop, said Peter Fung, head of precious metals at Wing Fung.
At the same time, Singapore saw a premium of $1-1.80 an ounce compared to $1.80-2.50 last week.
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“Our retail store has been very crowded this week, with gold rising above $2,000 again this week,” said Vincent Tee, dealer sales manager for Silver Bullion, with shoppers citing high inflation as motivation to bet on gold.
– Reuters contributed to this report.