Tag: Gold

Oil prices rebounded on September 14 as markets focused on tighter supply outlooks. The International Energy Agency (IEA) said that Saudi Arabia and Russia's extension of oil output cuts to the end of 2023 will mean a substantial market deficit through the fourth quarter. Gold prices also edged higher as investors anticipated a pause in interest rate hike at the US Federal Reserve's policy outcome on September 20.

Gold prices in India edged lower on September 11, tracking a decline in the US Dollar. The fall in gold prices was supported by the weakening of the US Dollar and the ongoing buying spree by China's central bank. Gold prices are expected to remain volatile in the near term, but the ongoing buying spree by China's central bank could support gold prices in the long term.

The Reserve Bank of India (RBI) has announced the launch of the Sovereign Gold Bond Scheme 2023-2024 Series II. The price of the bond has been fixed at Rs 5,923 per gram of gold. Investors making payment through digital means will get an additional discount of Rs 50 per gram. The bonds are open to all investors and offer an interest rate of 2.5% per annum. The capital gains are tax-free if the bonds are held till maturity.

Crude oil prices rose 2% on Friday, supported by concerns about lower supplies from key producers. However, the strength of the US dollar, which reached a six-month high, weighed on the oil market. Investors will be closely monitoring upcoming data releases in the coming week for further clues about the direction of the commodities markets.