A sudden bullish wind blew in gold on the hope of slowing interest rate growth in America

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- Boolean Bits : Dinesh Parekh

- As inflation slows in the US, the rupee rises as the global dollar falls: now the jewelry market players are eyeing the currency market

In the international market, gold rose from 1714 to 1747 dollars per ounce after showing the high prices of the last 1 month, waiting for the US inflation data. But as the dollar strengthened again, gold softened again and hit around $1736 per ounce and rose again to $1766 on Friday. The Fed has had partial success in controlling inflation and is considering how much interest to raise again in December. The World Gold Council is reviewing the gold market and it seems that the impact of the US mid-term elections may not have a big impact on gold at this time. Thus the past midterm elections have provided some support to gold prices. Also, the stock market has seen a more positive response.

Traders in the global gold market say that the price of gold has decreased by 2 percent in the month of October this year. Gold sales in China's Shanghai and Beijing regions were better on China's seven-day national holiday, with low gold prices due to China's economic crisis and demand for gold. India's Dussehra and Diwali and the demand for weddings have also increased the demand for gold and the gold premium was called at the end of October at 3 percent.

World Gold Council chief market strategist Jo-Koverini said gold prices were more dependent on other factors than the mid-term elections, with a stronger dollar and higher Treasury bond yields leading to an 8 percent drop in gold prices.

* US President Barack Obama's 2010 Republican control of the House-Elite and Democratic members' control of the Senate recorded a 13 percent increase in gold prices during his 6-month tenure.

* Then in the year 1994, during the 6 months of President Bill Clinton's Republican dominance, the price of gold increased by 1 percent.

* Subsequently, during the time of the American Congress, the price of gold improved by 4 percent, 13 percent and 5 percent at three stages. Thus a survey of gold volatility shows that elections, dollar strength and rising bond returns determine gold's direction.

Currently, Ukraine-Russia war, China's financial congestion due to the new Covid-19 crisis and major contraction in the manufacturing sector, global oil demand-supply imbalance, oil price fluctuations, etc. are influencing gold prices and despite gold volatility once again It will not be surprising if the bullish circle enters the year 2023 and brings the price of gold to 1800-1900 and 2000 dollars per ounce. With the inflation data coming in at 7.3, lower than expected, the Fed will slow down interest rates and gold will gain momentum. As a result, gold rose to quote the price of $1766 per ounce.

The increase in demand for silver in the global silver market showed volatility of 225 cents per ounce. Silver quoted a high of 2,223 cents and a low of 2,098 cents an ounce, trying to stabilize at 2,165 cents an ounce on Friday.

In the long run, the world will experience a shortage of silver, and with the low price of silver, investors will be withdrawing a lot of silver from the vaults to keep the silver in their possession.

We can say that the supply of silver in the London and Comex vaults has not reached a critical state. As a result, the price of silver will improve in the long run. 49762 trades standing on New York's Comex market indicated that silver prices are showing bullish signs.

Silver mine production capacity increased by 2 per cent but declining revenues from old silver scrap coming into recycling provided some support to the silver shortage, resulting in a bullish touch for silver.

As a whole, the prevalence of the solar sector in the world is increasing. The Fed has told the market that aggressive interest rate hikes will keep inflation below 8 percent, and that the rate will be as low as 7.32 percent. There is more scope. As a result, the price of gold again felt bullish and the price of gold, silver rose and silver suddenly rose by 40-40 cents on Thursday evening, the price of silver has been quoted at 2175 cents per ounce. Overall, bullish trend will be seen in silver and silver may cross 2300 cents per ounce price again.

Even though the demand in the showrooms will increase, the purchase will be less. Income from old gold will increase as gold prices rise and imported bullion will face price fluctuations.

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