Tag: Gold Price

  • Gold Price Today: MCX Gold Falls 0.57% to Rs 1,42,413 as Profit Booking and Stronger Dollar Weigh

    Gold Price Today: MCX Gold Falls 0.57% to Rs 1,42,413 as Profit Booking and Stronger Dollar Weigh

    Gold prices on the Multi Commodity Exchange (MCX) declined on July 31, as profit booking and a stronger US dollar weighed on the precious metal. August gold futures fell 0.57% to Rs 1,42,413 per 10 grams. September silver futures also declined by 0.53% to Rs 2,18,805.

    In the international market, spot gold dropped 0.6% to $4,076.53 per ounce, while US gold futures for August delivery lost 0.4% to $4,074.20. Spot silver fell 0.8% to $58.48 per ounce, platinum slid 1.7% to $1,631.77, and palladium declined 0.8% to $1,294.

    Crude oil prices also edged lower, with Brent crude futures falling 0.98% to $88.16 per barrel and US West Texas Intermediate (WTI) declining 1.47% to $82.36 per barrel.

    According to the CME FedWatch Tool, traders now see a 63% probability of a rate hike by the US Federal Reserve in September. This expectation, combined with a stronger dollar and escalating tensions in the Middle East, has injected volatility into the precious metals market.

    Despite the daily decline, gold has found support around the $4,000 level, attracting buyers on dips. “Gold is showing a mild negative bias today amid profit-taking and a moderate bounce in the US dollar, following the metal’s gains yesterday,” said Tim Waterer, chief market analyst at KCM Trade. He added that gold has had a better run this month, with key support near $4,000.

    Key Levels to Watch

    Internationally, gold has support at $4,064 and $4,020, with resistance at $4,120 and $4,155 per troy ounce. Silver has support at $58.20 and $57.70, with resistance at $59.80 and $60.60 per troy ounce.

    On MCX, gold has support at Rs 1,42,400 and Rs 1,41,750, with resistance at Rs 1,44,000 and Rs 1,45,100. Silver has support at Rs 2,17,700 and Rs 2,16,000, with resistance at Rs 2,22,200 and Rs 2,24,500.

    Domestic and US Gold Prices

    In India, 24K gold rose by Rs 27 to Rs 1,44,600 per 10 grams, while 22K gold advanced by Rs 25 to Rs 1,32,550. Prices in Mumbai and Kolkata were at Rs 1,44,600, Delhi at Rs 1,44,750, and Chennai at Rs 1,44,600.

    US gold prices found support from bargain buying near the $4,000 level, as investors weighed Middle East developments and their impact on the US rate outlook.

  • Gold Price Update: MCX Gold Slips 0.25% to Rs 1,41,275 as Market Awaits US Fed Decision

    Gold Price Update: MCX Gold Slips 0.25% to Rs 1,41,275 as Market Awaits US Fed Decision

    Gold prices edged lower on the Multi Commodity Exchange (MCX) on July 29, as investors adopted a cautious stance ahead of the US Federal Reserve’s monetary policy meeting. August gold futures declined by 0.25% to settle at Rs 1,41,275 per 10 grams.

    In contrast, silver futures for September delivery gained 0.32% to Rs 2,16,530. Meanwhile, crude oil prices surged, with Brent crude futures rising 4.27% to $87.68 per barrel and US West Texas Intermediate (WTI) climbing 4.21% to $82.60 per barrel.

    According to the CME FedWatch Tool, traders now see a 76% probability of a rate hike in September by the US Federal Reserve, fueling uncertainty in the precious metals market.

    Domestic Gold Prices

    In the Indian market, 24K gold fell by Rs 86 to Rs 1,43,510 per 10 grams, while 22K gold declined by Rs 60 to Rs 1,31,550. Regionally, Mumbai and Kolkata recorded identical prices at Rs 1,43,510, Delhi at Rs 1,43,660, and Chennai at Rs 1,43,510.

    US Gold Prices

    In the international market, gold prices remained largely steady as investors awaited the Fed’s policy decision and comments from Fed Chair Kevin Warsh for clues on inflation and interest rates. Spot gold was little changed at $4,029.08 per ounce, while US gold futures for August delivery edged down 0.2% to $4,028.10.

    Spot silver gained 0.9% to $57.65 per ounce, platinum inched 0.3% higher to $1,600.40, and palladium slipped 0.7% to $1,261.

    Key Levels to Watch

    Kelvin Wong, senior market analyst at OANDA, noted, “Gold is very much connected to today’s FOMC meeting. The scenario that may see a potential reversal of the recent bearish bias in gold prices will be the Fed turning to a less hawkish rhetoric.”

    Internationally, gold has support at $4,010 and $3,974 and resistance at $4,070 and $4,110 per troy ounce. Silver has support at $56.80 and $56 and resistance at $58.40 and $59.10 per troy ounce.

    On the MCX, gold has support at Rs 1,40,800 and Rs 1,40,000 and resistance at Rs 1,42,200 and Rs 1,43,100. Silver has support at Rs 2,14,000 and Rs 2,12,200 and resistance at Rs 2,17,700 and Rs 2,20,000.

  • Gold Prices Dip as Brent Crude Trades Above $100, Fueling Rate Hike Expectations

    Gold Prices Dip as Brent Crude Trades Above $100, Fueling Rate Hike Expectations

    Gold prices edged lower on the Multi Commodity Exchange (MCX) on July 24 as Brent crude oil held above $100 a barrel, intensifying inflation concerns and reinforcing expectations for a September rate hike by the U.S. Federal Reserve.

    Domestic Gold Prices

    MCX August gold futures dropped 0.7% to Rs 1,41,824 per 10 grams. September silver futures also declined, falling 0.88% to Rs 2,17,447. In the physical market, 24K gold fell by Rs 185 to Rs 1,44,330 per 10 grams, while 22K gold declined by Rs 170 to Rs 1,32,300. Prices in Mumbai and Kolkata stood at Rs 1,44,330, Delhi at Rs 1,44,480, and Chennai at Rs 1,44,330.

    US Gold and Precious Metals

    Spot gold slipped 0.4% to $4,030.09 per ounce, extending losses after a 2% drop in the previous session. U.S. gold futures for August delivery were also 0.4% lower at $4,033.20. Spot silver fell 0.7% to $57.29 per ounce but was on track for a weekly gain of 2.5%. Platinum dropped 1.3% to $1,579.49, and palladium declined 1.5% to $1,237.50, both heading for a weekly loss.

    Key Levels to Watch

    According to the CME FedWatch Tool, traders now see an 81% probability of a quarter-point rate hike in September. Elevated crude oil prices above $100 are adding to inflation pressures, strengthening the case for tighter monetary policy.

    GoldSilver Central Managing Director Brian Lan noted, “In the short term, we expect more volatility… gold has been trading between $3,980 and about $4,170 and has been stuck in this range for weeks. Every time prices hit close to $4,000 or slightly below, we see big buyers coming to buy it back up.”

    Technically, XAU/USD trades around $4,030 and remains capped below the 21-day simple moving average (SMA) at $4,068.50 and the 50-day SMA at $4,231.04. The Relative Strength Index (RSI) sits near 44, indicating neutral-to-soft momentum. Immediate resistance is at $4,068.50, followed by the 50-day SMA near $4,231.04. A break above that would face further resistance at the 100-day SMA ($4,479.88) and the 200-day SMA ($4,494.74), which form a dense zone that needs to be reclaimed to ease the broader bearish tone.

  • MCX Gold Slips 0.48% to ₹1,44,984 as Profit Booking Emerges; Brent Crude Jumps 2.30% to $96.23

    MCX Gold Slips 0.48% to ₹1,44,984 as Profit Booking Emerges; Brent Crude Jumps 2.30% to $96.23

    Gold prices on the Multi Commodity Exchange (MCX) experienced a decline on July 23, driven by profit booking after a 2% surge in the previous session. The retreat comes amid ongoing geopolitical tensions and rising crude oil prices.

    August gold futures fell 0.48% to ₹1,44,984 per 10 grams, while September silver futures dropped 0.40% to ₹2,26,090 per kilogram. Meanwhile, Brent crude futures climbed 2.30% to $96.23 per barrel, and US West Texas Intermediate (WTI) advanced 1.81% to $88.40 per barrel.

    Domestic Gold Prices

    In the Indian market, 24K gold rose by ₹77 to ₹1,47,280 per 10 grams, while 22K gold increased by ₹70 to ₹1,35,000. City-wise prices showed Mumbai and Kolkata at ₹1,47,280, Delhi at ₹1,47,420, and Chennai at ₹1,46,520.

    US Gold Prices

    In the United States, gold prices held steady on Thursday, pulling back from two-week highs reached in the previous session. The escalating Middle East conflict, particularly the US-Iran tensions, continued to push oil prices higher. Spot gold was little changed at $4,132.01 per ounce, while US gold futures for August delivery fell 0.4% to $4,134.60.

    Spot silver gained 0.3% to $59.90 per ounce, platinum rose 0.7% to $1,656.24, and palladium advanced 0.8% to $1,301.25.

    Key Levels and Analyst Insights

    “Oil continues to be up, adding to pressures of inflation and expectations of Fed interest rate hikes, capping a positive undertone in gold as the dollar weakens,” said Jigar Trivedi, a senior research analyst at IndusInd Securities.

    According to the CME FedWatch Tool, traders now see a 77% chance of a September rate hike by the US Federal Reserve. Key support levels for MCX gold are at ₹1,44,400 and ₹1,43,350, while resistance stands at ₹1,46,800 and ₹1,48,000. For silver, support is at ₹2,24,400 and ₹2,22,000, with resistance at ₹2,29,100 and ₹2,31,000.

    “We suggest long-term investors must hold their long positions in gold and silver, but traders can book profits in every market rise in gold around ₹1,47,000 and ₹1,48,000 range and in silver around ₹2,31,000 and ₹2,33,000 range,” advised Manoj Kumar Jain of Prithvifinmart Commodity Research.

    Disclaimer: This article is for informational purposes only and does not constitute financial advice. Readers should consult with a qualified financial advisor before making investment decisions.

  • MCX Gold Dips 0.46% as Brent Crude Surges Past $85, Inflation Worries Persist

    MCX Gold Dips 0.46% as Brent Crude Surges Past $85, Inflation Worries Persist

    Gold prices on the Multi Commodity Exchange (MCX) traded lower on July 15, despite a slowdown in U.S. inflation that reduced expectations for aggressive Federal Reserve rate hikes and weakened the U.S. dollar. August gold futures declined 0.46%, settling at Rs. 1,41,600 per 10 grams. Meanwhile, September silver futures slipped 0.31% to Rs. 2,22,499 per kilogram.

    In the energy markets, Brent crude futures jumped 1.20% to $85.75 per barrel, while U.S. West Texas Intermediate (WTI) advanced 0.92% to $80.07 per barrel. The rise in crude oil prices reignited inflation concerns, putting pressure on precious metals.

    According to the CME FedWatch Tool, traders now see a 58% chance of a September rate hike by the Fed, down from 78% earlier, reflecting the market’s shifting outlook on monetary policy.

    Domestic Gold Prices

    In the Indian domestic market, 24K gold rose by Rs. 77 to Rs. 1,43,570 per 10 grams, while 22K gold advanced by Rs. 70 to Rs. 1,31,600. By city, Mumbai and Kolkata quoted gold at Rs. 1,43,570, Delhi at Rs. 1,43,720, and Chennai at Rs. 1,43,780.

    U.S. Gold Prices

    U.S. gold prices fell on Wednesday after climbing more than 2% in the previous session, as rising oil prices fueled inflation concerns and uncertainty. Spot gold was down 0.5% at $4,035.67 per ounce, while U.S. gold futures for August delivery eased 0.7% to $4,042.20.

    Spot silver lost 0.3% to $58.48 per ounce. Among other precious metals, platinum gained 0.2% to $1,635.56, and palladium edged 0.2% higher to $1,307.11.

    Key Levels to Watch

    Kelvin Wong, senior market analyst at OANDA, commented: “I reckon that the market is now looking past the CPI data, which is kind of a lagging indication… Trump continues to maintain the blockade of ships that is flowing out of the Strait of Hormuz, causing oil prices to rise and gold to come under pressure.”

    Internationally, gold has support at $4,022 and $3,989, while resistance is at $4,110 and $4,140 per troy ounce. Silver has support at $57.40 and $56, with resistance at $60.60 and $62.00 per troy ounce.

    On MCX, gold has support at Rs. 1,41,400 and Rs. 1,40,650, and resistance at Rs. 1,43,350 and Rs. 1,44,500. Silver has support at Rs. 2,20,000 and Rs. 2,17,700, and resistance at Rs. 2,26,000 and Rs. 2,28,800.

  • MCX Gold Rises 0.54% to ₹1,41,066 as Brent Crude Gains and US Inflation Data Awaited

    MCX Gold Rises 0.54% to ₹1,41,066 as Brent Crude Gains and US Inflation Data Awaited

    Gold traded higher on MCX on July 14, following gains in global bullion prices as investors bought at lower levels. August gold futures rose 0.54% to ₹1,41,066. September silver futures advanced 0.64% to ₹2,19,109. Meanwhile, Brent crude futures rose 1.69% to $84.71 per barrel, and US West Texas Intermediate (WTI) advanced 1.92% to $79.64 per barrel.

    According to the CME FedWatch Tool, traders now expect a 76% chance of a September rate hike by the Fed, up from 57% last week.

    Domestic Gold Prices
    24K gold fell by ₹11 to ₹1,42,800 per 10 grams, while 22K gold declined by ₹10 to ₹1,30,900. By city, Mumbai and Kolkata mirrored prices at ₹1,42,800, Delhi at ₹1,42,950, and Chennai at ₹1,43,460.

    US Gold Prices
    US gold rose on Tuesday after hitting a two-week low earlier in the session, as markets awaited key US inflation data amid escalating US-Iran tensions driving oil prices higher. Spot gold was up 0.3% at $4,013.93 per ounce. US gold futures for August delivery gained 0.4% at $4,020.80. Spot silver inched 0.1% lower to $57.60 per ounce, having earlier touched a two-week low. Platinum fell 0.5% to $1,597.52, and palladium rose 0.6% to $1,254.82.

    Key Levels to Watch
    “You have a situation where the markets probably don’t want to commit. They have a big batch of event risks in front of them. There’s, of course, the Warsh testimony and then the CPI print, so there’s a lot for people to look at in addition to the headlines out of the Middle East,” said Ilya Spivak, head of global macro at Tastylive.

    Internationally, gold price has support at $3,955–$3,910 and resistance at $4,040–$4,085 per troy ounce. Silver has support at $56–$54.40 and resistance at $59.10–$60.60 per troy ounce.

    On MCX, gold price may find support at ₹1,39,100–₹1,37,700 and resistance at ₹1,41,400–₹1,42,200. MCX silver has support at ₹2,16,000–₹2,12,400 and resistance at ₹2,20,000–₹2,22,500.

  • MCX Gold Drops 1% to Rs 1,42,050 as Middle East Tensions Boost Brent Crude 4%

    MCX Gold Drops 1% to Rs 1,42,050 as Middle East Tensions Boost Brent Crude 4%

    Gold prices on the Multi Commodity Exchange (MCX) fell 1% on July 13, with August futures settling at Rs 1,42,050 per 10 grams. The decline came as escalating tensions between the US and Iran drove crude oil prices higher and strengthened the US dollar, creating headwinds for the precious metal.

    September silver futures also declined, dropping 1.9% to Rs 2,18,439. Meanwhile, Brent crude futures surged 4.05% to $79.09 per barrel, and US West Texas Intermediate (WTI) advanced 4.13% to $74.36 per barrel.

    According to the CME FedWatch Tool, traders now price in a 72% chance of a Federal Reserve rate hike in September, up from 63% last week.

    Domestic Gold Prices

    In the Indian bullion market, 24K gold fell by Rs 142 to Rs 1,42,910 per 10 grams, while 22K gold declined by Rs 130 to Rs 1,31,000. City-wise, Mumbai and Kolkata quoted gold at Rs 1,42,910, Delhi at Rs 1,43,050, and Chennai at Rs 1,44,000.

    US Gold Prices

    US gold prices also declined over 1% on Monday amid concerns over the potential closure of the Strait of Hormuz, which pushed oil prices higher and revived expectations of elevated interest rates. Spot gold dropped 1.5% to $4,059.11 per ounce, and US gold futures for August delivery were down 1.1% at $4,067.10.

    Spot silver declined 2.9% to $58.14 per ounce, platinum shed 1.8% to $1,598.48, and palladium fell 2.3% to $1,247.27.

    Key Levels to Watch

    “Any breakout of violence in the Gulf is accompanied by pressure on gold,” said Nicholas Frappell, global head of institutional markets at ABC Refinery. “The question is, if the Strait of Hormuz remains effectively or partially closed, does that lead to a deflationary effect, further down the road, that might actually be supportive for gold if you have demand destruction leading to lower economic activity,” Frappell added.

    Internationally, gold has support at $4,074 and $4,040, while resistance is at $4,144 and $4,180 per troy ounce. Silver has support at $59.10 and $57.70, with resistance at $61.20 and $62.40 per troy ounce.

    On MCX, gold has support at Rs 1,42,400 and Rs 1,41,100, and resistance at Rs 1,44,400 and Rs 1,45,550. Silver has support at Rs 2,20,000 and Rs 2,16,600, and resistance at Rs 2,26,000 and Rs 2,28,800.

  • MCX Gold Slips 0.27% to Rs 1,44,901 as Brent Crude Rises; US-Iran Uncertainty Weighs

    MCX Gold Slips 0.27% to Rs 1,44,901 as Brent Crude Rises; US-Iran Uncertainty Weighs

    Gold prices on the Multi Commodity Exchange (MCX) declined on July 10, tracking weak global cues and ongoing uncertainty surrounding the US-Iran conflict. August gold futures slipped 0.27% to Rs 1,44,901 per 10 grams. September silver futures also edged lower, falling 0.08% to Rs 2,26,200.

    Meanwhile, international crude oil prices gained. Brent crude futures rose 0.50% to $76.66 a barrel, while US West Texas Intermediate (WTI) advanced 0.46% to $72.41 a barrel.

    According to the CME FedWatch Tool, traders now see a 64% probability of a September rate hike by the Federal Reserve, up from 54% a week earlier.

    Domestic Gold Prices

    In the domestic spot market, 24K gold rose by Rs 38 to Rs 1,44,820 per 10 grams, while 22K gold gained Rs 35 to Rs 1,32,750. City-wise, Mumbai and Kolkata quoted identical rates at Rs 1,44,820, Delhi was at Rs 1,44,950, and Chennai at Rs 1,45,640.

    US Gold Prices

    In the US, gold prices edged higher on Friday as the dollar softened and concerns over escalating US-Iran tensions fueled inflation worries, keeping the Federal Reserve on a hawkish path. Spot gold was up 0.2% at $4,128.92 per ounce. US gold futures for August delivery held steady at $4,139.50.

    Spot silver rose 0.8% to $60.46 per ounce, platinum gained 1.6% to $1,636.68, and palladium added 1.6% to $1,267.

    Key Levels to Watch

    “Gold is in consolidation mode today following yesterday’s gains, with traders hesitant to commit to further upside amid the prevailing uncertainty over US-Iran relations,” said Tim Waterer, chief market analyst at KCM Trade.

    “I expect gold will continue to attract buyers on dips as long as oil stays around current levels. However, any sharp spike in oil could reignite inflation and interest rate fears, which would be to gold’s detriment,” Waterer added.

    Internationally, gold has support at $4,110 and $4,074, while resistance is at $4,165 and $4,200 per troy ounce. Silver has support at $59.80 and $58.50, with resistance at $61.40 and $63 per troy ounce.

    On MCX, gold has support at Rs 1,44,400 and Rs 1,43,650, and resistance at Rs 1,46,150 and Rs 1,47,000. Silver has support at Rs 2,24,000 and Rs 2,21,000, with resistance at Rs 2,29,100 and Rs 2,32,000.

  • Gold Prices Slide on MCX as Middle East Tensions and Fed Rate Hike Expectations Dampen Sentiment

    Gold Prices Slide on MCX as Middle East Tensions and Fed Rate Hike Expectations Dampen Sentiment

    Gold futures on the Multi Commodity Exchange (MCX) declined on July 9, driven by renewed geopolitical tensions between the US and Iran and growing expectations of aggressive monetary tightening by the Federal Reserve. August gold futures slipped 0.24% to Rs. 1,43,371 per 10 grams, while September silver futures dropped 0.44% to Rs. 2,22,464.

    On the global front, Brent crude oil futures rose 1.05% to $78.84 a barrel, and US West Texas Intermediate (WTI) crude advanced 1.07% to $74.31 a barrel, as market participants priced in the increased risk premium from the unstable US-Iran ceasefire agreement.

    According to the CME FedWatch Tool, traders now see a 68% probability of a Fed rate hike in September, up from 63% previously. This repricing of a possible second interest rate hike as early as Q1 next year has been a key factor pressuring gold prices, according to Kelvin Wong, senior market analyst at OANDA.

    Domestic and US Gold Prices

    In India, 24K gold fell by Rs. 11 to Rs. 1,43,240 per 10 grams, while 22K gold declined by Rs. 10 to Rs. 1,31,300. City-wise, Mumbai and Kolkata recorded prices at Rs. 1,43,240, Delhi at Rs. 1,43,390, and Chennai at Rs. 1,44,220.

    Internationally, spot gold dropped 0.4% to $4,060.46 per ounce, hovering near a one-week low. US gold futures for August delivery were down 0.3% at $4,069.80. Spot silver fell 0.9% to $57.77 per ounce, while platinum rose 0.8% to $1,591.13 and palladium gained 0.8% to $1,223.95.

    Key Levels to Watch

    Analysts have identified key support and resistance levels for gold and silver. Internationally, gold has support at $4,055 and $4,010 and resistance at $4,122 and $4,150 per troy ounce. Silver has support at $57 and $55.50 and resistance at $60 and $61.40.

    On the MCX, gold has support at Rs. 1,43,100 and Rs. 1,42,200 and resistance at Rs. 1,44,400 and Rs. 1,45,150. Silver has support at Rs. 2,20,000 and Rs. 2,16,600 and resistance at Rs. 2,26,600 and Rs. 2,30,000.

    Market participants will continue to monitor developments in the Middle East and any new signals from the Federal Reserve regarding the timing of policy tightening, which could further influence precious metal prices.

  • MCX Gold Slips 0.63% to Rs 1,45,990 as Brent Crude Rises; Fed Minutes in Focus

    MCX Gold Slips 0.63% to Rs 1,45,990 as Brent Crude Rises; Fed Minutes in Focus

    Gold prices edged lower on the Multi Commodity Exchange (MCX) on July 7, as investors turned cautious ahead of the release of the US Federal Reserve’s minutes from its June policy meeting. The August gold futures contract declined 0.63% to settle at Rs 1,45,990 per 10 grams, while September silver futures dropped 1.23% to Rs 2,33,201.

    In the energy market, Brent crude futures gained 0.60% to $72.42 a barrel, and US West Texas Intermediate (WTI) crude rose 0.51% to $68.90 a barrel. The rise in crude prices added to inflationary concerns, which weighed on bullion demand.

    According to the CME FedWatch Tool, market expectations for a September rate hike by the Federal Reserve have eased slightly to 56%, down from 60% previously. The upcoming Fed minutes are expected to provide further clarity on the central bank’s monetary policy trajectory.

    Domestic Gold Prices

    In the domestic spot market, 24K gold fell by Rs 136 to Rs 1,45,260 per 10 grams, while 22K gold declined by Rs 125 to Rs 1,33,150. Regional variations were observed: Mumbai and Kolkata quoted gold at Rs 1,45,260, Delhi at Rs 1,45,410, and Chennai at Rs 1,47,920.

    US Gold Prices

    Internationally, gold prices eased on Tuesday, trading below a two-week high. Spot gold slipped 0.6% to $4,138.32 per ounce, while US gold futures for August delivery fell 0.4% to $4,149.90. Among other precious metals, spot silver declined 1% to $61.48 per ounce, platinum eased 0.1% to $1,629.46, and palladium rose 0.4% to $1,272.85.

    Key Levels to Watch

    Nicholas Frappell, global head of institutional markets at ABC Refinery, noted that gold price action reflects a continuation of last week’s pattern, with the market forming a support base while awaiting direction from the Fed minutes.

    Internationally, gold has support at $4,135 and $4,100 per troy ounce, with resistance at $4,194 and $4,220. Silver support stands at $61.20 and $59.80, with resistance at $63.40 and $64.20. On MCX, gold support is at Rs 1,46,100 and Rs 1,45,500, while resistance is at Rs 1,47,400 and Rs 1,48,200. Silver support on MCX is at Rs 2,33,300 and Rs 2,30,000, with resistance at Rs 2,38,800 and Rs 2,41,000.

    Market participants remain focused on the Fed’s policy outlook, which will likely dictate the near-term direction for gold and other commodities.