Who has given how much return on gold and the stock market this year?
One might think that both the glory of gold and the heyday of the stock market are sparing no effort to enrich investors. On Thursday, the stock market also surpassed the 83,000 mark. On the other hand, gold is trading at record levels from New York to New Delhi. Where gold is racing towards $2,600 per unit. While in India, gold prices have surpassed the 73,000 rupee level on the futures market.
The special thing is that this year, Gold has left Sensex behind in terms of Sensex returns. On the other hand, Nifty is lagging behind Gold by a small margin in the competition. If we look at the numbers, Gold has currently given a return of 16 percent. On the other hand, Sensex has given a return of 15 percent and Nifty has given a return of around 17 percent. Now the biggest question is whether Gold will be able to leave Nifty behind in terms of gains.
This question is also important because the chances of interest rate cuts at the September Federal Reserve meeting have increased significantly. Moreover, the Federal Reserve is going to hold two more meetings before the end of the year. At which there is a possibility of further cuts. Due to which a further rise in gold prices will be seen. Let us also tell you what kind of figures are being seen for the stock market and gold?
read this too
Sensex loses to Gold, now it’s Nifty’s turn
Gold has outperformed Sensex in terms of gains this year with a return of 16 percent. It is looking to leave Nifty behind. So far in the year 2024, Sensex has given a return of 15 percent to investors. On the other hand, Nifty has made investors gain as much as 17 percent. If we talk about the current week, a 2 percent rise has been seen in gold prices. The European Central Bank (ECB) has reduced its interest rates by 0.25 percent. The effect of which was seen on gold prices. On the Comex market in New York, the price of gold touched an all-time high of around $2,600 per unit.
Why is it accelerating?
Anuj Gupta, head of commodities and currencies at HDFC Securities, said gold and silver prices have risen due to the ECB rate cut. He said sentiment towards gold has also been positive due to expectations of a rate cut by China. China is set to cut interest rates on more than $5 trillion of outstanding mortgages starting this month, Bloomberg said, citing people familiar with the matter. So that consumption can be promoted and millions of families in China can get cheap loans.
Gupta said that if customs duties on gold and silver had not been removed, then gold could have given even better returns. Incidentally, in the year 2024, so far the spot gold prices of investors in the international market have risen by 25 percent. On July 23, gold fell by 6 percent after Finance Minister Nirmala Sitharaman reduced customs duties on gold and silver to 6 percent. Gupta expects the positive trend of gold to continue ahead of the Federal Reserve’s monetary policy meeting next week. He believes that gold futures on MCX will soon touch the level of Rs 75,000.
Gold made history in New York
If we talk about the international market, gold has made history on the Comex exchange in New York. According to the data, the price of gold futures exceeded $2,600 per unit and reached an all-time high of $2,601 per unit. According to Indian time at 3:40 p.m., it is trading at $2,599.50 per ounce, up by $19 per ounce. The spot price of gold reached its all-time high with an increase of $2,571 per unit. However, it is currently trading at $2,566 per ounce, up by about $10 per ounce. A slight increase in the price of gold is observed in the European and British markets. In the European market, gold is trading at €2,314.43 per ounce, up by €3.58 per ounce. On the other hand, in the British market the price of gold has increased by 4 pounds per ounce and is quoted at 1,953.71 pounds per ounce.
gold price in mcx
On the other hand, the Indian Multi Commodity Exchange futures market is also witnessing a rise in the price of gold. A rise of Rs 306 is seen on MCXP at 3:45 pm and the price is at Rs 73,130. While during the trading session, the price of gold touched the day’s high of Rs 73,275. However, the price of gold opened at Rs 73,128 in the morning. A day ago, gold had closed at Rs 72,824. Incidentally, gold is currently cheaper by around Rs 2000 from its all-time high. On July 17, gold had touched an all-time high of Rs 75,128.
What is the state of the stock market?
On the other hand, the stock market closed with a slight decline on Friday. The main index of the Bombay Stock Exchange, Sensex, closed at 82,890.94 points with a slight decline of about 72 points. It touched the lowest level of the day at 82,653.22 points. However, a day ago there was a surge of more than 1000 in Sensex and the index touched an all-time high of 83,116.19 points.
On the other hand, the main index of the National Stock Exchange Nifty closed at 25,356.50 points with a drop of 32.40 points. While during the trading session, Nifty had fallen to the lowest level of the day at 25,292.45 points. However, a day earlier, Nifty had seen a rise of around 2 percent. It had touched its all-time high at 25,433.35 points.
