Gold Rate Today – Gold Edges Up
Gold prices generally have been edging up this week but are still relatively weak. Responding to the Federal Reserve voting to tighten its policy, the precious metal did jump at one point to $25 within 15 minutes.
On the Comex division of the New York Mercantile Exchange – the most actively traded contract Gold for December delivery closed up 0.2% at $1,148.70 a troy ounce.
The weaker dollar – following poor U.S trade data – has also provided some support for gold.
In Asia, the precious metal dropped in response to investors waiting for the Federal Reserve and also China markets returning from holidays.
The precious metal is below the high it reached in August of $1,170. Some analysts believe gold will remain weak until the Federal Reserve increases interest rates.
Oliver Temple gives his expert view on the gold rate today generally.
Global Banks Influencing Gold
Global banks are having some influence on gold prices. The World Gold Council reports that 47 metric tons of the precious metal were added to central banks’ gold reserves in August. 62 tons had already been acquired by them in July.
China and Russia’s central banks are the biggest buyers of the precious metal. Even before international sanctions over Ukraine, Russia was adding to its reserves.
Diwali Celebrations Begin
Celebrations for Diwali – the festival of light which is significant for many Hindus, Sikhs and Jains – are beginning to move into full swing.
Diwali represents the triumph of good over evil and light over darkness. In London on Sunday 11th October, many will be gathering in Trafalgar Square to mark the festival.
Highlights include a Children’s parade, the traditional Garba dance and Indian Bollywood dancing. To keep in tradition with Indian Diwali customs, there will be a puja (prayer ritual).
The free celebrations in Trafalgar begin at 12.30pm and finish at 9pm.
Elvis’ Piano To Be Sold
Elvis’ piano – which was decorated with a 24K gold-leaf finish by his wife Priscilla – is to be auctioned. The instrument was played by Elvis at his Graceland’s home and was originally bought in 1955.
To discuss more about the gold rate today and your gold options particularly during Diwali, please contact Oliver Temple:
020 7283 7752
Gold Investments are your trusted gold bullion dealer establised in 1981.
Trafalgar Square photo by Simon Howden at freedigitalphotos.net