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Source: Michael Ballanger 04/29/2024 Michael Ballanger of GGM Advisory Inc. takes a look at the current state of the markets, and shares some stocks he believes are worth taking a look at.
Gold prices hit new highs driven by US PPI data, with MCX June gold futures at Rs 72,678. Silver also rose, influenced by the DXY. Prices surged in April, with significant gains YTD.
India Business News: Gold prices surged in today's trading session, surpassing the Rs 72,000 per 10 grams mark, while silver reached Rs 84,000 per kilogram for the first time ever. These milestones were achieved despite a stronger dollar index, which rose above 105, marking a 1% increase over the past five trading days.
The recent uptick has been on account of slippages in the dollar index (DXY) which has declined by 1.30% over the last one month. Today it was hovering near the 104.13 mark, up by 0.02 or 0.02%.
The gains in bullion prices have been on hopes of interest rate cuts by the US Federal Reserve and global central banks heightened buying of the yellow metal.