Gold prices in India saw a rise on Tuesday, with data from India’s Multi Commodity Exchange (MCX) showing a price of 71,525 Indian Rupees (INR) per 10 grams. This marked an increase of INR 199 from the previous day’s price of INR 71,326.
Additionally, Gold prices in futures contracts decreased to INR 71,115 per 10 grams from the earlier price of INR 71,321 per 10 grams. Meanwhile, Silver futures contracts also saw a decline, with prices dropping to INR 82,529 per kilogram from INR 82,838 per kilogram.
City-wise Gold Prices in India
| Major Indian City | Gold Price |
|---|---|
| Ahmedabad | 74,025 |
| Mumbai | 73,810 |
| New Delhi | 73,955 |
| Chennai | 73,990 |
| Kolkata | 73,950 |
Global Market Movers: Comex Gold price remains firm amid inflationary environment and uncertainty
- Richmond Fed President Thomas Barkin suggested that current interest rates should help in cooling the economy, leading to a decline in inflation. He mentioned that the strong job market allows time for officials to gain confidence in the inflation reduction.
- New York Fed President John Williams indicated potential future rate cuts, citing moderation in job growth and the Fed’s comprehensive analysis of data.
- Market expectations include rate cuts totaling 46 basis points by the end of 2024, with the first cut anticipated in September or November.
- Despite Hamas accepting a cease-fire plan, Israel declined due to unmet demands and continued attacks in Rafah, signalling ongoing negotiations.
- Gold prices have surged by about 12% this year, defying inflation and uncertainty surrounding potential Fed rate cuts.
- US employment data revealed slower job growth in April and a drop in annual wage increase below 4.0% for the first time in nearly three years.
Gold FAQs
Gold serves as a store of value, medium of exchange, and safe-haven asset during turbulent times, in addition to its decorative uses.
Central banks hold significant Gold reserves to strengthen their currencies and improve economic stability during crises.
Gold shows an inverse correlation with the US Dollar and acts as a hedge against inflation and economic uncertainties.
Various factors, including geopolitical events, economic conditions, and currency movements, influence Gold prices.
Additional Insight:
– Gold prices are influenced by a myriad of factors, making them a complex and dynamic market to follow.
– Central banks’ increasing Gold reserves signify a continued belief in the metal’s value as a reliable asset.
– The acceptance of Gold as a safe-haven asset underscores its enduring appeal during times of economic uncertainty and geopolitical tensions.
