Gold prices in India saw an increase on Wednesday, with the price of 10 grams of gold reaching 71,911 Indian Rupees (INR), up by INR 554 from the previous day’s price of INR 71,357.
On the futures front, gold prices dropped to INR 70,972 per 10 grams from the earlier level of INR 71,029 per 10 grams. Meanwhile, silver futures saw an increase to INR 80,690 per kilogram from INR 80,678 per kilogram.
| Major Indian city | Gold Price |
|---|---|
| Ahmedabad | 74,430 |
| Mumbai | 74,235 |
| New Delhi | 74,230 |
| Chennai | 74,380 |
| Kolkata | 74,475 |
Global Market Movers: Comex Gold price struggles amid positive risk tone, modest USD strength
- Easing concerns over geopolitical tensions in the Middle East continue to support a positive risk tone and act as a hindrance for the safe-haven gold price on Comex.
- Hawkish comments from Federal Reserve officials are bolstering expectations that the US central bank will maintain higher rates for an extended period, weakening the appeal of the non-yielding yellow metal.
- Weaker US PMI reports released recently are keeping US Dollar bulls on the defensive, providing some support to the commodity.
Economic Data Impact
The S&P Global Composite Purchasing Managers Index (PMI) and the Manufacturing PMI in the US have not been very encouraging, indicating slower business activity expansion in the private sector. This data, coupled with the upcoming key US macroeconomic reports, is expected to influence the Federal Reserve’s future policy decisions and the gold market.
US Economic Docket
Wednesday’s economic calendar features Durable Goods Orders, with a close eye on the Advance Q1 GDP report and the Personal Consumption Expenditures (PCE) Price Index. These releases are anticipated to provide new direction to the XAU/USD pair.
(An automation tool was used in creating this post.)
Gold FAQs
Gold has historically served as a store of value and medium of exchange. It is considered a safe-haven asset and a hedge against inflation and currency depreciation.
Central banks are significant holders of gold, using it to diversify reserves and enhance economic strength. Particularly, central banks of emerging economies like China, India, and Turkey are increasing their gold reserves.
Gold exhibits an inverse correlation with the US Dollar and US Treasuries, making it an attractive diversification asset during market uncertainties.
Various factors like geopolitical instability and interest rate movements impact gold prices, with the US Dollar playing a crucial role in determining its value.
Gold prices in India saw an increase on Wednesday, with the price of 10 grams of gold reaching 71,911 Indian Rupees (INR), up by INR 554 from the previous day’s price of INR 71,357.
On the futures front, gold prices dropped to INR 70,972 per 10 grams from the earlier level of INR 71,029 per 10 grams. Meanwhile, silver futures saw an increase to INR 80,690 per kilogram from INR 80,678 per kilogram.
| Major Indian city | Gold Price |
|---|---|
| Ahmedabad | 74,430 |
| Mumbai | 74,235 |
| New Delhi | 74,230 |
| Chennai | 74,380 |
| Kolkata | 74,475 |
Global Market Movers: Comex Gold price struggles amid positive risk tone, modest USD strength
- Easing concerns over geopolitical tensions in the Middle East continue to support a positive risk tone and act as a hindrance for the safe-haven gold price on Comex.
- Hawkish comments from Federal Reserve officials are bolstering expectations that the US central bank will maintain higher rates for an extended period, weakening the appeal of the non-yielding yellow metal.
- Weaker US PMI reports released recently are keeping US Dollar bulls on the defensive, providing some support to the commodity.
Economic Data Impact
The S&P Global Composite Purchasing Managers Index (PMI) and the Manufacturing PMI in the US have not been very encouraging, indicating slower business activity expansion in the private sector. This data, coupled with the upcoming key US macroeconomic reports, is expected to influence the Federal Reserve’s future policy decisions and the gold market.
US Economic Docket
Wednesday’s economic calendar features Durable Goods Orders, with a close eye on the Advance Q1 GDP report and the Personal Consumption Expenditures (PCE) Price Index. These releases are anticipated to provide new direction to the XAU/USD pair.
(An automation tool was used in creating this post.)
Gold FAQs
Gold has historically served as a store of value and medium of exchange. It is considered a safe-haven asset and a hedge against inflation and currency depreciation.
Central banks are significant holders of gold, using it to diversify reserves and enhance economic strength. Particularly, central banks of emerging economies like China, India, and Turkey are increasing their gold reserves.
Gold exhibits an inverse correlation with the US Dollar and US Treasuries, making it an attractive diversification asset during market uncertainties.
Various factors like geopolitical instability and interest rate movements impact gold prices, with the US Dollar playing a crucial role in determining its value.
