Gold prices in India rose on Thursday, with prices on India’s Multi Commodity Exchange (MCX) showing an increase.
The price of gold was at 71,911 Indian Rupees (INR) per 10 grams, up by INR 125 compared to Wednesday’s price of INR 71,786.
For futures contracts, gold prices also saw an increase to INR 71,144 per 10 grams from the previous INR 71,050 per 10 grams.
Similarly, prices for silver futures contracts rose to INR 82,568 per kilogram from INR 82,234 per kilogram.
| Major Indian City | Gold Price |
|---|---|
| Ahmedabad | 74,195 |
| Mumbai | 73,855 |
| New Delhi | 74,020 |
| Chennai | 74,110 |
| Kolkata | 74,290 |
Global Market Movers: Comex Gold price rebounds amid weaker USD and softer risk tone
- Investors are eagerly waiting for key US economic data to gain clarity on when the Federal Reserve might cut rates. This anticipation has led to subdued range-bound price action around the Comex Gold price for a second consecutive day.
- The upcoming Advance US GDP report is expected to reveal a 2.5% annualized growth rate for the first quarter, down from the previous 3.4% growth.
- Following the GDP report, focus will shift to the core Personal Consumption Expenditures (PCE) Price Index on Friday, which will heavily influence the short-term direction of XAU/USD.
- Recent data from the US Census Bureau showed a 2.6% increase in Durable Goods Orders for March, indicating positive economic trends that may delay rate cuts and impact gold prices.
- The current global risk sentiment is bolstered by easing concerns over geopolitical tensions in the Middle East, which is suppressing the demand for safe-haven assets like gold.
- The US Dollar remains relatively weak ahead of major economic releases, providing some support to XAU/USD and preventing significant downward movements.
(An automation tool was used in creating this post.)
Gold FAQs
Gold prices in India rose on Thursday, with prices on India’s Multi Commodity Exchange (MCX) showing an increase.
The price of gold was at 71,911 Indian Rupees (INR) per 10 grams, up by INR 125 compared to Wednesday’s price of INR 71,786.
For futures contracts, gold prices also saw an increase to INR 71,144 per 10 grams from the previous INR 71,050 per 10 grams.
Similarly, prices for silver futures contracts rose to INR 82,568 per kilogram from INR 82,234 per kilogram.
| Major Indian City | Gold Price |
|---|---|
| Ahmedabad | 74,195 |
| Mumbai | 73,855 |
| New Delhi | 74,020 |
| Chennai | 74,110 |
| Kolkata | 74,290 |
Global Market Movers: Comex Gold price rebounds amid weaker USD and softer risk tone
- Investors are eagerly waiting for key US economic data to gain clarity on when the Federal Reserve might cut rates. This anticipation has led to subdued range-bound price action around the Comex Gold price for a second consecutive day.
- The upcoming Advance US GDP report is expected to reveal a 2.5% annualized growth rate for the first quarter, down from the previous 3.4% growth.
- Following the GDP report, focus will shift to the core Personal Consumption Expenditures (PCE) Price Index on Friday, which will heavily influence the short-term direction of XAU/USD.
- Recent data from the US Census Bureau showed a 2.6% increase in Durable Goods Orders for March, indicating positive economic trends that may delay rate cuts and impact gold prices.
- The current global risk sentiment is bolstered by easing concerns over geopolitical tensions in the Middle East, which is suppressing the demand for safe-haven assets like gold.
- The US Dollar remains relatively weak ahead of major economic releases, providing some support to XAU/USD and preventing significant downward movements.
(An automation tool was used in creating this post.)
Gold FAQs
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