On Tuesday, gold prices in India experienced a decline, based on data sourced from India’s Multi Commodity Exchange (MCX).
In India, the cost of gold dropped to 71,922 Indian Rupees (INR) per 10 grams today, marking a decrease of INR 287 compared to Monday’s rate of INR 72,209.
Meanwhile, in the realm of futures contracts, the price of gold rose marginally to INR 71,887 per 10 grams, up from INR 71,855 per 10 grams.
Concurrently, the prices of silver futures contracts climbed to INR 85,180 per kilogram from the previous rate of INR 84,886 per kilogram.
| Major Indian City | Gold Price |
|---|---|
| Ahmedabad | 74,520 |
| Mumbai | 74,230 |
| New Delhi | 74,250 |
| Chennai | 74,510 |
| Kolkata | 74,390 |
Global Market Movers: Comex Gold Holds Firm, Focus Shifts to Key US Inflation Data
- Fed Vice Chair Philip Jefferson advocated for maintaining current interest rates until there are clearer signs of inflation easing, emphasizing the necessity of further evidence indicating a return to the 2% target.
- According to a Reuters poll, 70 out of 108 economists anticipate a 25 basis points (bps) reduction in the Fed funds rate in September, while 65 out of 108 economists foresee a 50 bps rate cut in 2024.
- Reuters reported that on Monday, Israeli troops advanced into Gaza’s northern frontier to reclaim territory from Hamas insurgents. Tanks and soldiers also advanced into Rafah, prompting Palestinian residents to evacuate.
- The US Producer Price Index (PPI) is anticipated to exhibit a year-on-year (YoY) increase of 2.2% for April, with the Core PPI figure expected to rise by 2.4% YoY during the same period.
- Forecasts indicate a moderation in US Consumer Price Index (CPI) inflation, with a projected decrease to 3.4% YoY for April from the previous 3.5%. Similarly, Core CPI inflation is expected to decline to 3.6% YoY in April from 3.8% in March.
