Gold price in India saw an increase today, according to data from the Multi Commodity Exchange (MCX). The price of gold per 10 grams surged to INR 73,212, reflecting an increase of INR 767 from the previous rate of INR 72,445.
Latest Gold Price Trends in India
Gold prices in India continue to reflect market dynamics, influenced by both domestic demand and global economic conditions. As per MCX data, the price reached INR 73,212 per 10 grams, signaling a significant shift. With such fluctuations, investors often look for reliable updates to guide their decisions.
For an in-depth view on current gold prices, refer to our Daily Gold Update.
Comparative Gold Rates in Major Indian Cities
Gold prices in India vary across regions due to factors like demand, tax structures, and transport costs. Here’s a look at the current gold rates in key Indian cities:
| City | Gold Price (INR) |
|---|---|
| Ahmedabad | 75,780 |
| Mumbai | 75,530 |
| New Delhi | 75,520 |
| Chennai | 75,730 |
| Kolkata | 75,685 |
Global Market Impact on Gold Trends
Gold prices globally have been affected by changes in the US Consumer Price Index (CPI), which saw a slight decrease to 3.4% year-over-year (YoY) in April, down from 3.5% in March. This moderation in inflation aligns with predictions, and, on a monthly basis, headline inflation also dropped to 0.3% in April, down from 0.4% in March.
Core CPI, which excludes food and energy, rose by 3.6% YoY in April, a slight decrease from the previous 3.8%. On a month-over-month basis, core inflation reduced to 0.3% in April. US retail sales, another crucial indicator, held steady at 0% in April, compared to a 0.6% rise in March.
These inflation trends and sales figures have contributed to market expectations for a potential Federal Reserve interest rate cut. As of now, CME’s FedWatch Tool indicates a 75% probability of a rate reduction in September 2024, up from 65% previously. Explore gold trends and investment insights.
Strong Demand for Gold in 2024’s First Quarter
According to the World Gold Council’s Q1 2024 report, global gold demand increased by 3% YoY, totaling 1,238 tonnes – the highest first-quarter demand since 2016. Factors such as inflation concerns, economic uncertainty, and central bank policies have likely contributed to this uptrend in demand.
Conclusion:
Gold prices in India and globally show a steady rise, influenced by both domestic factors and global economic trends. With MCX data showing robust demand and an upward price movement, this remains a key area of interest for investors. For the latest on gold price updates and trends, visit Daily Gold Signal. For in-depth reports, you can also explore our detailed Daily Gold Update.
