Gold prices went up in India on Tuesday, based on information from India’s Multi Commodity Exchange (MCX).
The price of gold was 73,853 Indian Rupees (INR) for every 10 grams, which is INR 692 more than the 73,161 INR it was on Monday.
In terms of futures contracts, the price of gold dropped to 73,968 INR for every 10 grams from 74,367 INR for every 10 grams.
The price of silver futures contracts also dropped to 94,350 INR per kilogram from 95,267 INR per kilogram.
| Major Indian City | Gold Price |
|---|---|
| Ahmedabad | 76,415 |
| Mumbai | 76,215 |
| New Delhi | 76,170 |
| Chennai | 76,420 |
| Kolkata | 76,370 |
Global Market Movers: Comex Gold Price Faces Challenges in Rising Against Strengthening USD
Gold prices on Comex went up to their highest ever on Monday, hitting $2,450, and silver prices are almost at their highest in 12 years. This year, gold has gone up by 18%, while silver has gone up by 35%.
Michael Barr, who is the Vice Chair of the Federal Reserve, said that the central bank needs to give their strict rules about borrowing money more time to work.
Another person who makes decisions about interest rates at the Federal Reserve, Philip Jefferson, said that prices are still not going up as fast as he thought they would.
Raphael Bostic, from the Atlanta Federal Reserve, said that the rules about borrowing money are tight and it will take time before they’re sure prices will go up to 2%.
Investors think there’s a 76% chance that the Federal Reserve will lower interest rates by 0.25% in September and two more times by the end of the year, according to the CME FedWatch Tool.
