The price of gold in India witnessed a significant decline today, as revealed by the latest figures from the Multi Commodity Exchange (MCX). Gold, a popular investment option in India, saw a drop in its price, reflecting global market trends and domestic economic factors.
Current Gold Prices in India
As per today’s MCX data, the price of gold now stands at ₹72,561 per 10 grams. This marks a notable reduction of ₹1,319 compared to yesterday’s price of ₹73,880. Gold futures have also experienced a dip, with prices falling to ₹72,280 per 10 grams, down from ₹73,045 the previous day.
Silver Prices Also Witness Decline
In addition to gold, silver futures contracts have seen a similar downward trend. Silver prices fell to ₹91,121 per kilogram, showing a decrease from the previous day’s ₹93,013 per kilogram.
Key Market Influencers: Comex Gold and US Federal Reserve
Several global factors are influencing the price of precious metals. The recent minutes from the US Federal Reserve’s (FOMC) meeting have had a significant impact on the market. The minutes highlighted that while inflation has decreased over the past year, it remains far from the Fed’s 2% target. This has led the Federal Reserve to maintain the current federal funds rate, given steady economic growth data.
Investors are now speculating that the first interest rate cut may occur by September, with two additional cuts possibly happening before the year’s end. The CME FedWatch Tool currently suggests a 60% chance of this rate cut.
China’s Role in Gold Purchases
On a global scale, the People’s Bank of China (PBoC) continues to be the largest buyer of gold among central banks. In the past year, China increased its gold reserves by 225 tonnes, the most substantial addition since 1977. This move by China has played a role in shaping the global demand for gold, influencing its price trends.
Conclusion
Investors should keep a close watch on both domestic and international developments to make informed decisions about their gold investments. For daily updates on gold prices and trends, consider visiting our daily gold signal page for more information. You can also find the latest market insights by checking our gold update section for regular reports.
