Gold prices in India saw a decline on Thursday, as indicated by FXStreet data. The price of gold per gram dropped to INR 6,248.90, reflecting a decrease of INR 15.35 from Wednesday’s price of INR 6,264.26. Similarly, the price per tola decreased to INR 72,885.98, down from INR 73,065.05 the previous day.
Current Gold Prices in India
Gold prices fluctuated on Thursday, as the value per gram reached INR 6,248.90, marking a decline compared to the prior day’s rates. The decrease was also seen in the price per tola, which fell to INR 72,885.98 from INR 73,065.05.
| Unit Measure | Gold Price in INR |
|---|---|
| 1 Gram | 6,248.90 |
| 10 Grams | 62,489.04 |
| Tola | 72,885.98 |
| Troy Ounce | 194,367.70 |
Global Market Movers Impacting Gold Prices
On the global front, the gold market remained weak due to stronger U.S. data. Comex gold prices continued to struggle, reflecting the influence of external economic factors. According to a report by CNN, the Israeli military announced gaining operational control over the Philadelphi Corridor along the Gaza-Egypt border.
Last week, global gold Exchange-Traded Funds (ETFs) saw a net outflow of 11.3 metric tonnes, as reported by the World Gold Council. This decline in ETFs signals a weakening interest in gold investments on a global scale.
U.S. Economic Factors and Their Influence
In the U.S., economic activities expanded, although the overall outlook remains uncertain. Fed Atlanta President Bostic noted that while price gains are widespread, reducing inflation could increase confidence in potential rate cuts. The Federal Reserve’s Beige Book also highlighted modest price increases from early April to mid-May, with growing concerns over economic risks.
Additionally, the CME FedWatch Tool indicates a 50% probability that the Federal Reserve may maintain interest rates in September. The U.S. Gross Domestic Product (GDP) is expected to grow at a 1.3% annual rate in the first quarter of 2024, influencing global gold prices.
Conclusion: Staying Informed on Gold Prices
Gold prices in India and globally are influenced by a variety of economic and geopolitical factors. Staying updated on these changes can help in making informed investment decisions. For more detailed updates, you can explore the Daily Gold Signal website or check out the Daily Gold Update for the latest insights.
