Gold price movement in India have seen a decline recently, with FXStreet data revealing a drop in the rates on Monday. The price of Gold was recorded at 6,216.10 Indian Rupees (INR) per gram, showing a reduction from Friday’s price of INR 6,219.92. Similarly, the price per tola also decreased, indicating a shift in the market. Understanding these movements is crucial for investors and market enthusiasts.
Gold Price Decline in India
The gold price movement in India recorded a decline on Monday. The rate dropped to INR 6,216.10 per gram, a decrease of INR 3.82 compared to the previous Friday’s rate. Additionally, the Gold price per tola also dropped from INR 72,547.98 to INR 72,503.40. These fluctuations reflect the ongoing changes in the global market, which are influencing the Indian Gold rates.
| Unit Measure | Gold Price in INR |
|---|---|
| 1 Gram | 6,216.10 |
| 10 Grams | 62,159.96 |
| Tola | 72,503.40 |
| Troy Ounce | 193,352.50 |
Key Global Market Influences
The global market is playing a significant role in these price movements. Despite a weakening US Dollar, the Comex Gold price is struggling to attract buyers. This is happening in the context of the US inflation report meeting expectations, which suggests potential interest rate cuts by the Federal Reserve.
US Inflation and Economic Indicators
The US Bureau of Economic Analysis (BEA) reported a 0.3% rise in the Personal Consumption Expenditures (PCE) Price Index for April, aligning with consensus estimates. The Core PCE Price Index, excluding food and energy prices, also increased by 2.8% annually. Modest growth in personal income and spending, by 0.3% and 0.2%, further supports expectations of rate cuts by the Fed, contributing to the decline in US Treasury bond yields and bolstering gold prices.
Market Sentiments and Geopolitical Factors
Tensions in the Middle East continue to support safe-haven assets like Gold, although positive equity market sentiment is limiting gains. China’s Caixin S&P Global Manufacturing PMI increased to 51.7 in May, showing signs of economic stabilization and improving investor confidence. Optimism surrounding a ceasefire plan for Gaza, announced by US President Joe Biden, has tempered aggressive bullish bets on commodities.
Upcoming Market Events
Investors are closely monitoring key upcoming market events, including the final global Manufacturing PMI prints, the US ISM Manufacturing PMI, and significant US macro releases. This week’s major events include the Non-Farm Payroll (NFP) report, the Bank of Canada policy decision, and the European Central Bank (ECB) meeting. These developments are expected to provide short-term trading opportunities and further influence Gold prices globally.
Conclusion
The recent decline in Gold prices in India is reflective of broader global market dynamics. With factors such as US inflation, geopolitical tensions, and key market events influencing prices, investors should stay informed. For more insights on Gold price movements and daily updates, visit Daily Gold Signal for comprehensive analysis. Also, check out the Daily Gold Update for the latest market trends and forecasts.
