Gold prices in India saw an upward trend today, according to data from FXStreet. This increase is in line with global market factors, particularly speculation about a Federal Reserve interest rate cut and a weakening U.S. dollar. These movements are driving gold prices higher, making it a crucial time for investors and traders to stay informed.
Gold Prices in India Today
On Thursday, the price of gold in India rose, reaching 6,349.30 INR per gram. This marks an increase of 28.10 INR compared to Wednesday’s price of 6,321.20 INR per gram. Additionally, the price per tola of gold climbed to 74,056.95 INR from the previous day’s 73,729.23 INR.
Here’s a quick look at the current gold prices:
| Unit Measure | Gold Price in INR |
|---|---|
| 1 Gram | 6,349.30 |
| 10 Grams | 63,492.97 |
| Tola | 74,056.95 |
| Troy Ounce | 197,485.30 |
Global Market Impact on Gold Prices
Gold prices are also influenced by global market movements. Recent U.S. macroeconomic data has stirred expectations for a Federal Reserve interest rate cut later this year. This has led to lower U.S. Treasury bond yields, which in turn supports higher gold prices.
For example, ADP’s report revealed that U.S. Private sector jobs increased by 152,000 in May. Although this number is below the expected 173,000, it still impacts the market. Additionally, April’s revised figure stands at 188,000, down from an initial report of 192,000.
Another significant factor is the ISM Services PMI, which climbed to 53.8 in May, exceeding expectations of 50.8. This increase, along with a slight drop in the Prices Paid sub-component to 58.1 from 59.2, has influenced market sentiment.
Lastly, softer data on the U.S. Personal Consumption Expenditures (PCE) Price Index suggested that inflation might be easing. This pushed U.S. Treasury bond yields even lower, lending further support to gold prices. The 10-year U.S. Treasury yield reached a two-month low of 4.28%, and the yield on the 2-year bond dropped to 4.731%.
Market Outlook: What’s Next?
As the market digests this data, attention now turns to the Weekly Initial Jobless Claims report for more clues on the U.S. economic situation. Additionally, traders are eagerly awaiting the release of the U.S. monthly employment figures, particularly the Nonfarm Payrolls (NFP) report, which is due on Friday.
These upcoming events will likely continue to shape gold price trends in both the short and long term.
Conclusion: Stay Updated on Gold Price Movements
Gold prices in India are closely tied to global market trends, and today’s rise is no exception. Investors should keep a close eye on further developments, particularly with key U.S. Upcoming economic data scheduled for release soon.
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