Gold prices in India saw an uptick on Monday, based on FXStreet data. The price per gram of gold reached 6,159.77 Indian Rupees (INR), a slight increase from INR 6,158.18 on Friday. The price per tola rose to INR 71,846.33 from INR 71,827.84.
1. Current Gold Prices in India
| Unit Measure | Gold Price in INR |
| 1 Gram | 6,159.77 |
| 10 Grams | 61,598.49 |
| Tola | 71,846.33 |
| Troy Ounce | 191,592.00 |
FXStreet calculates gold prices by adapting international rates (USD/INR) to local currency and measurements. These prices are updated daily based on market rates at the time of publication. Actual local rates might vary slightly from these reference prices.
2. Global Market Influences
Comex Gold Price Faces Challenges Amidst Fed Speculations and Strong USD
- The recent positive US employment data has led to speculation that the Federal Reserve might delay rate cuts. This speculation limits the upside potential for Comex gold prices.
- The US economy added 272K jobs in May, surpassing the expected 185K, although the unemployment rate rose to 4.0%.
- Average hourly earnings increased by 4.1% over the past year, potentially prompting the Fed to maintain higher interest rates.
- The yield on the 10-year US government bond surged to 4.45%, while the 2-year yield remains near 5.0%. This strengthens the US Dollar and creates a challenging environment for XAU/USD.
- The People’s Bank of China halted its 18-month streak of gold purchases in May, raising concerns about reduced demand from one of the largest gold buyers.
- Investors are cautious ahead of this week’s US consumer inflation report and the Federal Open Market Committee’s policy decision. These events will influence future market directions.
- Market expectations for a September rate cut have dropped to around 50% from 70%. Investors now predict a single 25 basis point cut later this year, either in November or December.
- Investors are looking for clear signals from the Fed regarding future rate cuts, which will impact gold’s directional movement.
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