Gold prices in India experienced a decline on Thursday, as per the latest data from FXStreet. This blog provides a simplified overview of the gold price changes and key market influences.
Gold Price Update
According to FXStreet, the gold price in India dropped to 6,219.88 INR per gram, a decrease from 6,244.83 INR the previous day. Additionally, the price per tola fell from 72,838.46 INR to 72,544.30 INR.
2. Detailed Price Breakdown
- 1 Gram: 6,219.88 INR
- 10 Grams: 62,196.09 INR
- Tola: 72,544.30 INR
- Troy Ounce: 193,457.40 INR
FXStreet calculates these prices by adjusting international gold prices (USD/INR) to fit local currency and measurement units. The prices are updated daily and may vary slightly from local market rates.
3. Global Market Influences
3.1 US Consumer Inflation and Federal Reserve
The global market saw a shift after the US Bureau of Labor Statistics (BLS) reported no change in consumer inflation in May, which affected the gold market. The Federal Reserve’s indication of only one rate cut this year has also impacted gold prices. The core Consumer Price Index (CPI) saw a slight rise of 0.2% monthly and 3.4% annually, a slight drop from April’s 3.6%.
3.2 US Federal Reserve Decisions
The Federal Reserve maintained interest rates but revised the benchmark rate projection to 5.1% for the year. This revision boosted the US Dollar, making gold, a non-yielding asset, less attractive.
3.3 Eurozone Political Uncertainty
French President Emmanuel Macron’s call for snap elections increased political uncertainty in the Eurozone, potentially supporting gold prices as a safe-haven asset.
3.4 Upcoming Market Events
Thursday’s US macroeconomic data and the upcoming Bank of Japan policy decision on Friday could further influence market volatility and trading opportunities.
Conclusion
Gold prices in India fell, influenced by global economic factors and market reactions. For more detailed updates, visit Daily Gold Signal and check out the latest updates in the Daily Gold Update.
