Gold prices in India dropped on Friday, as reported by India’s Multi Commodity Exchange (MCX).
The price of gold was at 70,906 Indian Rupees (INR) per 10 grams, which is INR 384 lower than Thursday’s price of INR 71,290.
For futures contracts, gold prices fell to INR 70,647 per 10 grams from INR 70,701 per 10 grams.
Similarly, prices for silver futures contracts declined to INR 81,119 per kilogram from INR 81,313 per kilogram.
| Major Indian City | Gold Price |
|---|---|
| Ahmedabad | 73,480 |
| Mumbai | 73,260 |
| New Delhi | 73,350 |
| Chennai | 73,420 |
| Kolkata | 73,435 |
Global Market Movers: Gold Price Traders Remain Non-Committed Amid Focus on US NFP
- Expectations of the Federal Reserve keeping interest rates higher for a longer time, along with a positive mood in the market, are causing a decrease in demand for safe-haven Comex Gold.
- The Federal Reserve signaled on Wednesday that it plans to lower the policy rate in the future, but it’s not rushing into it because the disinflationary process has slowed down lately.
- This less aggressive stance from the Federal Reserve has caused weakness in the US Dollar overall, which helps limit the downside for the XAU/USD (Gold price in USD).
- Traders may prefer to wait for the release of the closely watched US monthly employment report, known as the Nonfarm Payrolls (NFP) report. It’s expected to show an addition of 243,000 new jobs in April.
- Meanwhile, the Unemployment Rate is expected to remain steady at 3.8%, while the Average Hourly Earnings might have slightly decreased to a yearly increase of 4.0% from 4.1% in March.
- The important jobs data could change how people think about what the Federal Reserve might do next with interest rates. This, in turn, will affect the value of the US dollar and provide direction to Comex Gold prices.
