Today in India, the price of gold went down. Data from the Multi Commodity Exchange (MCX) shows that gold now costs 71,405 Indian Rupees (INR) for 10 grams, which is 120 INR less than yesterday’s price of 71,525 INR.
If we look at futures contracts, the price of gold dropped to 70,962 INR for 10 grams from 71,136 INR.
Silver prices also fell in futures contracts, going from 82,794 INR per kilogram to 82,429 INR per kilogram.
| Major Indian City | Gold Price |
|---|---|
| Ahmedabad | 73,895 INR |
| Mumbai | 73,675 INR |
| New Delhi | 73,805 INR |
| Chennai | 73,900 INR |
| Kolkata | 73,835 INR |
Global Market Movers: Comex Gold Price Holds Steady Amid Uncertainties
- Neel Kashkari, President of the Minneapolis Fed Bank, remarked that it’s too early to conclude that inflation has ceased. He suggested that if inflation decreases, the Fed might think about lowering interest rates later this year.
- Thomas Barkin, President of the Richmond Fed, believes that the current interest rates are sufficient to slow down the economy and bring inflation back to the 2% target.
- Financial markets anticipate nearly 50 basis points (bps) of rate cuts from the Federal Reserve this year. According to CME’s FedWatch Tool, there’s a 65.7% chance of at least a 25 bps rate cut in September.
- The preliminary data of the University of Michigan Consumer Sentiment Index, set to be released on Friday, is expected to decrease from 77.2 in April to 76.0 in May.
- Israeli forces attacked Gaza’s southern city despite Hamas agreeing to a ceasefire proposal on Monday. Israel rejected it, stating that the conditions didn’t meet its demands, as reported by the New York Times.
- The People’s Bank of China (PBoC) increased its gold reserves by 60,000 troy ounces in April, marking the 18th consecutive month of purchases.
