Gold price in India rose today, reflecting broader market movements. According to FXStreet data, the price of gold reached 8,403.31 Indian Rupees (INR) per gram, an increase from 8,368.14 INR the previous day. Similarly, the price per tola increased from 97,604.33 INR to 98,014.58 INR.
Key Highlights for Gold Price:
- 1 Gram: 8,403.31 INR
- 10 Grams: 84,033.12 INR
- Tola: 98,014.58 INR
- Troy Ounce: 261,372.40 INR
Market Context
Gold prices are gaining support amid rising geopolitical tensions. The Israel Defense Forces (IDF) conducted extensive strikes in the Gaza Strip following failed ceasefire talks in Qatar. This escalation has intensified concerns about further conflicts, boosting gold’s appeal as a safe-haven asset.
Additionally, concerns over a possible recession in the U.S. are driving demand for gold. U.S. Treasury Secretary Scott Bessent stated there are no assurances the U.S. can avoid a recession this year. Weak U.S. retail sales data, showing only a 0.2% increase in February, has further added to market caution.
Technical Insights
Market experts anticipate the Federal Reserve may lower borrowing costs by 25 basis points at upcoming meetings, potentially weakening the U.S. dollar and driving gold prices higher. Additionally, optimism regarding potential peace talks between Russia and Ukraine has kept investors cautious, balancing bullish and bearish sentiment.
Gold Price Forecast: Future Outlook
Investors are keeping a close watch on the upcoming FOMC meeting and U.S. economic data releases, which are expected to impact the gold market. Market sentiment suggests that gold price in India today may continue to find support as long as geopolitical tensions and economic uncertainty persist.
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