Gold prices in India have seen a slight increase today, with data from the Multi Commodity Exchange (MCX) showing a rise in value. As of today, the price for 10 grams of gold reached ₹71,933, marking a marginal increase of ₹11 compared to yesterday’s price of ₹71,922. This small but significant change highlights how gold continues to be an essential investment for many in India.
Current Gold Prices in India
Today’s gold price for 10 grams rose to ₹71,933, based on data from MCX. This is a slight increase from the previous day’s value of ₹71,922. Though this change is modest, it reflects a general upward trend in gold price within the country.
On the other hand, gold futures price have experienced a decrease. Futures for gold have dropped from ₹72,009 per 10 grams to ₹71,829 per 10 grams. Meanwhile, the prices for silver futures have also dipped, falling from ₹94,608 per kilogram to ₹94,127 per kilogram.
Gold Prices in Major Indian Cities
Gold price vary slightly depending on the city. Here are the current rates for some of India’s major cities:
- Ahmedabad: ₹74,455 per 10 grams
- Mumbai: ₹74,270 per 10 grams
- New Delhi: ₹74,275 per 10 grams
- Chennai: ₹74,510 per 10 grams
- Kolkata: ₹74,460 per 10 grams
These fluctuations in different regions demonstrate how local demand and factors like logistics can influence gold price across the country.
Global Market Impact: Comex Gold Prices Await US Inflation Data
Gold prices in the global market have also been showing resilience. On the Comex, gold price have managed to hold steady as traders wait for new US inflation data. Recent events, such as the Israeli airstrike in Gaza that claimed lives in Rafah, are adding tension to the global scene. The international community has called for Israel to stop the attacks, following a decree from the World Court.
In the US, the Federal Reserve’s recent minutes indicate that the central bank may need more time to confidently target inflation at 2%. Meanwhile, traders have reduced their expectations of a Federal Reserve rate cut. According to the CME FedWatch tool, the likelihood of a rate cut in September has decreased to 49%, compared to 63% last week.
Future Gold Forecast: Expert Predictions
Looking forward, market analysts are offering optimistic forecasts for gold prices. UBS has revised its gold price forecast to $2,600 by the end of 2024. Meanwhile, Citi experts expect gold prices to reach $3,000 per ounce within the next six to eighteen months.
These predictions highlight the ongoing interest in gold as a secure investment, especially during uncertain economic times. Investors are closely watching these forecasts to make informed decisions about future gold investments.
Conclusion
Today’s slight rise in gold prices highlights how dynamic the gold market can be. While gold futures and silver prices have dipped, there is still room for growth based on expert forecasts. Keeping a close eye on both the domestic and global markets will be crucial for investors who want to stay ahead.
For more in-depth updates and insights on gold prices, visit our daily gold signal page. You can also explore more detailed reports on gold’s movement by checking our daily gold updates.
