Today in India, the price of gold went down. This information comes from the Multi Commodity Exchange (MCX) in India.
For every 10 grams of gold, it now costs 71,290 Indian Rupees (INR). That’s 487 INR less compared to yesterday when it was 71,777 INR.
If we look at future contracts for gold, the price increased slightly. It went up to 70,758 INR for every 10 grams from 70,725 INR.
As for silver, the price also decreased in future contracts. It’s now 81,070 INR per kilogram, down from 81,227 INR.
| Major Indian City | Gold Price |
|---|---|
| Ahmedabad | 73,895 |
| Mumbai | 73,605 |
| New Delhi | 73,650 |
| Chennai | 73,900 |
| Kolkata | 73,880 |
Global Market Movers: Comex Gold Price Reverses Post-Fed Rebound
- Federal Reserve Chair Jerome Powell warned on Wednesday that interest rates will stay high for longer.
- This slowing disinflation is causing a headwind for the Comex Gold price.
- US Treasury bond yields bounced back, which revived demand for the US Dollar.
- This demand for the dollar limited the increase in the value of gold, which doesn’t yield any interest.
- Powell hinted that the Fed’s next move might be to cut interest rates, which undermines gold’s status as a safe-haven investment.
- This, combined with reduced geopolitical tensions, suggests that gold’s price is more likely to fall than rise.
- However, there hasn’t been much selling of gold, which suggests caution for traders who bet on gold’s price falling.
- Investors may also be waiting on the sidelines before the release of the important US monthly employment report, known as the Nonfarm Payrolls (NFP) report, on Friday.
- Meanwhile, on Thursday, traders will pay attention to US economic indicators like Challenger Job Cuts, Weekly Initial Jobless Claims, and Trade Balance data for short-term trading cues.
