India gold price saw an upward trend on Friday. According to FXStreet data, the price of gold increased significantly compared to the previous day. This rise in gold prices is noteworthy and reflects the current market dynamics.
1. Gold Prices Overview
On Friday, the price of gold in India was 6,210.30 Indian Rupees (INR) per gram. This is an increase from the INR 6,188.94 per gram recorded on Thursday. Similarly, the price per tola rose to INR 72,433.20 from INR 72,186.63 the previous day.
Gold Prices Breakdown
| Unit Measure | Gold Price in INR |
|---|---|
| 1 Gram | 6,210.30 |
| 10 Grams | 62,102.18 |
| Tola | 72,433.20 |
| Troy Ounce | 193,172.00 |
2. Calculation of Gold Prices
FXStreet calculates gold price by adjusting international prices (USD/INR) to local currency and measurement units. These prices are updated daily based on current market rates. While they provide a good reference, local prices may vary slightly.
3. Global Market Influences
Federal Reserve and US Dollar
The Federal Reserve recently projected only one rate cut in 2024, which strengthens the US Dollar. This projection impacts the non-yielding gold price, creating headwinds.
Inflation Figures and Rate Cuts
Softer inflation figures suggest the Fed might lower borrowing costs sooner. The CME Group’s FedWatch Tool shows a higher chance of a rate cut in September.
Producer Price Index (PPI) Data
FXStreet gold data from the US Bureau of Labor Statistics indicated that the Producer Price Index for final demand rose by 2.2% annually in May, which was lower than expected. The annual core PPI also rose by 2.3%, which was below market expectations.
Consumer Price Index (CPI) Report
Wednesday’s CPI report showed consumer prices were unchanged in May for the first time since last June, with the yearly rate slightly decreasing to 3.3% from 3.4%.
4. Labor Market and Political Concerns
The US Department of Labor reported an increase in unemployment insurance claims. Additionally, a snap election call in France has sparked political concerns. These factors support safe-haven demand for gold amid ongoing geopolitical tensions.
5. Upcoming Economic Indicators
Investors are now focused on the Michigan US Consumer Sentiment Index’s preliminary release. This indicator could influence USD price dynamics and present short-term trading opportunities.
Conclusion
Gold prices in India have risen, reflecting both local and global economic factors. For detailed daily updates on gold prices, visit our daily gold signal. For broader insights, check our daily gold update category.
