Today in India, the price of gold went up. This information comes from the Multi Commodity Exchange (MCX) in India.
For every 10 grams of gold, it now costs 71,525 Indian Rupees (INR). That’s 199 INR more compared to yesterday when it was 71,326 INR.
If we talk about the future contracts of gold, the price went down a bit. It decreased from 71,321 INR to 71,115 INR for every 10 grams.
Silver prices also saw a slight drop in their future contracts. They went from 82,838 INR per kilogram to 82,529 INR per kilogram.
| Major Indian City | Gold Price |
|---|---|
| Ahmedabad | 74,025 |
| Mumbai | 73,810 |
| New Delhi | 73,955 |
| Chennai | 73,990 |
| Kolkata | 73,950 |
Global Market Movers: Comex Gold Price Remains Firm Amid Inflationary Environment and Uncertainty
- Gold prices have been on the rise this year, increasing by about 12%. Despite high inflation and uncertainty about when the US Federal Reserve will cut interest rates, gold has continued to advance.
- Richmond Fed President Thomas Barkin believes that the current level of interest rates should help cool down the economy and bring inflation back to the target of 2%. He thinks the strong job market gives officials time to be confident that inflation will decrease.
- New York Fed President John Williams thinks rate cuts are inevitable. He sees job growth slowing down and says the Fed is considering all the data.
- According to LSEG’s rate probability app, markets are expecting rate cuts totaling 46 basis points by the end of 2024, with the first cut likely in September or November.
- Meanwhile, the US employment data for April showed that job growth was slower than expected, and the increase in annual wages fell below 4.0% for the first time in nearly three years.
Regarding the situation in the Middle East:
- Hamas agreed to an Egyptian-Qatari cease-fire plan, but Israel rejected it because it didn’t meet its “core demands.”
- Israel continued its attack on Rafah in southern Gaza but expressed willingness to keep negotiating.
