Gold prices in India experienced a significant rise on Tuesday, based on the latest data from India’s Multi Commodity Exchange (MCX). The price of gold reached 73,853 Indian Rupees (INR) per 10 grams, marking an increase of INR 692 compared to Monday’s rate of 73,161 INR.
However, in terms of gold futures, there was a slight decline. The futures price dropped to 73,968 INR per 10 grams, down from 74,367 INR. Silver futures also saw a dip, falling from 95,267 INR to 94,350 INR per kilogram.
Current Gold Prices in Major Indian Cities
The price of gold varies across major cities in India. Here’s the latest data:
- Ahmedabad: 76,415 INR
- Mumbai: 76,215 INR
- New Delhi: 76,170 INR
- Chennai: 76,420 INR
- Kolkata: 76,370 INR
These fluctuations are crucial for investors and consumers alike, as they influence buying and selling decisions in the gold market.
Global Gold Market Overview
In the global market, particularly on Comex, gold reached an all-time high of $2,450 on Monday. Silver prices are also nearing a 12-year high. For 2024, gold has risen by 18%, while silver has jumped by 35%.
One of the factors impacting the global market is the tightening of monetary policies by the U.S. Federal Reserve. According to Michael Barr, Vice Chair of the Federal Reserve, the central bank’s strict lending regulations need more time to yield results. Similarly, Philip Jefferson, another key Federal Reserve member, expressed that inflation is not rising as quickly as anticipated.
Raphael Bostic from the Atlanta Federal Reserve emphasized that the current tight lending policies will take some time to show their full effect, especially in pushing inflation closer to the 2% target.
Impact of Federal Reserve’s Interest Rates
Investor sentiment is heavily influenced by interest rate adjustments by the U.S. Federal Reserve. According to the CME FedWatch Tool, there is a 76% probability that the Federal Reserve will reduce interest rates by 0.25% in September. Additionally, investors expect two more rate cuts by the end of the year. These decisions play a pivotal role in shaping gold and silver prices in both local and global markets.
For daily gold price updates, visit the Daily Gold Signal. Stay informed on gold market trends by checking out Daily Gold Update for the latest analysis.
