Gold prices surged in India on Thursday, as indicated by data from the Multi Commodity Exchange (MCX), with the price reaching 73,212 Indian Rupees (INR) per 10 grams. This marked a notable increase of INR 767 compared to Wednesday’s rate of INR 72,445.
According to figures from India’s Multi Commodity Exchange (MCX), gold witnessed a rise in prices today, standing at 73,212 Indian Rupees (INR) per 10 grams, marking a rise of INR 767 from the previous day’s rate of INR 72,445.
India’s Multi Commodity Exchange (MCX) data revealed an uptick in gold prices on Thursday, with the price per 10 grams climbing to 73,212 Indian Rupees (INR), representing a significant increase of INR 767 compared to Wednesday’s rate of INR 72,445.
In line with data from India’s Multi Commodity Exchange (MCX), gold prices in India witnessed an upward trend on Thursday, reaching 73,212 Indian Rupees (INR) per 10 grams, showing a noteworthy increase of INR 767 from the previous day’s rate of INR 72,445.
The latest data from India’s Multi Commodity Exchange (MCX) revealed a rise in gold prices today, with the cost per 10 grams standing at 73,212 Indian Rupees (INR), indicating an increase of INR 767 compared to Wednesday’s rate of INR 72,445.
| Major Indian City | Gold Price |
|---|---|
| Ahmedabad | 75,780 |
| Mumbai | 75,530 |
| New Delhi | 75,520 |
| Chennai | 75,730 |
| Kolkata | 75,685 |
Global Market Movers: Comex Gold Price Inches Upward Amid Cooling US Inflation and Weaker Retail Sales
- The US Consumer Price Index (CPI) rose by 3.4% year-over-year (YoY) in April, slightly lower than the 3.5% increase in March, aligning with market forecasts. On a monthly basis, the headline CPI inflation decreased to 0.3% month-over-month (MoM) in April from 0.4% in March, falling short of the expected 0.4%.
- Core CPI inflation, excluding volatile items such as food and energy, climbed by 3.6% YoY in April, down from the previous 3.8% reading. The monthly core CPI moderated to 0.3% MoM in April from 0.4% in March.
- US Retail Sales remained stagnant at 0% MoM in April following a 0.6% increase in March, below the anticipated 0.4%.
- Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, emphasized the necessity for the central bank to carefully monitor economic conditions to determine if existing policy rates are restrictive enough.
- Financial markets are currently reflecting a nearly 75% probability of a Federal Reserve rate cut in September 2024, up from 65% prior to the release of the US CPI report, according to the CME’s FedWatch Tool.
- The World Gold Council’s Q1 2024 report reveals that global gold demand rose by 3% to 1,238 tonnes, marking the strongest first quarter performance since 2016.
