Today’s Indian Gold Prices: MCX Data Indicates Decline in Gold Prices

On Tuesday, the price of gold in India dropped, as shown by data from the Multi Commodity Exchange (MCX). Now, it costs 71,777 Indian Rupees (INR) for 10 grams of gold, which is INR 123 less than what it cost on Monday, which was 71,900 INR. Looking at future contracts, the price of gold decreased from 71,602 INR per 10 grams to 70,977 INR per 10 grams. Additionally, the prices for silver future contracts also went down, from 82,483 INR per kilogram to 81,250 INR per kilogram.

Global Market Update: Comex Gold Price Continues Decline Amid Strong US Dollar Recovery

• The US Personal Consumption Expenditures (PCE) Price Index released on Friday showed that inflation is still high.
• This reinforced expectations that the Federal Reserve will likely start cutting interest rates, but not until September.
• The belief that the Fed will be cautious about raising rates supports the US Dollar.
• Positive feelings about taking risks in the market also help the US Dollar, making it harder for the price of Gold to go up.
• Worries about possible conflict between Iran and Israel are calming down, which is good for global risk-taking.
• People trading stocks and currencies are waiting to see what happens next, especially with important events like central bank meetings and US economic reports coming up.
• The Federal Reserve will announce its decision on interest rates after a two-day meeting ending on Wednesday. Then, on Friday, the Nonfarm Payrolls report will come out, showing how many jobs were added in the US.
• Investors will watch these events closely to get an idea of what the Federal Reserve might do next with interest rates. This will affect the value of the US Dollar and could also influence the price of Gold.
• On Tuesday, some other US economic reports will come out, like the Chicago PMI and the Consumer Confidence Index. These could also have an impact on trading later in the day.