Gold prices in India remained relatively flat today, reflecting a cautious global market. Asian trade saw minimal movement in gold prices, with spot gold rising 0.1% to $2,561.30 per ounce, while gold futures for December fell by 0.5% to $2,585.65 per ounce. This decline was mainly driven by a stronger U.S. dollar following less dovish signals from the Federal Reserve.
Key Factors Affecting Gold Prices:
- Federal Reserve Impact: The U.S. Federal Reserve cut its benchmark interest rate by 50 basis points, its first cut since 2020. However, Fed Chair Jerome Powell’s comments about maintaining a higher long-term interest rate dampened market optimism, leading to overnight losses in gold prices globally.
- Dollar Strength: A stronger U.S. dollar, spurred by expectations that interest rates may not fall as much as anticipated, put pressure on bullion prices. This influenced gold prices in India as well, as a stronger dollar makes gold more expensive for buyers in other currencies.
- Profit-Taking: After reaching record highs in recent weeks, many investors engaged in profit-taking, further pulling gold prices down from their peaks.
Gold Prices in India: In India, gold market continues to be influence by global cues. Domestic demand remains strong, particularly with the upcoming festive season, but the international fluctuations are keeping prices in check. As of today, 24-carat gold is price at ₹59,750 per 10 grams, reflecting minor variations in line with global market trends.
While global market forces, including U.S. rate decisions and strength of dollar, are impacting gold prices in India, long-term outlook remains positive. Lower interest rates globally may continue to support demand for gold, making it an attractive investment option for Indian buyers.
For the most reliable updates on India Gold Prices, make sure to visit Shree Metal Prices daily for current market trends and future forecasts.