Gold Prices Rally in India and Internationally
Precious Metals Market Trends in India
Today, the precious metals market in India experienced a mix of trends, with a decrease in gold prices and a slight increase in futures. The Multi Commodity Exchange of India (MCX) reported a drop in spot gold to ₹61,208 per ten grams and an uptick in futures to ₹61,084 per ten grams. Additionally, silver saw a decline to ₹74,590 per kilogram.
Variations in Gold Prices Across Indian Cities
Major Indian cities displayed varied gold prices, with Ahmedabad listing ₹63,360, Mumbai at ₹63,190, New Delhi at ₹63,350, Chennai at ₹63,320, and Kolkata at ₹63,370 for ten grams of the precious metal.
International Movement of Gold Prices
Internationally, Comex Gold experienced a rebound as the U.S. dollar weakened after the release of hawkish Federal Open Market Committee (FOMC) minutes. The lighter trade volumes typical of Thanksgiving Day also played a role in the movement of prices. Expectations that the Federal Reserve may pursue less aggressive interest rate hikes have contributed to the recent rally in gold prices.
Mixed Signals from U.S. Economic Indicators
U.S. economic indicators sent mixed signals to investors. Unemployment claims dropped significantly, suggesting strength in the labor market. However, consumer sentiment revealed growing concerns over inflation, and durable goods orders showed a decrease—a potential indicator of an economic slowdown. These diverse economic factors are likely influencing the precious metals market as investors seek safe-haven assets amidst uncertainty.
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