In simple terms, on Wednesday, the price of gold went up in India. According to data from India’s Multi Commodity Exchange (MCX), the price of gold was 71,911 Indian Rupees (INR) per 10 grams. This was an increase of INR 554 compared to Tuesday, when it was INR 71,357 per 10 grams.
For futures contracts, the price of gold went down slightly to INR 70,972 per 10 grams from INR 71,029 per 10 grams.
On the other hand, the price of silver in futures contracts rose to INR 80,690 per kilogram from INR 80,678 per kilogram.
| Major Indian city | Gold Price |
|---|---|
| Ahmedabad | 74,430 |
| Mumbai | 74,235 |
| New Delhi | 74,230 |
| Chennai | 74,380 |
| Kolkata | 74,475 |
Global Market Movers: Comex Gold Faces Challenges amidst Favorable Risk Sentiment and Marginal USD Resilience
In simple terms, worries about tensions in the Middle East calming down are making investors feel more confident about taking risks. This is not so good for gold, which usually does well when there’s a lot of uncertainty.
Some people from the Federal Reserve, the US’s central bank, have been saying things that suggest they might keep interest rates higher for longer. This makes gold, which doesn’t pay interest, less appealing.
The US Dollar, which gold is priced in, has been a bit weaker lately because some important reports about the US economy didn’t look too great. This has given a little bit of support to gold prices.
In the US, reports about how well businesses are doing have been a bit disappointing lately. This could affect what the Federal Reserve decides to do with interest rates in the future, which in turn could affect gold prices.
Traders are also waiting to see some big reports about the US economy later this week. These reports could give a new direction to gold prices.
