Gold prices in India saw a notable rise on Friday, as reported by India’s Multi Commodity Exchange (MCX). The price of gold stood at 72,116 Indian Rupees (INR) per 10 grams, marking an increase of INR 205 compared to Thursday’s price of INR 71,911.
In the futures market, gold prices also showed an upward trend, reaching INR 71,620 per 10 grams, up from INR 71,214 per 10 grams previously.
Additionally, silver futures contracts experienced a price hike, with rates rising to INR 82,924 per kilogram from INR 82,417 per kilogram.
| Major Indian City | Gold Price |
|---|---|
| Ahmedabad | 74,615 |
| Mumbai | 74,465 |
| New Delhi | 74,450 |
| Chennai | 74,660 |
| Kolkata | 74,665 |
Global Market Movers: Comex Gold Price Holds Gains Before Key US Inflation Data
- The US GDP report showed the economy slowed down a lot and prices kept going up, which made people more interested in buying gold.
- The US Commerce Department said the economy only grew by 1.6% in the first part of the year, the slowest it’s been since mid-2022.
- Inflation went up even more than expected, by 3.7%, which means the Federal Reserve might keep interest rates higher for longer.
- The interest rate on a special type of US government bond went up a lot in reaction to the mixed news, making it harder for people to make money from gold.
- Also, worries about problems in the Middle East going up less made gold seem less valuable and could stop its price from going up too much.
- People who want the US dollar to be strong are waiting to see what the Federal Reserve will do next, especially looking at a special price index.
- The inflation numbers are super important because they’ll help decide what the Federal Reserve does next, and that will affect how much people want the US dollar, which will affect gold prices.
