Gold Prices Analyzed: Key Changes in India and Global Markets
Gold prices saw a slight increase in India on Saturday, with 24-carat gold rising by ₹10. This change affects the cost of owning this valuable metal. The overall market response is being influenced by actions from the US Federal Reserve.
Key Points
- 24-carat gold rose ₹10 in India, reaching ₹1,11,340 per 10g.
- Silver increased by ₹100, with 1kg selling for ₹1,33,100.
- US gold prices gained, driven by the Fed’s first rate cut.
- The Fed cautioned about inflation, slowing expectations for future cuts.
- Silver and platinum also rose, while palladium remained stable.
- Global gold prices climbed, marking a fifth consecutive weekly gain.
The rise in gold’s price is partly due to the US Federal Reserve taking action. This action – a small cut in interest rates – is impacting how investors view gold as a safe investment. The Federal Reserve stated that inflation remains a concern, meaning further interest rate cuts might not happen quickly.
Specific gold prices varied across Indian cities. In Mumbai and Kolkata, 24-carat gold was ₹1,11,340 per 10 grams. Chennai saw slightly higher prices at ₹1,11,610 for 24-carat gold. Delhi’s rate was ₹1,11,490 per 10 grams.
22-carat gold remained consistent across major cities – ₹1,02,060 in Mumbai, Kolkata, Bengaluru, and Hyderabad, and ₹1,02,310 in Chennai. Delhi saw a price of ₹1,02,210 for 10 grams of 22-carat gold.
Globally, spot gold jumped by 0.8% to $3,672.08, while futures for December delivery increased by 0.7% to $3,705.80. Silver also rose, and platinum and palladium experienced modest gains.
“Gold’s price movements reflect broader economic uncertainty and the actions of central banks worldwide.”
