Gold prices in India stayed near record levels today, with 24-carat gold trading around Rs 1,60,640 per 10 grams in Delhi, Bengaluru and Chennai.
22-carat gold was priced at roughly Rs 1,47,260 per 10 grams in the same cities, while Mumbai and Kolkata recorded very similar rates, marginally below Delhi’s.
Silver also traded higher, with rates around Rs 27,710 per 100 grams in Delhi and Rs 27,090 per 100 grams in Mumbai.
The domestic strength reflects a broader global rally, with spot gold surging past $4,400 an ounce, its highest level in more than two months, up roughly 11 percent since the start of August.
The rally has been fuelled by cooling US inflation data reshaping expectations around Federal Reserve policy, a weaker dollar, and sustained heavy buying by central banks.
Market watchers are tracking upcoming US economic data and currency movements for further direction, with domestic Indian rates expected to continue tracking the international trend closely.
Cooling US inflation data has shifted expectations around Federal Reserve monetary policy, with moderating inflation and weaker labour market readings reducing the likelihood of further rate hikes.
Central banks bought a quarterly record of 288.9 tonnes of gold in the second quarter of this year, even as prices fell during that stretch.
A survey found roughly 45 percent of central banks expect to further increase their gold reserves over the next 12 months, according to industry data.
Silver prices have also moved higher alongside gold, with MCX silver futures gaining nearly 1 percent in trading tied to today’s session.
Domestic gold rates in India typically track international bullion trends closely, with the rupee’s movement against the dollar also playing a role in daily price swings.
Globally, spot gold has surged past $4,400 an ounce, its highest level in more than two months, rising roughly 11 percent since the start of August.
Photo by Adbh266, Wikimedia Commons, CC BY-SA 3.0
Discover more from Times Release
Subscribe to get the latest posts sent to your email.