Most recent article: India Gold price today: Gold rises, according to MCX data
Gold prices rose in India on Thursday, according to data from India's Multi Commodity Exchange (MCX).
Gold price stood at 73,030 Indian Rupees (INR) per 10 grams, up INR 45 compared with the INR 72,985 it cost on Wednesday.
As for futures contracts, Gold prices increased to INR 72,549 per 10 gms from INR 72,523 per 10 gms.
Prices for Silver futures contracts increased to INR 83,519 per kg from INR 83,499 per kg.
| Major Indian city | Gold Price |
|---|---|
| Ahmedabad | 75,550 |
| Mumbai | 75,400 |
| New Delhi | 75,380 |
| Chennai | 75,380 |
| Kolkata | 75,570 |
Global Market Movers: Comex Gold price resumes uptrend amid geopolitical risks
- Gold price appreciates as traders exercise caution amid concerns about escalating tensions in the Middle East.
- Jordan's Foreign Minister Ayman Safadi warned that Israeli retaliation against Iranian strikes could potentially escalate the conflict throughout the entire region.
- Furthermore, Israel's Air Force announced on Wednesday that its fighter jets had targeted Hezbollah infrastructure north of Baalbek in eastern Lebanon.
- The correction in the US Dollar, primarily influenced by subdued US Treasury yields and profit-taking, supports the demand for the USD-denominated yellow metal.
- Attention turns toward speeches from several US Federal Reserve (Fed) policymakers, which could influence the market expectations for an interest rate cut, significanly affecting the non-interest-bearing Gold price.
(An automation tool was used in creating this post.)
Gold FAQs
Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD drops to near 1.0650 ahead of Fed policy
EUR/USD continues its decline for the second consecutive day, hovering around 1.0650 during Asian trading hours on Wednesday. With European markets largely closed for Labour Day, investors are expecting the Federal Reserve's latest policy decision.
GBP/USD holds below 1.2500 ahead of Fed rate decision
The GBP/USD pair holds below 1.2490 during the early Wednesday. The downtick of the major pair is supported by the stronger US Dollar amid the cautious mood ahead of the US Federal Reserve's interest rate decision later on Wednesday.
Gold sellers keep sight on $2,223 and the Fed decision
Gold price is catching a breather early Wednesday, having hit a four-week low at $2,285 on Tuesday. Traders refrain from placing fresh directional bets on Gold price, anticipating the all-important US Federal Reserve interest rate decision due later in the day.
Bitcoin price dips into $60K range as spot traders flock to Coinbase Lightning Network
Bitcoin price slid lower on Tuesday during the opening hours of the New York session, dipping its toes into a crucial chart area. It comes as markets continue to digest the performance of Hong exchange-traded funds after their first day of issuance.
Federal Reserve meeting preview: The stock market expects the worst
US stocks are a sea of red on Tuesday as a mixture of fundamental data and jitters ahead of the Fed meeting knock risk sentiment. The economic backdrop to this meeting is not ideal for stock market bulls.