India Gold cost today: Gold retreats, according to MCX information NEWS|12/01/2023 09:43:54 GMT|By Dhwani Mehta
On Friday, gold rates took a dip in India. The prices fell according to information shared by India’s Multi Commodity Exchange (MCX).
The gold rate stood at 62,442 Indian Rupees (INR) per 10 grams, marking a decrease of INR 85 as compared to the previous rate of INR 62,527 on Thursday.
Shifting our focus to futures agreements, we can see that gold rates climbed up to INR 62,871 per 10 gms from INR 62,640 per 10 gms previously.
Similarly, the costs for Silver futures agreements took a dip to INR 77,959 per kg from the previous rate of INR 77,515 per kg.
Significant Indian city Gold Price Ahmedabad 64,645 Mumbai 64,475 New Delhi 64,570 Chennai 64,620 Kolkata 64,645 Global Market Movers: Comex Gold rate resumes its uptrend in the middle of controlled USD need
The movement of gold prices is influenced by a number of factors. Bets have been placed that the Federal Reserve might start relieving its financial policy by the first half of 2024. This has provided some support to the non-yielding Gold cost. The CME group’s FedWatch Tool suggests an even possibility that the Fed will cut policy rates as early as March 2024 with a near 80% chance at the May FOMC conference. The bets were declared by the essential inflation data on Thursday, which showed that the Personal Consumption Expenditures (PCE) Price Index remained the same in October. Over the 12 months, the PCE Price Index registered the smallest year-on-year boost since March 2021 and decreased from 3.4% to 3.0% throughout the reported month. Another report revealed that Jobless Claims increased to 218K recently and that 1.93 million individuals were collecting welfare the week that ended November 18 — the most in 2 years.
New York City Fed President John Williams stated on Thursday that it will be suitable to maintain a limiting position for quite a long time to bring inflation back to the 2% target. On the other hand, given the recent mixed signals, the market attention will stay glued to Fed Chair Jerome Powell’s speech, which might instill some volatility and provide a fresh motivation to the XAU/USD.
Traders will also be looking out for the release of the US ISM Manufacturing PMI, which is anticipated to improve to 47.6 in November, even after it remained in a contraction area for the 12th straight month.
(An automation tool was utilized in producing this post.)
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