India Gold price today: Gold rises, according to MCX data

Source Fxstreet
Apr 18, 2024 08:14

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.

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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