Gold Prices Decline in India, According to MCX Data

Gold prices in India dropped on Wednesday, based on data from India’s Multi Commodity Exchange (MCX).

The price of gold stood at 71,405 Indian Rupees (INR) per 10 grams, down by INR 120 from Tuesday’s price of INR 71,525.

For futures contracts, gold prices fell to INR 70,962 per 10 grams from INR 71,136.

Meanwhile, silver futures prices decreased to INR 82,429 per kilogram from INR 82,794.

Global Market Movers: Comex Gold Prices Remain Steady Amid Uncertainty

  1. Minneapolis Fed President Neel Kashkari: On Tuesday, Kashkari stated that it’s too early to conclude that inflation has stalled. He noted that the Fed might consider cutting interest rates this year if inflationary pressures ease.
  2. Richmond Fed President Thomas Barkin: Barkin highlighted that current interest rate levels are restrictive enough to cool the economy and bring inflation back to the 2% target.
  3. Rate Cut Expectations: According to the CME’s FedWatch Tool, financial markets are pricing in nearly 50 basis points (bps) of rate cuts from the Federal Reserve this year. There’s a 65.7% chance of at least a 25 bps rate cut in September.
  4. Consumer Sentiment Index: The preliminary University of Michigan Consumer Sentiment Index, expected to be released on Friday, is forecast to drop to 76.0 in May from 77.2 in April.
  5. Conflict in Gaza: Israeli troops launched strikes on Gaza’s southernmost city. Despite Hamas agreeing to a ceasefire proposal on Monday, Israel rejected the conditions, stating they didn’t meet their demands, as reported by The New York Times.
  6. People’s Bank of China (PBoC): The PBoC added 60,000 troy ounces of gold to its reserves in April, marking 18 consecutive months of gold purchases.

By Admin

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