Based on MCX data, todays gold price in India remains steady
Gold Prices Drop in India
Gold Prices in India
According to data from India’s Multi Commodity Exchange (MCX), the price of gold fell in India on Wednesday. It now costs 60,759 Indian Rupees (INR) per 10 grams, which is 361 INR less than the previous day.
The price of gold in futures contracts also decreased. It went from INR 61,181 per 10 grams to INR 61,136 per 10 grams.
Silver prices also saw a decrease in futures contracts. They dropped from INR 71,862 per kg to INR 71,681 per kg.
Reasons for the Price Drop
Traders are hesitant to make bets on the price of gold due to uncertainty over the Federal Reserve’s future policies. This cautious approach leads to a lack of significant price movements.
US Consumer Prices
Recent data from the United States showed that consumer prices unexpectedly rose in November. This news caused traders to reduce their expectations of a rate cut in March.
Focus on the Federal Reserve
The market is closely watching the outcome of the two-day FOMC monetary policy meeting. The announcement, scheduled for later today, will provide insights into when the Federal Reserve may start cutting rates in 2024. This decision will impact the demand for the US Dollar and influence the price of gold.
China’s Economic Policies
China’s policymakers are expected to implement more stimulus measures to support economic recovery in 2024. This news has overshadowed concerns about geopolitical tensions in the Middle East and has contributed to a positive market sentiment.
Sanctions and Market Sentiment
The US imposed new sanctions on individuals and entities related to Russia’s evasion of sanctions. However, these actions have had little effect on investor appetite for riskier assets. As a result, the demand for safe-haven assets like gold remains steady.