Gold Prices in India Hold Steady Above Rs 1,17,000: Factors Driving the Rally
Gold prices today were trading at stable levels above the Rs 1,17,000 mark, amid the festive season. The Central Bank on Wednesday had maintained the repo rate at 5.5% and retained the neutral stance. Gold ahead of the decision had prices surged to a fresh high of Rs 1,17,350 per 10 gm.
Current Gold Prices in Major Cities
Gold price today stands at Rs 1,17,630 according to the India Bullion Co. The previous high that the yellow metal hit was on Sept. 23, when the price rose to Rs 1,14,360. Gold had crossed the Rs 1,10,000 mark on Sept. 15, and the possible rate cut from the Fed had driven the rally.
In New Delhi, the price stood at Rs 1,17,210 per 10 gm, and in Mumbai, it stood at Rs 1,17,420 on Friday. In Bengaluru, the rate stood at Rs 1,17,510, while in Kolkata, it was Rs 1,17,260 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,17,760 per 10 gm.
Global Gold Prices and Trends
The Dec. 5 futures stood at Rs 1,17,558 according to the Multi-Commodity Exchange. The spot prices of the yellow metal rose to $3,858 on Friday, according to the World Gold Council. On Monday, the global price of the yellow metal hit a record high of $3,850, according to Bloomberg data.
The precious metal’s price rose to Rs 1,44,650 per kilogram, according to the India Bullion Association. The prices stood at Rs 1,42,190 on Friday. Dec. 5 futures for silver were trading lower at Rs 1,44,566, according to the Multi Commodity Exchange.
Expert Insights and Analysis
“As the labour market and inflation are still a cause of concern for the Fed, they want to keep an eye on the data. The trend of gold is looking positive for the longer term,” Anuj Gupta, a market and commodities expert stated. In the very near term, there might be some profit booking as the event passes off.
Indian investors and traders can learn more about investing in gold and stay updated on the latest market trends. With the festive season in full swing, gold demand is expected to remain strong, driving prices higher.
Conclusion
In conclusion, gold prices in India have held steady above Rs 1,17,000, driven by safe-haven demand and a neutral stance by the Central Bank. As the global economy continues to navigate uncertain times, gold is expected to remain a popular investment option for Indian investors and traders.
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