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.)
