India Gold price rose in India on Tuesday, according to data from India’s Multi Commodity Exchange (MCX)
Gold price stood at 72,985 Indian Rupees (INR) per 10 grams, up INR 666 compared with the INR 72,319 it cost on Monday.
As for futures contracts, India Gold price increased to INR 72,461 per 10 gms from INR 72,277 per 10 gms.
Prices for Silver futures contracts decreased to INR 83,515 per kg from INR 83,851 per kg.
| Major Indian city | Gold Price |
|---|---|
| Ahmedabad | 75,635 |
| Mumbai | 75,500 |
| New Delhi | 75,605 |
| Chennai | 75,710 |
| Kolkata | 75,720 |
Global Market Movers: Comex Gold price eases on stronger USD, though downside seems limited
- The global risk sentiment remains fragile amid the worsening Middle East crisis and speculations that the Federal Reserve will keep rates higher for longer, which, in turn, acts as a tailwind for the Comex Gold price.
- Investors have been pushing back their expectations about the timing of the first interest rate cut by the Fed to September from June in the wake of concerns about sticky inflation and a resilient US economy.
- The bets were reaffirmed by stronger-than-expected US Retail Sales data released on Monday, which indicated that consumer spending remains strong and could underpin inflation in the coming months.
- The US Census Bureau reported that Retail Sales rose by 0.7% MoM in March as compared to consensus estimates for a 0.3% increase and the previous month’s upwardly revised growth of 0.9%.
- The yield on the benchmark 10-year US government bond shot to the highest level since November, though the disappointing release of the Empire State Manufacturing Index capped the upside.
- The US Dollar prolongs its recent upward trajectory and climbs to over a five-month peak, which might hold back bulls from placing fresh bets and keep a lid on any further gains for the XAU/USD.
- Tuesday’s US economic docket features the release of housing market data and Industrial Production figures, which along with Fedspeak, might provide some impetus to the non-yielding yellow metal.