Comex India Gold price cheers haven demand amid Iran-Israel conflict
Gold prices fell in India on Monday, according to data from India’s Multi Commodity Exchange (MCX).
Gold price stood at 72,319 Indian Rupees (INR) per 10 grams, down INR 582 compared with the INR 72,901 it cost on Friday.
As for futures contracts, india Gold prices decreased to INR 71,790 per 10 gms from INR 71,843 per 10 gms.
Prices for Silver futures contracts increased to INR 83,273 per kg from INR 82,813 per kg.
Major Indian city Gold Price
Ahmedabad 74,965
Mumbai 74,760
New Delhi 74,870
Chennai 74,970
Kolkata 74,935
Global Market Movers: Comex Gold price cheers haven demand amid Iran-Israel conflict
Iran’s unprecedented direct attack on Israeli territory raised the threat of a wider regional conflict in the Middle East, which, in turn, assists the safe-haven (Comex) Gold price to regain some positive traction on Monday.
Israeli officials are in favor of retaliation, though the US clarified that it will not take part in any offensive action against Iran, limiting any immediate market reaction and capping further gains for the XAU/USD.
Investors pushed back their expectations for the first interest rate cut by the Federal Reserve to September from June following the release of hotter-than-expected US consumer inflation figures last week.
Moreover, traders are now pricing in the possibility of less than two rate cuts in 2024 as compared to the three projected by the Fed, allowing the US Dollar to stand tall near its highest level since early November.
The Fed’s hawkish outlook, along with the bullish USD, might hold back bulls from placing aggressive bets around the precious metal ahead of the US data – Retail Sales and the Empire State Manufacturing Index.
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Based on the latest data, the current gold rate in India on Apr 15, 2024 for 22-karat gold valued at ₹6,604.6 and 24-carat gold priced at ₹7,205. Our commitment is to provide you with accurate and timely information to help you make informed decisions regarding your gold investments.
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