Gold prices in India took a dip on Monday, as reported by FXStreet. The price for Gold stood at 6,216.10 Indian Rupees (INR) per gram, down INR 3.82 compared to Friday’s price of INR 6,219.92. Similarly, the price for Gold per tola decreased to INR 72,503.40 from INR 72,547.98.
The global market dynamics are also playing a role in the fluctuation of Gold prices. Despite a softer US Dollar, the Comex Gold price is struggling to attract buyers. The US inflation report, which was in line with estimates, reinforced expectations of a Federal Reserve interest rate cut this year. This has led to a decline in the US Dollar, supporting the non-yielding yellow metal.
Tensions in the Middle East and positive economic data from China are also influencing the Gold market. The release of the final global Manufacturing PMI prints and upcoming US macro releases will be closely watched by investors for trading opportunities.
Gold has historically been seen as a safe-haven asset and a hedge against inflation and depreciating currencies. Central banks, especially those from emerging economies, are increasing their Gold reserves to improve the perceived strength of their economies.
Overall, the price of Gold can be influenced by a wide range of factors, including geopolitical instability, economic data, and the behavior of the US Dollar. Investors will continue to monitor these factors closely to make informed decisions in the Gold market.
