Here is an extensive daily list to give you the most recent information on gold prices in India's key cities.
Check gold rates in different cities on 10th June 2024
Click to view the details of the gold rate for last Friday
The current gold COMEX price stands at $2,312.00, reflecting a decrease of $13.00 or 0.56% from the previous value. The day's trading session saw a high of $2,318.30 and a low of $2,305.90, with the market opening at $2,311.00. This recent movement indicates a slight decline in gold prices, influenced by various market factors. Despite this drop, the gold market remains closely watched by investors seeking stability. The minor fluctuation highlights ongoing market dynamics and the precious metal's role as a key financial asset.
Gold prices dropped nearly 3% this week, marking their third consecutive weekly decline. The fall was triggered by a stronger-than-expected U.S. jobs report, which dampened hopes for interest rate cuts this year. This bearish trend was further fueled by data showing that China, the top consumer, paused its bullion purchases in May. The robust job data led to a dollar rally, making gold more expensive for foreign buyers, despite earlier gains driven by weaker private payroll data and expectations of a Federal Reserve rate cut, says Saish Sandeep Sawant Dessai, analyst, base metals, Angel One Ltd.
Considering the recent events, Indian equity markets experienced a highly volatile week, swinging significantly in both directions. Despite initial record highs, the market declined post-election but recovered to new highs, with the Nifty50 closing at a record 23,300, gaining over 3.30%. The volatility of the Lok Sabha election results led to a roller-coaster week. Technically, Nifty remained above significant EMAs and the 'Rising Channel' upper band, indicating bullish sentiment. As it nears the 23,500-resistance zone, support is expected around 23,000–22,800. Increased market participation has boosted sentiment, and global developments will influence the intermediate trend. A period of consolidation is anticipated.
Gold is considered a dependable safeguard against inflation. This is due to its historical pattern of maintaining or increasing in value during inflationary periods. Consequently, gold is a favored choice for investors aiming to protect their wealth from the negative impacts of inflation. This characteristic makes it a particularly appealing investment for those looking to preserve their purchasing power in times of economic uncertainty.
The provided data points furnish significant insights into market trends and the drivers behind gold price fluctuations, aiding investors in navigating the market effectively. However, it is advisable for investors to conduct their own due diligence before reaching investment decisions. Throughout the day, investors are encouraged to stay vigilant and closely track gold rates for emerging trends and market developments. By remaining informed about these daily price fluctuations, investors can spot potential trading prospects and make informed investment choices, thereby enhancing their investment strategies.
For daily updates and in-depth analysis of gold rates, continue following our coverage on Business Insider India.
Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. Rates are subject to change from time to time and across multiple geographical locations. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.