India’s Gold Price Today: Silver At Rs 80,595; Gold Down Rs 275
Gold Price Today: On Monday, April 29, 2024, gold prices for June futures contracts on the Multi Commodity Exchange (MCX) decreased by Rs 275, or 0.38 percent. It is now retailing for Rs 71,225 for ten grams. In a similar vein, the MCX May silver futures saw a decline as well, falling to Rs 80,595 per kilogram, or a loss of Rs 85 or 0.11 percent.
The cause of the price decline
Experts believe that the declining trend in gold prices might be caused by the depreciation of the Indian rupee.
How Did the Dollar Affect the Gold Market?
The U.S. dollar’s consistent performance had an additional effect on the bullion market, lowering the price of gold for foreign purchasers. Awaiting further clues about when the U.S. Federal Reserve will lower interest rates for the first time, investors continued to exercise caution.
Trend of Gold Prices During the Previous Week
The previous week saw a 0.10 percent rise in silver futures contracts at Rs 82,496 per kilogram and a 0.4 percent gain in gold futures contracts at Rs 71,500 per 10 grams.
Global Gold Rate
Early trading sessions saw a decline in the price of gold and silver internationally as a result of a spike in U.S. inflation and last week’s poor GDP figures.
US Market Price of Gold
U.S. gold futures were down 0.3 percent at $2,339.70 per ounce, while spot gold prices in the country dropped by 0.3 percent to $2,328.20 per ounce.
Index of PCE Prices
As anticipated, the personal consumption expenditures (PCE) price index in the United States increased by 0.3 percent last month.
