Gold prices in India on Friday, July 14, were flat at Rs 55,000 per 10 grams (22 carats) and Rs 60,000 per 10 grams (24 carats) in the spot market. Silver stood at Rs 77,100 per kg, which is up by Rs 1,500 as compared with Rs 75,600 on Thursday.
In Mumbai, gold of 22 carat was selling at Rs 55,000 per 10 grams and that of 24 carats stood at Rs 60,000 per 10 grams. In Kolkata, gold of 22 carats and 24 carats stood at Rs 55,000 and Rs 60,000 per 10 grams. In Chennai, gold prices stood at Rs 55,450 per 10 grams (22 carats) and Rs 60,490 per 10 grams.
In Noida, gold 22-carats and 24-carats on Friday stood at Rs 55,150 per 10 grams and Rs 60,150 per 10 grams. In Agra, gold prices stood at Rs 55,150 per 10 grams and Rs 60,150 per 10 grams of 22-carats and 24-carat purity.
In the international markets, gold prices were set on Friday for their biggest weekly gain since April, after rallying close to a one-month high, as markets scale back expectations of further US interest rate hikes, sending the dollar to its lowest in more than a year.
Spot gold was little changed at $1,959.81 per ounce by 0504 GMT, and up 1.9 per cent for the week. US gold futures were flat at $1,964.00. Making gold less expensive for overseas investors, the dollar index touched its lowest level since April 2022.
Ravindra V Rao, vice-president and head (commodity research) at Kotak Securities, said, “COMEX gold prices rose for the third straight day and closed near a one month high of $1,963.8 per troy ounce, tracking sharp plunge in the greenback and the US benchmark treasury yields. Dollar index has fallen almost four per cent during the last six trading sessions, as the US inflation pressures are showing broader signs of moderation with both headline and core rates undershooting expectations in June.”
He added that the recent US inflation data provided a much-needed boost for the yellow metal. Cooling inflation improved the optimism that Federal Reserve’s rate-hiking campaign may be nearing an end. Money markets are currently expecting the US central bank to raise its funds rate by 25 bps in the July meeting and hold it unchanged for the rest of the year, aiding bullions.
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