Gold prices have been on the rise, with a surge for the second consecutive week fueled by the possibility of a US Federal Reserve rate cut following encouraging US inflation data. This has led to significant movement in the yellow metal market, prompting profit-booking in currency markets. The anticipation of a rate cut in the upcoming US Fed meeting has further bolstered gold prices.
Spot gold has climbed 2.1 percent to $2,086.21 per ounce, reaching its highest level since late December and marking a second consecutive weekly gain. This increase comes as global gold prices rise amid a lower inflation rate, raising expectations of US Federal Bank interest rate cuts.
In the Indian market, the price of gold remains strong, with a slight increase on Saturday, February 02. On the multi-commodity exchange (MCX), gold futures maturing on March 05, 2024, traded at Rs 63,600 per 10 grams for 24 carat, up by 0.06 percent as of 10:55 a.m.
For those interested in the current gold prices in various Indian cities, here is a breakdown:
– Gold Price In Delhi: Rs 48,190 for 18-carat, Rs 58,900 for 22-carat, Rs 64,240 for 24-carat
– Gold Price In Mumbai: Rs 48,070 for 18-carat, Rs 58,750 for 22-carat, Rs 64,090 for 24-carat
– Gold Price In Kolkata: Rs 48,070 for 18-carat, Rs 58,750 for 22-carat, Rs 64,090 for 24-carat
– Gold Price In Bangalore: Rs 48,070 for 18-carat, Rs 58,750 for 22-carat, Rs 64,090 for 24-carat
– Gold Price In Hyderabad: Rs 48,070 for 18-carat, Rs 58,750 for 22-carat, Rs 64,090 for 24-carat
– Gold Price In Kochi: Rs 48,070 for 18-carat, Rs 58,750 for 22-carat, Rs 64,090 for 24-carat
– Gold Price In Pune: Rs 48,070 for 18-carat, Rs 58,750 for 22-carat, Rs 64,090 for 24-carat
– Gold Price In Ahmedabad: Rs 48,110 for 18-carat, Rs 58,800 for 22-carat, Rs 64,140 for 24-carat
– Gold Price In Chennai: Rs 48,660 for 18-carat, Rs 59,400 for 22-carat, Rs 63,720 for 24-carat
It is important to note that the above information is for informational purposes only and should not be considered as investment advice. Readers are advised to consult their financial advisors before making any decisions related to financial matters.
