Gold prices held steady at Rs 63,150 per 10 grams in New Delhi on Monday, with silver also seeing a slight increase to Rs 75,400 per kg. The next tranche of the Sovereign Gold Bond scheme opened for subscription at a price of Rs 6,263 per gram, with the government offering a discount for online applications using digital payment.
Saumil Gandhi, a senior analyst at HDFC Securities, noted that spot gold prices in Delhi were unchanged from the previous close, while international markets saw a small decrease in spot gold prices at Comex. The upcoming US consumer inflation data could impact the US Federal Reserve monetary policy and influence trading decisions.
Jateen Trivedi, VP Research Analyst at LKP Securities, highlighted investor attention on the fourth tranche of Sovereign Gold Bonds, as investors sought to capitalize on the stable returns amidst global and Indian market uncertainties. However, concerns over potential US rate cuts impacting the dollar value may limit the short-term upside for gold prices.
Additional Insight:
Investors and traders are closely monitoring the US consumer inflation data for potential signals regarding the future direction of the US Federal Reserve’s monetary policy. The stability of gold prices in Delhi and the slight increase in the international market reflect the cautious approach taken by traders before the data’s release. Additionally, the attractiveness of the Sovereign Gold Bond scheme’s stable returns at 2.5 percent highlights the continued appeal of gold in uncertain economic times. However, potential US rate cuts and their impact on the dollar could influence the short-term movement of gold prices.
