On November 30, gold prices in India witnessed a significant increase, with the price of 24-carat gold reaching Rs 78,270 per 10 grams and 22-carat gold at Rs 71,770 per 10 grams. The retail price of gold per gram represents the cost consumers pay for a single gram of gold, influenced by global economic conditions, geopolitical developments, and supply and demand dynamics. In India, the retail price is also impacted by additional factors like import duties, taxes, and currency exchange rates.
China's Geological Bureau of Hunan Province has announced a groundbreaking discovery of a massive gold reserve in the Wangu gold field, with an estimated value of £66 billion. The deposit, believed to contain up to 1,100 metric tonnes of gold, has sparked a surge in gold prices and will have significant implications for both domestic and global markets. However, experts caution that the find will only partially address China's high gold consumption needs and will still require substantial imports. Stay updated on all the latest tech and gadget news on Gadgets 360, and don't forget to follow our in-house influencers, Who'sThat360, on Instagram and YouTube.
Tottenham Hotspur will face Roma in the Europa League looking to redeem themselves after their last defeat to Galatasaray. With only the top eight teams in the league phase advancing to the round of 16, Tottenham will need to secure three points to ensure their position in the standings. Despite missing some key players, manager Ange Postecoglou can count on the return of Rodrigo Bentancur, who was suspended for domestic games. Keep up with all the action as Alasdair Gold provides live updates from Tottenham Hotspur Stadium. Stay warm on match day with heated clothing, foot warmers, and thermal beanies, all for affordable prices. Roma's starting lineup will include Mancini (c), Hummels, N'Dicka, Zeki Celik, Paredes, Kone, Angelino, Dybala, Dovbyk, and El Shaarawy with Marin, Ryan, Cristante, and more on the bench.
The recent U.S. presidential election result has caused a dramatic shift in the gold market, as prices dropped to a three-week low due to a surge in the value of the dollar. Investors are now turning their attention to the upcoming Federal Reserve policy meeting for potential clues on the pace of interest rate cuts. The uncertainty surrounding President Trump's policies, including the possibility of higher tariffs, is also making it difficult for gold prices to find direction. Despite potential inflation risks, safe haven demand for gold remains strong.
Every Dhanteras, gold remains a popular choice for Indian investors, despite high prices. Leading banks offer secure options, with certified gold coins available through trusted channels. However, the high premium and limitations on resale may make alternative investments, such as gold ETFs, digital gold, and sovereign gold bonds, more appealing for savvy investors looking for liquidity and flexibility.
As Dhanteras, the auspicious occasion to invest in precious metals, approaches, online shopping platforms like Blinkit offer a range of gold and silver coins from well-known jewelers. With prices varying across cities, here's a quick look at the latest rates and some popular Dhanteras shopping tips for items such as silverware and utensils that symbolize prosperity and abundance.
As the world's third largest consumer of gold, India saw record-high prices for the precious metal on August 04, 2024. Retail gold prices in India reached nearly Rs 70,000 per 10 grams, with 24-carat gold priced at Rs 70,580 per 10 grams. This increase in price can be attributed to high consumer demand and global economic factors. The cost of silver also saw an increase, with its price standing at Rs 85,500 per kilogram.
The MCX gold rate and spot gold price faced downward pressure as investors wait for the release of US inflation data. Experts recommend buying gold on dips, expecting potential Fed rate cut speculation if the inflation figures come out positive. The price range for MCX gold is currently between ₹71,000 to ₹72,000 per 10 grams, while spot gold oscillates between $2,310 and $2,340 per ounce. A weakening US dollar index and the expectation of a Federal Reserve rate cut also contribute to the fluctuation in gold prices.
Weaker-than-expected U.S. producer inflation statistics caused gold prices to bounce back after dropping to a low of $2,303.84 per ounce. The unexpected decline in inflation has increased expectations for two rate cuts by the Federal Reserve in 2024, as traders now predict a 50 basis point reduction by the end of the year. This news comes after the Fed's decision to keep interest rates unchanged on Wednesday, along with the release of underwhelming consumer price index data. Silver, palladium, and platinum also saw declines in their prices.
As Akshaya Tritiya, a highly auspicious day for investment, approaches, Gold prices have witnessed a remarkable increase of around 18% in the last year. The India Bullion and Jewellers Association reports that gold is currently trading at Rs 71,502 for 10 grams, with a purity of 999. Many experts suggest that this is an opportune moment to invest in gold, as the market trend is on the rise and expected to continue in the near future. Despite the delay in rate cuts by the Fed, gold has remained resilient, with small corrections and an overall upside trend. With hopes of another rate cut in September and weak US jobs data, gold is predicted to perform well in the coming days.