Gold price falls in India a little on today as investors bet on the US economic data in the coming days. Spot gold fell 0.1 percent to $2,646.71 an ounce. U.S. gold futures fell 0.2 percent to $2,670.90.
In India, 24-carat gold is trading at ₹7,794.3 per gram, down by ₹20 from the previous day, while 22-carat gold is at ₹7,146.3 per gram, with a similar decline. Gold price falls in India as robust demand from the marriage season tempers the global market’s pullback.
Experts shed light as gold price falls in India
Fed Chair Jerome Powell said that the U.S. economy is resilient and this reduces the chances of aggressive interest rate cuts. San Francisco Fed President Mary Daly also said that there was “no sense of urgency” for further reductions. These statements have created uncertainty in the global gold market.
Analysts at ANZ say that gold may consolidate short term, with the strength of the dollar being a major factor against it. Gold price tumbles in India as domestic demand led by the marriage season and central bank purchases clashes with international trends.
The Reserve Bank of India (RBI) has added significant amounts to its gold reserves. In October alone, it bought 27 tonnes, making it the world’s largest gold buyer this year with 77 tonnes in holdings. According to experts, this buying spree is stabilizing gold prices in India despite global fluctuations.
Renisha Chainani, Head of Research at Augmont, highlighted that concerns over China’s economy and the Federal Reserve’s cautious approach are key factors stabilizing gold at $2,650 per ounce. Gold price falls in India, yet domestic sentiment remains optimistic.
Looking ahead, gold is likely to trade between $2,600 (₹75,000 per 10 grams) and $2,700 (₹77,600 per 10 grams) in the short term, with potential for gains once market uncertainties ease. The US payroll report and inflation data are being closely watched by traders as a gauge for the Fed’s policy direction.
As predicted by Ajay Kedia of Kedia Commodities, prices can test $3,000 by March 2025, led by geopolitical factors and de-dollarization trends. In India, long-term gold price falls remain bullish as they are driven by domestic demand and activity from the central bank.
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