The gold price in India slipped by Rs 369 on Tuesday, taking today’s gold price to Rs 75,676 per 10 grams at futures trade. This was due to weak global cues taking a toll on the India gold price. On the Multi Commodity Exchange (MCX), December delivery contracts slipped by 0.49%, with around 1,800 lots traded. Analysts said market trends were weak globally.
Gold futures in New York declined 0.32% to USD 2,634.11 per ounce. Still, the gold price today in India saw a new record of ₹78,700 per 10 grams on October 7 following a rising tide of domestic demand and as nuclear threats from Israel and Iran continued to escalate.
COMEX gold traded higher in Asian market hours at $2,671.50 an ounce. On the other hand, the price of silver declined to $32.20 an ounce. According to market experts such as Manav Modi, “Tempered expectations on U.S. interest-rate cuts have influenced the gold market.” The gold trade is also affected by the actions of the U.S. Federal Reserve, adding a layer of intricacy to it because it changes investor behaviour.
Today’s gold price are massively affected by politics and war
This naturally gives way to safe haven in gold in the market when times get uncertain. Trends in the gold price today are heavily influenced by politics, inflation, and central bank policies. Analysts predict prices may go through the roof soon, and some are expecting gold to hit $10,000 per ounce by 2030.
Meanwhile, an increase in central banks’ accumulation of gold from China, Russia, and India illustrates a golden bull market. And with the trend of continuous global de-dollarization, the demand for gold as an asset for protection continues growing. Investors are observing the latest gold news and keep their eyes on the gold update in India, mainly to analyse future changes in the price of gold, given that supply constraints remain tight even further in the gold market.
Also, see: Is Iran testing nuclear weapons? October 5 earthquake raises speculations
