Gold Prices Climb in India, MCX Reports

In Thursday’s trading session, gold prices in India saw a modest increase, as reported by the Multi Commodity Exchange (MCX). The price of gold per 10 grams rose to 73,030 Indian Rupees (INR), marking a slight increase of INR 45 from Wednesday’s closing of INR 72,985.

In the futures market, gold also showed positive movement, with prices ticking up to INR 72,549 per 10 grams from INR 72,523. Similarly, silver futures experienced a rise, advancing to INR 83,519 per kilogram from INR 83,499.

Current Gold Prices Across Major Indian Cities:

Ahmedabad: INR 75,550
Mumbai: INR 75,400
New Delhi: INR 75,380
Chennai: INR 75,380
Kolkata: INR 75,570

On the global stage, Comex gold prices resumed their uptrend amid heightened geopolitical tensions in the Middle East. The region’s volatility has prompted traders to turn to gold, traditionally viewed as a safe-haven asset. Recent developments include a warning from Jordan’s Foreign Minister Ayman Safadi about the potential for escalated conflicts following Israeli retaliation against Iranian strikes. Additionally, Israel’s Air Force reported targeting Hezbollah infrastructure in Lebanon, adding to regional uncertainties.

The U.S. Dollar saw a correction, influenced by lower Treasury yields and profit-taking activities, which bolstered demand for gold, priced in USD. Looking forward, the market’s focus shifts towards upcoming speeches from U.S. Federal Reserve policymakers. These remarks are anticipated to provide further clarity on potential interest rate cuts, which could significantly impact gold, a non-interest-bearing asset.

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