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In Mumbai, 24k gold increased from ₹ 10 to ₹ 82,860 per 10 grams.
Globally, gold trades in a narrow border on Thursday as investors waited for major economic signs.
Spot gold increased by 0.1%, reaching $ 2,761.59 an ounce.
The US Gold Futures followed the suit, climbing 0.1% with a premium of approximately $ 12 at the spot rates to $ 2,773.30.
Market focus now turns into US individual consumption expenditure (PCE) Price Index report, on Friday, to assess inflation trajectory.
After the decision to keep the interest rates of the US Federal Reserve stable from 4.25% to 4.5%, gold’s approach remains uncertain. Federal Reserve Chairman Jerome Powell did not give any crowd to cut rates until inflation and job data show clear trends. While the bullion is often seen as a rescue against inflation, the high interest rate usually reduces gold appeal due to lack of yield.
Sony Kumari, a commodity strategist at ANZ, said, “The demand for investment is to rise to increase gold prices towards $ 2,900 or $ 3,000 level.”
The direction of gold prices will depend largely on policy changes, inflation data and geopolitical development, Kumari said.
Geophysical risk, especially tariff concerns, continue to affect the market.
The White House recently reiterated its plan to put standing tariffs on Mexico and Canada, with a possible tariff on China with a possible tariff. These developments have increased the delivery of gold in the US, as investors seek safe havens between tariff uncertainties.
Meanwhile, the European Central Bank is expected to reduce the interest rates later today, there is a possibility of reducing further policy in the region. However, trading volumes have decreased, with major gold consumers like China, the lunar new year holidays have been closed for the holidays.
Pratamesh Mallya, DVP-Resthes, Non-Agri Commodities and Currency, in Angel One Limited said that Fed’s stance has created a cautious approach to gold prices, because the market participating future rate cuts and trading of trump Are uncertain about the effect of. Policies.
Investors should continue to monitor inflation figures and geopolitical risks, with the possibility of ups and downs in the price depending on the change in policy and market spirit.
,With input of agencies
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