May 16, 2024 03:16 PM IST
Gold price in India: Price of gold for 24 karat gold (999 gold) increased by ₹40 to ₹74,020 per 10 grams.
Gold prices saw an uptick as MCX Gold futures inched 0.02% higher at 73,117.00 per 10 grams. As per GoodReturns, price of gold for 24 karat gold (999 gold) increased by ₹40 to ₹74,020 per 10 grams followed by weaker dollar and declining bond yields attributed to the release of US consumer inflation data. At the same time, spot gold rose by 0.2% to $2,391.78 per ounce and neared its one-month high while US gold futures saw a 0.1% increase to $2,396.10.
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Tim Waterer, chief market analyst at KCM Trade, said as per news agency Reuters, “With inflation coming off the boil, gold is effectively making hay while the sun is shining and looks poised to capture the $2,400 level. However, a potential bounce in the dollar or treasury yields could be the biggest hurdle for gold price in the remainder of the week.”
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Analysts at ANZ wrote in a note, “Silver is catching up with gold. Strong fundamentals amid rising gold prices are likely to spur investor interest in silver. Platinum reached price parity with palladium, driven by its growing use in auto catalysts for gasoline-powered cars.”
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