GOLD PRICES DECLINE IN INDIA ON WEAK GLOBAL CUES: CHECK RATES IN YOUR CITY

Gold prices on Friday (May 3) declined by ₹100 to ₹70,636 per 10 grams in futures trade on the Multi Commodity Exchange (MCX) as speculators reduced their positions.

Analysts attributed the fall in gold prices to weak global cues and profit booking at higher levels.

Globally, gold was trading 0.05% lower at ₹2,308.40 per ounce in New York.

Investors remained cautious ahead of the US non-farm payrolls data that could provide cues on the Federal Reserve's rate cut timeline, according to news agency Reuters.

The Fed's indication towards eventual reductions in borrowing costs, combined with recent disappointing inflation readings, has cast uncertainty over the timing of rate cuts.

Markets are currently pricing in a 73% chance of a rate cut in November, according to CME's FedWatch Tool.

Bullion is traditionally considered an inflation hedge, but elevated interest rates reduce the appeal of the non-yielding asset.

A softer payrolls report could potentially provide support for gold, analysts suggest.

The US non-farm payrolls report is due at 1230 GMT.

According to Reuters technical analyst Wang Tao, spot gold is biased to break resistance at $2,311 and climb to a range of $2,325-2,351.

Gold rates today in major Indian cities

As of May 3, 2024, in Delhi, the current price for 10 grams of 22-carat gold is approximately ₹65,900, whereas 10 grams of 24-carat gold is priced at around ₹71,880.

In Mumbai, the price of 10 grams of 22-carat gold stands at ₹65,750, while the equivalent amount of 24-carat gold is valued at ₹71,730.

In Ahmedabad, the price for 10 grams of 22-carat gold is ₹65,800, and for the same amount of 24-carat gold, it’s ₹71,780.

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2024-05-03T09:46:26Z dg43tfdfdgfd