Gold Price on May 7 in Major Indian Cities

Gold prices climbed in India on Tuesday, according to data from India’s Multi Commodity Exchange (MCX).

At Monday’s market close, gold cost INR 71,525 per 10 grams – up INR 199 from where it stood on Sunday.

Gold prices remained relatively unchanged at INR 71,115 per 10 grams for futures contracts from previous levels of INR 71,321.

Prices of Silver Futures Contracts decreased to INR 82,529 per kg from INR 82,838 per kg in February 2016.

Major Indian City Gold Prices

Ahmedabad
Mumbai | 74,00025 | New Delhi 73,955| | Kolkata 75950 Global Market Movers: The Comex Gold price remains steady amidst inflationary worries and economic uncertainties, according to our global market movers analysis.

Richmond Fed President Thomas Barkin commented that current interest rate levels should provide enough cooling effect on the economy to bring inflation under 2%; further, strong job markets allow officials to gain trust that inflation will go down over time.
John Williams, President of the New York Federal Reserve Bank, expressed that rate cuts would likely take place soon and that job growth has moderated, prompting them to review “totality of data”.
Markets have priced in rate reductions worth 46 basis points by the end of 2024 from the Federal Reserve, with its first cut expected either September or November according to LSEG’s Rate Probability App.
Hamas announced its acceptance of an Egyptian-Qatari ceasefire plan on Monday; however, Israel rejected it since it didn’t satisfy their “core demands”. Attacks continued against Rafah in southern Gaza instead despite continuing negotiations, according to Reuters reports. Regardless, Israel stated they will pursue negotiations further as this issue.
Gold has shown impressive gains this year despite rising inflationary pressures and the uncertainty as to when or if the US Federal Reserve will cut rates.
US employment data revealed slower-than-anticipated job creation during April, with annual wage inflation falling under 4.0% for the first time in nearly three years.

Gold has played an essential part in human history as both an asset store and medium of exchange, not to mention jewelry applications. Nowadays, in addition to being valued for its beauty and versatility in making statement pieces such as pendants or bracelets, this precious metal can serve as an investment during times of instability; not reliant upon specific issuers or governments it also acts as an inflation hedge as its price cannot depreciate due to decentralisation and globalisation. As Gold FAQs
is evolving so too is its list.

Central banks are among the greatest holders of Gold. To bolster their currencies in times of economic instability, central banks tend to diversify their reserves with gold purchases for perceived strength in both economy and currency – thus instilling trust that will enable their nations’ solvency to continue operating smoothly. According to data provided by World Gold Council in 2022, central banks worldwide added 1,136 tonnes worth approximately $70 billion worth of Gold into reserves that year – this was by far their highest purchase ever! Emerging economies such as China India and Turkey also increased rapidly with reserves increasing significantly!

Gold has an inverse relationship to major reserve assets like US Treasuries and the Dollar, such as US Treasuries; therefore it becomes an asset diversifier when these depreciate, providing investors and central banks with diversifying portfolios during times of turmoil. Gold’s correlation with riskier markets tends to weaken Gold price while selloffs provide favorable conditions for it to rise again in value.

Price fluctuations of Gold can vary due to many different influences; geopolitical tension or fears of deep recession, for instance, can quickly cause its price to increase as an asset-backed with no yield-less interest payments tends to appreciate when interest rates decline while costs associated with loans tends to impede its rise. Gold’s movements depend heavily on how the US Dollar (USD) behaves since most transactions with it take place (XAU/USD); strong USDs generally keep prices in check while weak Dollars could result in rising Gold prices as an asset priced in dollars (XAU/USD); strong Dollars tend to keep gold prices within control while weaker USDs would likely push prices higher – strong Dollars tend to keep prices under control while weaker ones could push them higher; most moves depend on how the US Dollar performs; strong Dollars tend to keep gold prices under control while weaker ones might push it higher due to being priced against them being priced against each other when priced against each other currency pair since assets priced against each other currency pair allows price changes to occur quickly enough.