Current Gold and Silver Prices: Gold Surpasses ₹72,700 per 10 grams, Silver Approaches ₹85,000 per kg

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Gold Prices Hold Steady Amidst Market Dynamics

The gold rate in India remained relatively stable on Friday, with international gold prices experiencing their most robust week in five, primarily influenced by weaker US jobs data. This trend reinforced expectations for a potential interest rate cut by the US Federal Reserve.

On the Multi Commodity Exchange (MCX), gold prices ended the day marginally lower, closing at ₹72,722 per 10 grams, a decrease of 0.01%. Despite this minor dip, the yellow metal saw notable intraday gains, reaching a high of ₹72,888, driven by strong demand fueled by the auspicious occasion of Akshaya Tritiya.

Similarly, MCX silver prices closed slightly higher, ending the day at ₹84,984 per kg, registering a 0.09% increase. Silver prices also experienced fluctuations throughout the day, reaching a high of ₹85,812.

In the international market, US gold futures for June delivery settled 1.5% higher at $2,375.00 per ounce. This significant uptick in gold prices followed Thursday's release of data showing a larger-than-expected rise in weekly claims for state unemployment benefits.

Market sentiment continues to be influenced by expectations of the US Federal Reserve implementing interest rate cuts starting in September. Lower interest rates typically enhance the attractiveness of gold investments since the precious metal does not offer interest payments.

In India, domestic gold prices remained near record highs, driven by robust demand for physical gold during Akshaya Tritiya 2024. Notably, India's gold imports surged by 30% to $45.54 billion during the fiscal year 2023-24, reflecting strong domestic demand. However, March witnessed a 53.56% contraction in gold imports, according to data released by the commerce ministry.




Looking ahead, investors are eagerly awaiting the release of US producer price index and consumer price index data scheduled for next week. These indicators are expected to have a significant impact on gold and silver prices, shaping market dynamics in the near term.

Disclaimer: While the information provided here is based on reliable sources, readers are encouraged to conduct their research and seek professional financial advice before making investment decisions.






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