Gold slips 0.3% to Rs 75,910 on MCX; up 20% YTD in spot market
ZeeBiz WebTeam | Dec 09, 2024, 10:53 AM IST
Gold prices rose 0.5 per cent to $2,644.91 per ounce, supported by China's resumed buying and anticipation of U.S. inflation data, which could influence Federal Reserve rate decisions.
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Gold prices edge higher amid U.S. inflation anticipation
Gold gained 0.5% to $2,644.91 per ounce on Monday, supported by expectations for U.S. inflation data that could influence the Federal Reserve's next monetary policy decision.
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China resumes gold purchases, boosts sentiment
After a six-month pause, China’s central bank resumed buying gold in November, providing strong support to bullion prices, with traders seeing this as good news for gold bulls.
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Federal Reserve rate cut expectations keep markets cautious
With markets pricing an 83.4% chance of a 25-basis-point rate cut in December, the opportunity cost of holding non-yielding gold has decreased, further supporting demand.
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U.S. inflation data to set the tone for gold prices
The U.S. inflation report on Wednesday will play a pivotal role in determining whether the Fed adopts a "hawkish cut" or continues rate cuts into 2025.
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Safe-haven demand rises amid geopolitical tension
Gold remains a safe-haven asset as geopolitical uncertainty surged following Syrian rebels' takeover of Damascus, sending President Assad fleeing to Russia.
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Precious metals on the rise: Silver, platinum, and palladium
Alongside gold, silver rose 0.4% to $31.08 per ounce, platinum gained 0.5% to $934.75, and palladium advanced 0.7% to $963.00 on Monday.
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India gold prices remain elevated on December 9
Retail gold prices in India reached Rs 77,610 for 24-carat gold and Rs 71,140 for 22-carat gold, reflecting robust demand from investors and jewellery buyers.
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Key takeaways for gold and precious metals market
Gold gains on Fed rate cut hopes, China's resumed buying, and geopolitical uncertainty. Watch for U.S. inflation data to assess future price movements for precious metals.
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City-wise gold rates across India
Prices of 22-carat and 24-carat gold were consistent across major cities, with Delhi and Jaipur recording the highest rates at Rs 77,760 for 24-carat gold.
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Silver trading at Rs 92,000 per kilogram in India
Silver prices in India remained strong, trading at Rs 92,000 per kilogram on December 9, reinforcing its appeal as an alternative investment option.