Gold Price Today: Prices remain flat as markets await Fed Chair's speech, US jobs data
The price of 24-carat gold increased to Rs 77,963 per 10 grams, up by Rs 4,500, while 22-carat gold is priced at Rs 71,483 per 10 grams, reflecting a Rs 4,200 rise. Silver prices remain steady at Rs 94,000 per kg. South Indian cities like Chennai, Bangalore, and Hyderabad report marginal variations in gold rates, influenced by global trends and domestic demand.
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Gold prices steady as markets eye US jobs data
Gold prices held firm on Wednesday, reflecting market anticipation for key US jobs data and Federal Reserve Chair Jerome Powell's comments on interest rate cuts.
Spot gold and futures trends
Spot gold remained unchanged at $2,644.42 per ounce, while US gold futures edged lower by 0.1% to $2,666.40 per ounce.
US Federal Reserve’s rate cut signals
Markets predict a shallow rate cut trajectory for 2025, with a 73 per cent probability of a 25-bps cut this December, according to CME’s FedWatch Tool.
Jobs data and Fed commentary in focus
Upcoming US jobs reports and Jerome Powell's last remarks before the December Fed meeting are crucial in shaping gold price movements.
Bullion thrives in a low interest environment
Gold's long-term bullish trend persists, supported by trade tensions, deficit concerns, and the Fed's cautious approach to monetary easing.
Weekly and monthly gold price trends
Gold prices recorded a weekly drop of 0.6 percent but gained 2.88 percent over the past month, showcasing medium-term resilience.
Technical outlook for spot gold
Spot gold may test support at $2,621 per ounce, with a break potentially leading to the $2,594-$2,608 range, per technical analysis.
South Indian gold rates today
Chennai, Bangalore, and Hyderabad saw gold prices hovering around Rs 77,800 per 10 grams, reflecting marginal dips from yesterday.
Silver prices mirror gold’s cautious trend
Spot silver edged up 0.1 per cent to $31.06 per ounce, while platinum and palladium dipped slightly, reflecting mixed trends in precious metals.
Factors driving gold prices
Key triggers for gold prices include global demand, currency movements, US interest rates, and geopolitical events impacting precious metal markets.