Gold prices in India witnessed a decline today, providing relief ahead of the festive season. Following strong U.S. jobs data, this drop comes in the wake of expectations for a smaller rate cut by the U.S. Federal Reserve in November. Today, 22K gold fell by ₹200 to ₹71,000 per 10 grams, while 100 grams dropped by ₹2,000 to ₹7,10,000. Similarly, 24K gold declined by ₹220 to ₹77,450 per 10 grams, and 100 grams fell by ₹2,200 to ₹7,74,500.
The price of 18K gold also dipped, falling by ₹170 to ₹58,090 per 10 grams. Despite the recent downward trend, the ongoing Middle East conflict and U.S. election uncertainties are expected to support safe-haven demand for gold, potentially limiting further price drops. This decline follows four days of price increases, with 22K gold showing significant fluctuation over the past ten days.
Silver also experienced a dip today, with prices falling by ₹100 to ₹96,900 per kg. Economic data like U.S. CPI inflation and FOMC minutes are anticipated to provide more cues on the interest rate trajectory, influencing precious metal prices.
For the upcoming week (October 7-11), gold is expected to range between ₹73,000 to ₹78,000 for 24K, while silver could fluctuate between ₹91,000 to ₹96,000 per kg. Global economic factors, such as the Middle East tensions and resilient U.S. economic data, are expected to influence the outlook for both gold and silver.
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