Gold Prices Stable in India; US Economic Data and Geopolitical Tensions in Focus

Gold Prices – On September 3, 2024, gold prices in India showed no significant movement as traders await critical US economic data to gauge the potential size of an anticipated interest rate cut by the Federal Reserve. In India, the price of 22k gold remained steady at ₹66,700 per 10 grams, while 100 grams of 22k gold was unchanged at ₹6,67,000. The price of 24k gold also held steady at ₹72,770 per 10 grams, with 100 grams priced at ₹7,27,700.

For 18k gold, the price remained stable at ₹54,570 per 10 grams, and 100 grams of 18k gold was priced at ₹5,45,700. The per-gram prices for gold were similarly stable: ₹6,670 for 22k gold, ₹7,277 for 24k gold, and ₹5,457 for 18k gold.

Gold Prices and Geopolitical Concerns

Dr. Renisha Chainani, Research Head at Augmont Gold for All, noted that gold prices continue to hover around recent highs of approximately $2,500 per ounce. However, she pointed out that the upward momentum of gold prices is under threat due to the oversold condition of the US dollar. Geopolitical issues, such as recent protests in Israel over the government’s failure to negotiate a ceasefire with Hamas and the assassination of six captives in Gaza, are providing some support for gold prices.

Dr. Chainani also highlighted upcoming economic indicators, including the ISM Manufacturing PMI and the US Nonfarm Payrolls report for August, which could influence the Federal Reserve’s interest rate decisions and subsequently impact gold prices.

Current Spot Gold and Silver Prices

As of 01:55 GMT, spot gold prices have slipped 0.2% to $2,494.19 per ounce, down from a record high of $2,531.60 set on August 20. US gold futures decreased by 0.1% to $2,526.10. Spot silver fell 0.2% to $28.44 per ounce, while platinum declined by 0.8% to $922.27 and palladium decreased by 0.5% to $974.29, according to Reuters.

Silver Prices in India

In India, silver prices remained stable. The price of silver on September 3, 2024, was ₹86,000 per kilogram, while 100 grams of silver was priced at ₹8,600.

Gold and Silver Price Movements Over the Past 10 Days

22k Gold Prices in India:

• September 2: Fell by ₹25
• September 1: Steady
• August 31: Fell by ₹10
• August 30: Fell by ₹10
• August 29: Increased by ₹1
• August 28: Increased by ₹21
• August 27: Fell by ₹1
• August 26: Steady
• August 25: No change
• August 24: Increased by ₹35

1kg Silver Prices in India:

• September 2: Fell by ₹1,000
• September 1: Steady
• August 31: Fell by ₹1,400
• August 30: Fell by ₹100
• August 29: Fell by ₹100
• August 28: Steady
• August 27: Increased by ₹600
• August 26: Fell by ₹100
• August 25: Steady
• August 24: Increased by ₹1,300

Conclusion

As the US economic data is anticipated, gold prices in India remain steady, with geopolitical tensions providing some support. The upcoming economic indicators and Federal Reserve decisions will be crucial in determining future price movements for gold and silver.

FAQ