Gold prices fall in India: Check rates in your city
What's the story
Gold prices in India fell today, following the subdued global cues. The decline comes as investors await a busy week of US economic releases that could impact the Federal Reserve's rate outlook. In the Indian market, gold prices fell to ₹9,373 per gram for 18K gold, ₹11,455 per gram for 22K, and ₹12,497 per gram for 24K.
International market
Global gold prices show mixed trends
In the global market, spot gold witnessed a slight increase of 0.1% to approximately $1,983.92 per ounce as of 02:56 GMT. Meanwhile, US December futures fell by 0.2% to around $1,985.30 an ounce. The modest uptick in global prices was attributed to an overextended decline late last week, according to Tim Waterer, Chief Market Analyst at KCM Trade.
Market influences
US rate cut expectations and dollar strength impact gold prices
Expectations of fewer near-term US rate hikes or a delay in rate cuts have continued to limit gains in gold prices. Traders now see a 46% chance of a quarter-point cut next month, down from 50% last week. A stronger dollar has also weighed on sentiment by making gold more expensive for holders of other currencies.
ETF report
SPDR Gold Trust's holdings decline
Despite short-term fluctuations, gold remains on track for one of its best annual performances in decades. This is largely due to central bank buying and safe-haven demand amid fiscal and geopolitical uncertainty. However, the world's largest gold-backed exchange-traded fund (ETF), SPDR Gold Trust, reported a 0.47% decline in its holdings to 1,044 metric tons on Friday.