Gold prices in India jumped ₹550, reaching ₹97,350 per 10 grams, driven by global market trends and a weaker dollar. Meanwhile, silver prices declined ₹400, settling at ₹96,700 per kg, reflecting volatility in the precious metals market.
According to the All India Sarafa Association, gold of 99.9% purity had closed at ₹96,800 per 10 grams on Friday. On Monday, gold of 99.5% purity also appreciated by ₹550, reaching ₹96,900 per 10 grams.
The most traded June contract for gold futures on the Multi Commodity Exchange (MCX) rallied ₹1,663 (1.8%), settling at ₹94,300 per 10 grams.
Silver prices dropped ₹400, falling to ₹96,700 per kg, compared to the previous close of ₹97,100 per kg. Spot gold in the international markets rose $46.34 (1.43%), reaching $3,286.83 per ounce. Analysts attribute the surge to a weaker dollar ahead of the US Federal Reserve’s two-day Federal Open Market Committee (FOMC) policy meeting, which begins Tuesday.
Kaynat Chainwala, AVP of Commodity Research at Kotak Securities, stated, “Gold surged to $3,280 per ounce on a softer dollar ahead of the upcoming US Fed meeting. Market participants are cautiously eyeing Fed Chair Jerome Powell’s post-decision press conference.”
Investors are closely watching the US-China trade developments, which could further impact gold and silver prices. The upcoming Federal Reserve meeting is expected to provide clarity on interest rate policies, influencing market sentiment.
