Gold prices in India are shaped more by global trading trends than by local demand and supply, with markets like London OTC and COMEX playing a key role.
“Gold is trying to form a base around the $2600-20 (~Rs 76000-500) support zone for up leg towards $2680 (~Rs 78000) and $2720 (~Rs 79000). Silver has formed a base around $29 (~Rs 87000), buying could be initiated on every dips for the target of $31(~Rs 92500) and $32 (~Rs 95000). Precious metals are trying to form a base and rebound as US data showed a slowing economy and a “timid” reacceleration in inflation. This week is critical for gold traders, as they will closely monitor key economic data,” added Renisha Chainani, Head of Research at Augmont.
“Traders are expected to be focused on how the NFP data compares to last week’s inflation numbers. If the US jobs report meets or falls short of forecasts, it may confirm the Federal Reserve’s view that a pause in the interest rate-cutting cycle is on the way. The price of gold is heavily reliant on a dovish monetary policy. If the Fed cuts rates less aggressively, this might negatively impact gold prices and the economy,” Chainani noted further.
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The 24-carat gold rate in India was Rs 78,700 per 10 grams on January 8. The rate for 24-carat gold per gram is Rs 7,870. While the rate of 22-carat gold was Rs 72,140 per 10 grams.
On January 8, 24-carat gold prices surged to Rs 78,700 for 10 grams, while silver fell to Rs 91,400 per kilogram, as per Good Returns.
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Gold rate in Mumbai on January 8
The Gold rate in Mumbai is Rs 78,700/10 grams today. On January 7, the gold was available for 78,700/10 grams.
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