Gold futures opened at Rs 10 on the Multi Commodity Exchange (MCX). 56,875.00 per 10 grams, a decrease of 0.15% from the previous day’s opening price of Rs. 57,005.00. On the other hand, silver futures opened at Rs 68,331.00 per kg, down 0.5% from the previous day’s opening.
In international trade, gold prices remained flat on Friday as traders assessed the possible impact of strong US economic data on interest rates and Federal Reserve’s policy decisions. Spot gold fell 0.18% to $1,925.45 an ounce, while US gold futures remained unchanged at $1,930.20, despite minor losses in the previous session, as investors turned cautious ahead of upcoming inflation data and the Federal Reserve’s policy meeting next week.
The release of positive US GDP numbers fueled speculation that the Federal Reserve may need to keep interest rates higher for a longer period of time, which could negatively impact gold prices, according to Michael Hewson, chief market analyst at CMC Markets. . Despite this, many economists predict a brief and mild recession in the second half of the year due to a strengthening labor market.
Spot silver fell 1.35% to $23.57 an ounce, platinum by 0.79% to $1,010.00 and palladium by 2.92% to $1,627.99, as of 3:42 p.m. GMT.
This week, physical gold dealers in India offered the biggest discounts in 10 months to attract customers as a sharp rise in local gold prices dented demand in the country, the world’s second-biggest consumer of bullion. Is. With local gold prices hitting an all-time high of Rs 57,125 ($700.02) per 10 grams, dealers were offering discounts of up to $42 an ounce over official domestic prices, compared to discounts of 15% on imports and 3% on sales. Fee is included. $24 last week.
According to Prithviraj Kothari, managing director of Riddisiddhi Bullions, consumers are struggling to adapt to higher prices and demand has been weak for the past few weeks, even during the wedding season. Dealers and jewelers are also postponing purchases in anticipation of cut in import duty by the government in the upcoming budget, said a Mumbai-based dealer.