Gold prices took a small breather this Friday morning. Spot prices dipped 0.28% to hit 4,320 an ounce. And then the local market followed right along. 24K gold opened at ₹1,33,976 on the MCX. That is a 0.41% drop from the last close.
The thing is, the market is just catching its breath after a wild run. Everyone is waiting for the next big move. Analysts think we are stuck in a range between 4,300 and 4,380. A breakout could trigger another 2-3% rally. Or nothing.
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City Check: What You’ll Pay
Prices are pretty much the same across the board, give or take some local taxes.
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Mumbai & Kolkata: 24K is at ₹13,485 per gram.
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Delhi: A bit higher at ₹13,500.
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Chennai: The most expensive at ₹13,572.
Let’s be real, the global stage is a mess. That is exactly why gold stays high. The US just blocked sanctioned oil shipments from Venezuela. And then Putin reiterated his hard line on Ukraine.
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Here’s the kicker: the US Fed might cut rates very soon. Fed Governor Christopher Waller says job growth is near zero. He wants borrowing costs down by a full point next year to boost employment.
The rupee isn’t helping much either. It gained a tiny 0.06% yesterday to hit 90.298. But it is still losing value over the long haul. That just keeps the pressure on domestic gold prices. It is an ongoing cycle of high demand and geopolitical fear.
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