Check Latest Gold Prices in India
The price of gold in Bangalore took a sharp dive, with the cost of 24K gold dropping by Rs 1,500 per 100 grams. Silver prices followed suit and also saw a decline. This drop in prices mirrored the global trend, where gold prices retreated after a two-week period of gains.
Internationally, the demand for gold weakened following the release of a stronger-than-expected US Purchasing Managers Index (PMI) for June, which bolstered the dollar and bond yields. This made assets like gold, which don’t generate yields, less appealing. Looking ahead, market attention will focus on upcoming US economic indicators such as Gross Domestic Product (GDP) and the Core Personal Consumption Expenditures (PCE) Price Index. These data points will provide insights into potential future actions by the Federal Reserve regarding interest rates.
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Fluctuations in the prices of gold and silver are influenced by various factors, including insights from reputable jewelers. These factors encompass global demand for gold, fluctuations in currency exchange rates, prevailing interest rates, and governmental regulations pertaining to gold trading. Moreover, broader global events such as the state of the global economy and the strength of the US dollar against other currencies also impact gold prices in the Indian market.
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