Gold Price today in India: What are Gold rates forecast for next week?

New Delhi: Gold price today in India of 24 carat purity fell to Rs 73,080 per 10 gram on Saturday, July 06, 2024. While, the price of 22-carat gold was quoted at Rs 66,990 per 10 gm. On the other hand, 18-carat gold price stood at Rs 54,810 per 10 gm. While, silver price today in India was up by Rs 100 per unit to Rs 93,300 per kg, according to Goodreturns.

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Gold and Silver prices in key cities today

Source: Good Returns

Gold Price Down Reason

The precious metal’s price fell today in India after a sharp rally witnessed at the start of this week. However, commodity analysts are still bullish on the yellow metal for the near-term perspective as the interest rate cut in the US in September 2024 seems a real chance now.

Gold Price forecast next week

Praveen Singh, Associate VP – Fundamental Currencies and Commodities, Sharekhan by BNP Paribas, said to news agency PTI, “Gold is expected to trade with a positive bias.” While, Manav Modi, Senior Analyst – Commodity Research at Motilal Oswal Financial Services Ltd, said, “Gold prices were on track for a second weekly gain.”

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Analysts are bullish on the commodity because of the recent data published in Washington regarding the US economy. The data signals that the US economy has recently undergone a slowdown. The country’s job market has weakened in the recent past. A surge has been reported in jobless claims made by the US citizens last week. Private payrolls have increased in June 2024, but less than expected. The US services sector has also fallen to a four-year low in June on sharp drop in orders.

All these factors point out that to give filip to the economy, the US Central Bank, Federal Reserve, may start the long impending interest rate cut cycle from this September. According to  PTI,  market analysts have said that swaps traders are currently pricing in a 70 per cent chance of a rate cut by the US Fed in September.

 Gold Price today in India fell by Rs 10 per unit to Rs 73,080 per 10 gm. Although, commodity experts have made bullish gold price forecast for next week.  Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today