Gold Rate Today: Gold has become cheaper, know the price per 10 grams today

In the national capital Delhi, the price of gold fell by Rs 200 to Rs 79,100 per 10 grams on Wednesday. In the previous session, gold of 99.9 percent purity closed at Rs 79,300 per 10 grams. All India Sarafa Association gave this information. According to PTI news, the price of gold of 99.5 percent purity fell by Rs 200 to Rs 78,700 per 10 grams on Tuesday from the previous closing price of Rs 78,900 per 10 grams. Experts say that the market is ready for the results of the US Federal Reserve (Fed) meeting, which can provide further guidance for bullion prices, in such a situation gold is adopting defensive mode.

gold in futures market today

In futures trading on MCX, gold contracts for February delivery were trading higher by Rs 74 or 0.1 per cent at Rs 76,945 per 10 grams. Gold is trading near Rs 76,950 on MCX. Comex gold futures rose 0. 08 per cent to $2,664. 10 an ounce in the Asian trading session. Jatin Trivedi, VP Research Analyst, Commodity and Currency, LKP Securities, said gold is trading within a range as markets await the Fed’s policy announcement tonight. Trivedi said the policy statement is expected to determine the next leg of the move in gold prices.

This is why the price of gold fell today

Gold prices fell on Wednesday on the back of a stronger US dollar and better-than-expected US retail sales data, said Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities. Gandhi said US economic resilience and warm inflation data in recent months, along with solid consumer spending, mean the Fed may pause its rate-cutting cycle at its January meeting, which is negative for precious metals.

Manav Modi, Commodity Research Analyst at Motilal Oswal Financial Services Ltd, said gold declined under pressure from strength in US dollar, rise in Treasury yields, mixed US economic data and ceasefire updates. According to traders, investors will focus on Fed Chair Jerome Powell’s remarks and updated economic projections. He said this will weigh on the dollar and provide some impetus to gold prices.