Gold Price Fluctuates Amid Market and Economic Uncertainty

The price of gold has been fluctuating in recent days due to various market and economic factors. According to Reuters, spot gold rose 0.2% to $4,165.29 per ounce on October 1, while U.S. gold futures finished 0.4% higher at $4,202.30.

However, the price of gold fell by more than 6% in September due to rising Treasury yields and a shift in Fed policy expectations. Despite this correction, international prices for gold remain high, with Reuters reporting that gold remains above $4,000 per ounce.

For Indian buyers, the question is whether the current correction represents a temporary pause or the beginning of a more prolonged consolidation. The price of 24K gold in India stands at ₹14,924 per gram, while 22K gold is priced at ₹13,680 per gram and 18K gold at ₹11,193 per gram.

The market remains unstable due to various factors such as the Fed rate hike, oil surge, and US-Israel-Iran war. However, some analysts believe that the growth in interest rates and dollar strength are limiting gold price gains.