Gold Prices Fluctuate Amid Ongoing Middle East Tensions
The global gold market is experiencing fluctuations due to ongoing tensions in the Middle East. The conflict began on February 28, and its impact has been felt across the globe. Spot gold price rose by 0.1% to USD 4,478.17 an ounce, while silver price gained 0.1% to USD 66.90 an ounce.
According to goodreturns.in, the current gold prices in India are influenced by international spot gold rates, US dollar fluctuations, and import duties on gold. Ahead of the festive season, these factors have contributed to a slight increase in gold prices.
In India, the 24K gold price stands at Rs 15,536 per gram, while 22K and 18K gold prices are Rs 14,241 and Rs 11,652 per gram respectively. The silver rate is approximately Rs 2,54,900 per kilogram for 999-grade silver.
The US non-farm payrolls report due on September 4 may influence expectations for the US Fed’s September 15-16 policy meeting. Markets are currently split over the central bank's next move.