Gold Prices Hold Steady in India Amid Global Uncertainty
Gold prices in India continued to hold steady on August 4, with MCX gold trading above ₹1,43,700 per 10 grams. The global market saw gold prices remain above $4,060 per ounce due to increased demand for safe-haven assets amid uncertainty. In contrast, silver prices held relatively steady at ₹2,35,000 per kilogram.
The US Federal Reserve's policy decisions and economic indicators are being closely watched by investors, who are seeking clarity on the future of interest rates and inflation. The geopolitical tensions in West Asia have also contributed to sustained gold prices. Despite these factors, market sentiment remains cautiously positive, with a mild profit booking observed in retail markets.
The domestic gold prices saw minor day-on-day declines in some cities, while remaining largely steady overall. The major Indian cities saw 24K gold rates ranging from ₹14,400 to ₹14,415 per gram, with 22K and 18K gold rates similarly stable. In the international market, the United States saw 24K gold at around $133 per ounce.