Gold Prices Stable in India Amid US Interest Rate Hike Expectations
Gold prices in India remained largely stable on September 7, but the metal's prospects were affected by stronger-than-expected US payroll data. The data boosted expectations of an interest-rate hike as early as next week, which could impact gold prices.
The US job growth surged in August, and the unemployment rate held steady, according to numbers published on Friday. This bolstered the argument for raising rates at the Federal Reserve's September meeting, expected on 15-16.
On the Multi Commodity Exchange (MCX), gold and silver futures were not trading at the time of writing this report. However, in the previous session, gold futures settled at Rs 1,52,815 per 10 grams, while silver futures ended at Rs 2,37,500 per kg.
City-wise gold prices in India showed that the price of 24-carat gold stood at Rs 1,53,480 per 10 grams in Chennai. The price of 22-carat gold ranged from Rs 1,40,039 to Rs 1,40,506 per 10 grams across Delhi, Mumbai, Kolkata, and Hyderabad.