Gold Prices Decline on Friday
Gold prices decreased on Friday, as noted in data from FXStreet. The price for gold settled at INR 9,617.79 per gram, down from INR 9,641.16 the previous day.
The price per TOLA dropped as well, going to INR 112,182.60 from INR 112,455.60 just a day earlier.
| Unit Measure | INR Gold Prices |
|---|---|
| 1 gram | 9,617.79 |
| 10 grams | 96,179.68 |
| TOLA | 112,182.60 |
| Troy ounce | 299,144.20 |
Market Analysis: Gold Prices Drop Ahead of US Inflation Data
“Investors still favor precious metals, particularly with expectations of a slower monetary policy in the US starting soon,” remarked Tim Water, Chief Market Analyst at KCM Trade.
On Thursday, Governor Christopher Waller expressed support for interest rate cuts at the upcoming September meeting and hinted at further reductions over the next few months to avoid a collapse in the labor market.
The US GDP grew at an annual rate of 3.3% in the second quarter, which is an increase from the initial estimate of 3.0% and slightly better than the expected 3.1%, according to the U.S. Bureau of Economic Analysis.
Meanwhile, new unemployment claims for the week ending August 23rd dropped to 229,000, a revision from 234,000 previously reported. This figure was below the market consensus of 230,000.
John Williams, President of the Federal Reserve Bank of New York, indicated on Wednesday that interest rates might decrease, though it’s important to assess future economic data before finalizing any decisions for next month.
Currently, traders estimate nearly an 85% chance of a quarter-point reduction in the Fed rate next month, according to CME FedWatch tools.
FXStreet calculates gold prices in India by adjusting international rates (USD/INR) to the local currency and units. These prices are updated daily and are intended for reference, as local rates may vary slightly.
