Gold Prices Drop in India on Thursday

Gold Prices Decline in India Amid Global Market Shifts
Gold prices in India saw a decline on Thursday, data from FXStreet shows. The price per gram of gold fell to INR 6,219.88 from INR 6,244.83 on Wednesday. Similarly, the price per tola dropped from INR 72,838.46 to INR 72,544.30.
| Unit Measure | Gold Price in INR |
|————–|——————-|
| 1 Gram | 6,219.88 |
| 10 Grams | 62,196.09 |
| Tola | 72,544.30 |
| Troy Ounce | 193,457.40 |
Factors affecting the gold price include global economic indicators and policy decisions. The US Federal Reserve’s decision to maintain current interest rates and project only one rate cut this year, coupled with unchanged US consumer inflation data for May, contributed to a stronger US Dollar, which typically undermines gold prices. Political uncertainty in the Eurozone and upcoming economic data from the US and Japan may further influence market dynamics.
Gold remains a significant asset for central banks and investors, especially during economic instability. Its price is inversely correlated with the US Dollar and US Treasuries, and it tends to rise during periods of lower interest rates and geopolitical tension.
Note: This summary was created using an automation tool.