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In Mumbai, the 24K gold edged up by ₹10 to ₹82,860 per 10 grams.
Globally, gold traded in a narrow range on Thursday as investors awaited key economic signals.
Spot gold rose by 0.1%, reaching $2,761.59 per ounce.
US gold futures followed suit, climbing 0.1% to $2,773.30, with a premium of nearly $12 over the spot rates.
The market’s attention now shifts to the US personal consumption expenditures (PCE) price index report, due Friday, to assess the inflation trajectory.
Following the US Federal Reserve’s decision to keep interest rates steady at 4.25% to 4.5%, gold’s outlook remains uncertain. Federal Reserve Chair Jerome Powell indicated no rush to cut rates until inflation and jobs data show clearer trends. While bullion is often seen as a hedge against inflation, higher interest rates typically dampen gold’s appeal due to its lack of yield.
“Investment demand has to increase to push gold prices towards the $2,900 or $3,000 level,” said Soni Kumari, a commodity strategist at ANZ.
The direction of gold prices will largely depend on policy changes, inflation data, and geopolitical developments, Kumari added.
Geopolitical risks, especially tariff concerns, continue to influence the market.
The White House recently reiterated its plans to impose steep tariffs on Mexico and Canada, with potential tariffs on China still under consideration. These developments have led to an increase in gold deliveries to the US, as investors seek safe havens amid tariff uncertainties.
Meanwhile, the European Central Bank is expected to cut interest rates later today, likely signaling further policy easing in the region. However, trading volumes have been low, with major gold consumer countries like China closed for the Lunar New Year holidays.
Prathamesh Mallya, DVP- Research, Non-Agri Commodities and Currencies at Angel One Ltd, noted that Fed’s stance has led to a cautious outlook for gold prices, as market participants remain uncertain about the timing of future rate cuts and the impact of Trump’s trade policies.
Investors should continue to monitor inflation data and geopolitical risks, with the potential for price fluctuations based on shifts in policy and market sentiment.
–With agencies inputs