In international markets, gold prices held steady on Tuesday after rising nearly 2% the previous session, as growing expectations of a US interest rate cut in December offset the impact of a strong dollar.
Spot gold was down 0.2% at $4,132.20 an ounce as of 01:07 GMT. On Monday, the precious metal was up 1.8% to $4,139.80 – the highest level since November 14. Meanwhile, U.S. gold futures for December delivery rose 0.7% to $4,049.50 an ounce.
The US dollar held close to last week’s six-month high, making the metal more expensive for buyers holding other currencies. The US Dollar Index (DXY) hovered around 100.15, down 0.05 points or 0.05%.
New York Federal Reserve President John Williams said on Friday that US interest rates could be cut “in the near term” without jeopardizing the Fed’s inflation target, adding that this could help prevent a deterioration in labor market conditions. Investor expectations of a December rate cut continued to firm, with the CME FedWatch Tool showing an 81% probability – up from 79% a day earlier and 40% last week. Gold, which offers no interest, tends to perform better in lower interest rate environments. However, several Fed officials have struck a cautious tone. Dallas Fed President Lorie Logan said rates should remain unchanged for now, while the Chicago and Cleveland Fed chiefs warned that further cutting borrowing costs at this stage could pose risks to the economy.
On the geopolitical front, U.S. and Ukrainian officials worked Monday to narrow remaining differences over a roadmap to end the war in Ukraine, after tweaking a U.S. proposal that Kiev and its European allies initially found too aligned with Moscow’s demands.
Gold rates in physical markets
Gold Price Today in Delhi
The standard gold price (22 carat) in Delhi is Rs 93,176/8 gram, while the price of pure gold (24 carat) is Rs 1,00,224/8 gram.
Gold Price Today in Mumbai
The standard gold price (22 carat) in Mumbai is Rs 92,512/8 gram, while the price of pure gold (24 carat) is Rs 99,464/8 gram.
Gold Price Today in Chennai
The standard price for gold (22 carat) in Chennai is Rs 92,472 per 8 grams, while the price for pure gold (24 carat) is Rs 99,504 per 8 grams.
Gold Price Today in Hyderabad
The standard gold price (22 carat) in Hyderabad is Rs 92,640/8 gram, while the price of pure gold (24 carat) is Rs 99,608/8 gram.
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