Gold Prices Hit New Highs in India, Driven by Global Trends
Gold prices are soaring both in India and around the world, with 24-karat gold now costing over ₹1 lakh per 10 grams in India. This surge is being driven by growing expectations that the US Federal Reserve will cut interest rates this month.
According to data from Goodreturns, here are the gold prices in India as of Monday, September 8:
- 24-karat gold: ₹1.08 lakh per 10 grams
- 22-karat gold: ₹99,350 per 10 grams
- 18-karat gold: ₹81,290 per 10 grams
Globally, gold is trading near its all-time high, with spot gold at $3,586.81 per ounce. The key factor behind this rally is the weak US jobs data, which showed a significant slowdown in new hires and an increase in the unemployment rate. This reinforces the case for the US Federal Reserve to ease its monetary policy by cutting interest rates.
Analysts believe the outlook for gold remains strong. The rally is fueled by several factors, including:
- A weaker US dollar
- Continued purchases by central banks, such as China’s central bank buying gold for the tenth consecutive month
- Rising geopolitical and economic uncertainties
Looking ahead, all eyes are on the upcoming US inflation data, which is expected to be the next major factor to influence gold prices.