IANS | 22 Nov, 2023
Gold prices have crossed a three-week high as investments continue to
pour into the precious metal on the expectation that US Federal Reserve
will not be hiking interest rates. This has resulted in the dollar and
US bond yields remaining subdued.
The price of gold in the international market on Wednesday was $2,000.38 per ounce on Wednesday.
US gold futures were steady at $2,002.40.
The
macroeconomic backdrop is turning supportive for gold as moderating
inflation in the US raises prospects for the end of the US interest rate
hiking cycle.
"The decline in US yields and the US dollar are increasing the investment appeal for gold," according to ANZ analysts.
Lower
interest rates decrease the opportunity cost of holding gold while a
weaker dollar makes gold less expensive in Indian rupees.
Gold prices in India's major cities on November 22:
*Mumbai: Per 10 gram Rs 62,020 +380.00.
*Bangalore: Per 10 gram Rs 62,020 +380.00.
*Chennai: Per 10 gram Rs 62,510 +280.00.
*Delhi: Per 10 gram Rs 62,170 +380.00.
*Kolkata: Per 10 gram Rs 62,020 +380.00.
