Gold prices scale new record highs of above $2,350; check rates in India
Upstox
3 min read • Updated: April 8, 2024, 12:27 PM
Summary
Gold rates today: Spot gold touched a record high of $2,353.81 per ounce, up 0.7% as against the previous closing price. Gold futures expiring in June climbed 0.8% to reach a peak of $2,372.45 an ounce.
The prices of gold, which have been rallying since the start of this year, hit new highs of above $2,350 per ounce during the Asian trade on Monday, April 8. This comes a week after the yellow metal breached the $2,300 mark for the first time, following the US Federal Reserve’s projection of rate cuts later this year.
During the trading session on Monday, spot gold touched a record high of $2,353.81 per ounce, up 0.7% as against the previous closing price. Gold futures expiring in June climbed 0.8% to reach a peak of $2,372.45 an ounce.
The fresh highs come despite the rate cut bets easing in the US. The nonfarm payroll data released on Friday, April 5, showed a healthy job market, with the number of employments rising by 303,000 in March.
A strong labour market discourages the Fed from swiftly moving ahead with its planned rate cuts, analysts said. Generally, lower lending rates are associated with higher gold prices. The metal, add analysts, has been accelerating in value in recent days on expectation of the Fed initiating the much-awaited rate cut cycle.
In its last policy review meeting in March, the Fed kept the benchmark lending rates unchanged in the range of 5.25-5.5%, but projected three rate cuts of 25 basis points each in calendar year 2024.
Also Read: Why are gold prices rising?
Amid the anticipation of rate cuts by the Fed, central banks across the world have been purchasing gold to shore up their reserves. This, in turn, has given impetus to the strong prices, experts pointed out. The People’s Bank of China bought gold for the 17th consecutive month in March, as per the official data released on April 8. The bullion owned by the bank surged to 72.74 million fine troy ounces.
What are the gold rates in India today?
Gold prices in India have also risen in the range of Rs 1,000-Rs 2,000, as compared to the past week. The per 10 gram rate of the metal was hovering around the ₹73,000-mark in major cities. Here are the rates in the metro cities:
- Gold rate in New Delhi: ₹72,935
- Gold rate in Mumbai: ₹72,905
- Gold rate in Chennai: ₹73,210
- Gold rate in Bengaluru: ₹73,220
- Gold rate in Kolkata: ₹73,050
Since the start of this year, the prices have climbed by over 9% in rupee terms. The metal has given returns exceeding 69% since the outbreak of COVID-19 pandemic.