Gold Futures Climb to ₹1.50 Lakh per 10g Ahead of US Fed Decision
Gold futures rise to Rs 1.50 lakh/10g ahead of US Fed policy decision
The Economic Times
Image: The Economic Times
Gold futures rose to ₹1.50 lakh (approximately $1,800 USD) per 10 grams as investors adopted a cautious stance ahead of the US Federal Reserve's policy decision. The increase was supported by a weaker US dollar and ongoing geopolitical tensions in West Asia.
- 01Gold futures reached ₹1.50 lakh per 10 grams on the Multi Commodity Exchange.
- 02The price increase was driven by a weak US dollar and geopolitical tensions.
- 03Jerome Powell's last meeting as Fed Chair adds significance to the policy decision.
- 04International gold futures also saw a slight increase, reaching $4,615.69 per ounce.
- 05Upcoming macroeconomic data from the US could influence future gold prices.
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On Wednesday, gold futures rose to ₹1.50 lakh (approximately $1,800 USD) per 10 grams on the Multi Commodity Exchange, marking an increase of ₹93 or 0.06%. This uptick comes as investors remain cautious ahead of the US Federal Reserve's policy decision, which is particularly crucial as it will be the last meeting chaired by Jerome Powell. Analysts attribute the price rise to a weaker US dollar and ongoing geopolitical tensions in West Asia, although elevated crude oil prices are limiting further gains. In international markets, Comex gold futures for June also increased by 0.16%, reaching $4,615.69 per ounce. Market participants are closely monitoring upcoming policy decisions from the US Federal Reserve, European Central Bank, and Bank of England, as well as macroeconomic data such as US GDP and inflation, which could impact future bullion prices.
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The rise in gold prices could affect consumers looking to buy gold for investment or jewelry, potentially leading to higher costs.
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