The Fed’s signals about monetary policy and possible rate hikes are being keenly watched by the market, which is being cautious.
As investors anticipate the forthcoming US Federal Reserve meeting, gold prices have fallen for a third day in a row. Market participants are being cautious and closely observing any indications from the Fed regarding monetary policy and prospective rate increases. Recent trading sessions have seen negative pressure on gold prices as a result of this.
Due to China’s reduction in the repo rate, more money is now flowing into industrial commodities, which has an impact on world prices. Consequently, gold prices are circling around the $1950 per ounce level, indicating a likely fall.
This action illustrates how monetary policy decisions affect the world market for precious metals. The ECB meeting on Thursday and the Bank of Japan meeting on Friday are two additional significant occasions. On the precious metals market, these occurrences are anticipated to have an effect.
Prices of domestic gold
In Ahmedabad, the domestic price for 10 grammes of 24 carat gold is Rs 61250, GST included. The cost for 10 grammes of 22 carat gold is Rs 56150.