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Gold prices in India declined on Monday (November 17), tracking subdued global cues as investors looked ahead to a busy week of US economic releases that may influence the Federal Reserve’s rate outlook.
In the domestic market, gold prices fell to ₹9,373 per gram for 18-carat, ₹11,455 per gram for 22-carat, and ₹12,497 per gram for 24-carat on November 17.
The dip mirrored weak sentiment in international trade.
Globally, spot gold inched up 0.1% to $4,083.92 per ounce as of 0256 GMT, while US December futures slipped 0.2% to $4,085.30 an ounce.
Analysts said the modest uptick followed an overextended decline late last week.
“The selling pressure on gold last Friday was probably a bit overdone, hence we are seeing a rebound today,” said Tim Waterer, Chief Market Analyst at KCM Trade.
However, expectations of fewer near-term US rate cuts continued to limit gains. Traders are pricing in a 46% probability of a quarter-point rate cut next month, down from 50% a week earlier. A firmer dollar also weighed on sentiment, making gold costlier for holders of other currencies.
Market participants are now awaiting the September nonfarm payrolls data, due Thursday, alongside other releases delayed by the recent US government shutdown. The Commerce Department said it is working to update the revised schedule for economic reports.
Non-yielding gold typically benefits from lower interest rates and periods of economic uncertainty. Even so, the SPDR Gold Trust, the largest global gold-backed ETF, reported its holdings fell 0.47% to 1,044 metric tons on Friday.
Rahul Kalantri, VP – Commodities at Mehta Equities, noted that despite short-term fluctuations, gold remain on track for one of their strongest annual performances in decades, driven by central bank buying and safe-haven demand amid fiscal and geopolitical uncertainty.
Kalantri added that the metal may continue to see swings ahead of the US data releases, which are expected to offer fresh clarity on the Fed’s policy path.
-With Reuters inputs
In the domestic market, gold prices fell to ₹9,373 per gram for 18-carat, ₹11,455 per gram for 22-carat, and ₹12,497 per gram for 24-carat on November 17.
The dip mirrored weak sentiment in international trade.
Globally, spot gold inched up 0.1% to $4,083.92 per ounce as of 0256 GMT, while US December futures slipped 0.2% to $4,085.30 an ounce.
Analysts said the modest uptick followed an overextended decline late last week.
“The selling pressure on gold last Friday was probably a bit overdone, hence we are seeing a rebound today,” said Tim Waterer, Chief Market Analyst at KCM Trade.
However, expectations of fewer near-term US rate cuts continued to limit gains. Traders are pricing in a 46% probability of a quarter-point rate cut next month, down from 50% a week earlier. A firmer dollar also weighed on sentiment, making gold costlier for holders of other currencies.
Market participants are now awaiting the September nonfarm payrolls data, due Thursday, alongside other releases delayed by the recent US government shutdown. The Commerce Department said it is working to update the revised schedule for economic reports.
Non-yielding gold typically benefits from lower interest rates and periods of economic uncertainty. Even so, the SPDR Gold Trust, the largest global gold-backed ETF, reported its holdings fell 0.47% to 1,044 metric tons on Friday.
Rahul Kalantri, VP – Commodities at Mehta Equities, noted that despite short-term fluctuations, gold remain on track for one of their strongest annual performances in decades, driven by central bank buying and safe-haven demand amid fiscal and geopolitical uncertainty.
Kalantri added that the metal may continue to see swings ahead of the US data releases, which are expected to offer fresh clarity on the Fed’s policy path.
-With Reuters inputs
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