Gold prices in India continued to trade in a narrow band above the Rs 1,17,000 per 10 gm mark amid sustained demand and investor caution ahead of key policy announcements. The December futures contract on the Multi-Commodity Exchange was quoted at Rs 1,17,558, while spot prices hovered around Rs 1,17,630, reflecting firmness in the domestic metal market.
In major cities, rates varied modestly: New Delhi saw gold at Rs 1,17,210, Mumbai at Rs 1,17,420, Bengaluru at Rs 1,17,510, and Kolkata at Rs 1,17,260. Chennai led the pack, clocking Rs 1,17,760 per 10 gms.
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Analysts note that the price stability comes as investors position ahead of the Reserve Bank of India’s policy stance, which held the repo rate at 5.5 per cent and maintained a neutral bias. In the global arena, gold’s appeal has been buoyed by safe-haven flows and inflationary fears, with the spot metal inching up to USD 3,858 in overseas markets.
Market experts commented that the longer-term trend for gold remains positive, though short-term profit booking cannot be ruled out. He added that labour market pressures and inflation data in the U.S. will be closely watched.
With macro uncertainty, festive demand, and policy watchers in play, gold is expected to remain in focus. The metal’s resilience could be tested if global rates shift, but for now, bullion remains a popular hedge in uncertain times. |
