Gold prices in spotlight ahead of Fed meet next week; check latest rates

The 22KT gold was priced at Rs 56,600 per 10 gram in the national capital, which was Rs 390 lower as compared to the previous day.

Gold prices continued to remain in spotlight ahead of the US Federal Reserve’s meeting next week. The price of the 24-carrat yellow metal stood at Rs 60,700 per 10 gram in New Delhi on June 11, which was the same as the preceding day.

As per the rate card shared by the All India Jewellers & Goldsmith Federation (AIJGF), 22KT gold was trading at Rs 56,600 per 10 gram in the national capital, which was Rs 390 lower than June 10.

Price of 20KT gold in Delhi dropped to Rs 51,870 per 10 gram from Rs 52,160 a day earlier, whereas, 18KT gold was trading at Rs 46,930 per 10 gram, down from Rs 47,200 on the preceding day.

Globally, gold rates began easing on June 9 on a stronger dollar and higher yields, but was set for its best week since early May after weaker jobs data bolstered bets for the Federal Reserve to hold pat on interest rates in the two-day meeting, the outcome of which will be known on June 14.

Spot gold had fallen by 0.3 percent to $1,961.39 per ounce. However, it was headed for a 0.7 percent weekly climb, helped by a 1.5 percent jump on June 8 after a surge in the US weekly jobless claims.

“Gold is oscillating in a $1,940-$1,990 range and is likely to remain so until inflation data and the Fed result next week,” news agency Reuters quoted Tai Wong, a New York-based independent metals trader, as saying. The bullion remains “more sensitive to weak or dovish economic data”, Wong added.

The dollar index has bounced off two-week lows, making gold expensive for overseas buyers, while higher 10-year Treasury yields made zero-yield bullion less attractive.

Global markets now priced in a 72 percent chance of the Fed standing pat next week, but odds of a hike in July were 67 percent, the CME Fedwatch tool showed. Traders braced for the US inflation report for May due on June 13, a day before the Fed announces its policy decision.

Gold price in cities today

India Gold prices in Ahmedabad

India Gold prices in Mumbai

India Gold prices in Delhi without GST  (GST IS 3%)

(With Reuters inputs)