On July 3, gold futures on MCX reached a high of ₹148,069 per 10 grams. International gold prices are rising for the first time in five weeks. The spot price is $4,184.75 per ounce.
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The season of declining gold demand has begun in India. Prices have recovered from a three-month low, leading people to avoid buying at higher prices. However, buying hasn’t completely cooled down. According to Reuters, jewelers are buying but are cautious about volatile prices. There are no major festivals or wedding season in the near term, so a period of lower gold demand has begun. Meanwhile, demand has increased in China.
Recently, on Tuesday, the price of gold in India fell to ₹140,450 per 10 grams, the lowest level since March 27. However, it has now rebounded. On July 3, gold futures on MCX reached a high of ₹148,069 per 10 grams. According to Reuters, gold prices fell by approximately 8.4 percent in June. This is the first time since March that gold prices have declined in a single month.
International prices
Talking about the price of gold in the international market, it is moving towards an increase for the first time in the last 5 weeks. The price of spot gold is $ 4,184.75 per ounce. Whereas US gold futures for delivery in August are at $ 4,197.20 per ounce. The worry about the Federal Reserve raising benchmark interest rates in the near term has reduced due to weaker than expected jobs data in America. This strengthened the price of gold. The Bureau of Labor Statistics of the US Labor Department says that non-farm payrolls increased by 57,000 jobs in June.
Trading at a $2 discount in China
This week, gold in China was selling at a similar price to the international price, sometimes at a discount of up to $2 per ounce. Last week, it was selling at a discount of $3 to $7 per ounce. The narrowing discount indicates that buyers have become more active than before, so sellers have not needed to offer as much discount.
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