On Friday, August 2, international gold prices surged to exceed $2,460 per ounce amidst a downturn in equity markets worldwide, driven by recession concerns in the United States.
At 0700 hours GMT, spot gold was priced at $2,466.20 per ounce, marking a 0.8% increase from the previous closing price. US gold futures for September delivery saw a more significant rise, trading 1.1% higher at $2,508.40 per ounce on the Commodity Exchange Center (COMEX).
In India, gold futures for August delivery on the Multi Commodity Exchange (MCX) were quoted at Rs.70,937 per 10 grams at 11:49 am IST, up 1.07% from the previous session’s close.
This increase in gold prices follows a disappointing report on US manufacturing activity. The Purchasing Managers' Index (PMI) for July fell to 46.8%, down from 48.5% in June, marking the fourth consecutive month of decline. This unexpected downturn contributed to a sharp decline in US equity markets, with the S&P 500 dropping 1.37% to 5,446.68 and the NASDAQ Composite falling 2.3% to 17,194.14.
Indian equity markets also mirrored this trend, with the NIFTY50 down 0.97% at 24,769-mark and the SENSEX declining 0.93% to 81,104 at during mid-session.
Retail gold prices in Indian cities have shown varied changes, influenced by the global gold rates from the preceding day:
Mumbai: 24 karat gold was trading at Rs.69,985 per 10 grams, down 0.56% from the previous day. New Delhi: The price increased by 0.41% to Rs.70,260. Kolkata: The rate decreased by 0.17% to Rs.70,809. Chennai: Gold prices dropped 0.37% to Rs.70,191. Bengaluru: The price fell 0.17% to Rs.70,740.Stay informed with the latest gold price trends and market updates.
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