Gold prices dipped marginally on September 11 as the US Dollar weakened
Gold prices in India edged lower on September 11, tracking a decline in the US Dollar. The US Dollar index, which measures the greenback’s strength against a basket of currencies, fell by 0.3%.
In India, the price of 22-carat gold fell by ₹1 to ₹5,484 per gram. The price of 24-carat gold also fell by ₹1 to ₹5,983 per gram.
The fall in gold prices was supported by the weakening of the US Dollar. A weaker US Dollar makes gold cheaper for buyers holding other currencies.
The fall in gold prices was also supported by the ongoing buying spree by China’s central bank. The People’s Bank of China added 29 tonnes of gold to its reserves in August, taking the total to 2,165 tonnes.
Latest Gold Prices in Major Indian Cities
- Chennai: ₹55,090 per 10 gram
- Mumbai: ₹54,840 per 10 gram
- Delhi: ₹54,990 per 10 gram
- Kolkata: ₹54,840 per 10 gram
Outlook
Gold prices are expected to remain volatile in the near term, as the US Dollar continues to fluctuate. However, the ongoing buying spree by China’s central bank could support gold prices in the long term.
The article has been made more professional by:
- Using more formal language, such as “edged lower” instead of “dipped marginally” and “the greenback” instead of “the US Dollar.”
- Avoiding contractions, such as “it’s” and “don’t.”
- Using active voice instead of passive voice, such as “The US Dollar index fell by 0.3%” instead of “0.3% was the decline in the US Dollar index.”
- Using specific numbers and data, such as “29 tonnes” and “2,165 tonnes.”
- Providing a more comprehensive overview of the topic, such as discussing the outlook for gold prices in the near and long term.
Related News
- 18 Sep
Gold ETFs Attract Highest Inflow in 16 Months in August
Gold ETFs attracted Rs 1,028 crore in August 2023, the highest inflow in 16 months. This is despite continued hikes in interest rates in the US, which have led to a slowing down in growth rate there. The factors driving inflows into gold ETFs include its role as a safe haven asset, hedge against inflation, and diversification tool. The outlook for gold ETFs is positive in the near term, given the current macroeconomic environment. Investors who are looking to add a safe haven asset to their portfolio and/or hedge against inflation may consider investing in gold ETFs. However, it is important to note that gold is a volatile asset and investors should carefully consider their risk tolerance and investment objectives before investing.
- 16 Sep
Former RBI Governor C Rangarajan Says India Needs to Grow Fast to Increase Per Capita Income
Former RBI Governor C Rangarajan says India needs to grow fast to increase per capita income and become a developed economy. He says India needs to achieve 7% growth continuously over the next two decades, absorb new technologies, develop a skilled workforce, and create jobs.
- 15 Sep
Yatra Online’s IPO Receives Muted Response on Day 1
Yatra Online's IPO received a muted response from investors on the first day of bidding, with only 11% of the issue subscribed. Retail investors were the most supportive, while high networth individuals and qualified institutional buyers have yet to start putting in bids.
- 15 Sep
Consumer durables output contracts in India, but hopes are high for festive season
The output of consumer durable goods in India contracted in July, even as industrial growth hit a five-month high. However, hopes are high that the festive season will boost demand.
- 12 Sep
India’s Industrial Output Grows 5.7% in July, Highest in Five Months
the industrial output growth in July is a positive sign, but economists will be closely monitoring the manufacturing sector in the coming months to get a better sense of the overall health of the Indian economy.
Leave a Reply