Gold prices drop 0.48% a day before Dhanteras, US dollar rise and macro data contribute to decline

Spot gold prices declined by 0.48% to ₹77,622.00 per 10 grams around 10 am IST on Monday, October 28, 2024

Updated on: Oct 28, 2024, 10:32:00 IST

By HT News Desk | Edited by Abhyjith K. Ashokan

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Spot gold prices declined by 0.48% to ₹77,622.00 per 10 grams around 10 am IST on Monday, October 28, 2024, according to MCX data. This comes after prices having consistently rallied for most parts of the year.

Spot gold prices declined by 0.48% to ₹77,622.00 per 10 grams around 10 am IST on Monday, October 28, 2024 (Representational Image/Unsplash)

Meanwhile, Gold futures prices on the MCX for December 05, 2024 dropped by 0.42% or by ₹332 to 78,200.

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The short-term decline in gold prices has been attributed to a rise in the US dollar (Currently at ₹84.0725 per dollar) as investors eyed US macro data which includes inflation data and GDP prints to anticipate potential rate cuts by the US federal Reserve.

This also comes a day before Dhanteras which starts on Tuesday, October 29, 2024. Gold prices on the occasions of Dhanteras and Diwali have gone up nearly 30% over the last one year.

Gold even beat domestic equity in terms of prices, with the benchmark BSE Sensex rising only 10.79% this year in comparison.

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Gold prices rose over the year owing to multiple factors including geopolitical tensions like the Russia-Ukraine war and the Israel-Gaza conflict.

Another reason was the decision of China's central bank to reduce its 1-year and 5-year prime loan rates by 25 basis points, according to the report.

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HT News Desk
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