Gold prices in India saw a decline today following a recent peak on Wednesday, offering relief to buyers. This drop came amidst comments from Federal Reserve officials hinting at a potential interest rate cut in the US by September. Today, the price of 22K gold in India fell by Rs 150 to Rs 68,600 per 10 grams, while 100 grams of 22 carat gold saw a decrease of Rs 1,500, settling at Rs 6,86,000. Prices for 24K gold today slipped by Rs 160 to Rs 74,840 per 10 grams, with 100 grams of 24 carat gold prices dropping by Rs 1,600 to Rs 7,48,400. Additionally, 18k gold prices today declined by Rs 120 to Rs 56,130 per 10 grams, and 100 grams of 18 carat gold fell by Rs 1,200 to Rs 5,61,300.
According to a report from Reuters, Alex Ebkarian, Chief Operating Officer at Allegiance Gold, stated, "It appears evident that the Federal Reserve will cut rates in September. This, along with the trend of central banks buying more gold compared to U.S. Treasury yields, is currently driving gold to these high levels."
