Gold Prices Fall On Strong Dollar Index; Check Gold Rate in India Today

Gold prices in India have been declining since last week as rising U.S. inflation strengthened the dollar index and fueled speculation about a potential shift in the Federal Reserve’s approach to monetary policy.

Gold Rate Today in Chennai (November 19, 2024)

On November 19, today the gold rate in Chennai is ₹75,661 per 10 grams, unchanged against its previous close. Last week, the rate of 24-carat gold closed at ₹78,781 per 10 grams on November 11, 2024.

US Inflation Scenario

The U.S. Consumer Price Index (CPI) data released last week exceeded expectations, registering a 2.6% increase compared to the anticipated 2.4%, which contributed to the dollar’s strengthening.

According to the CME FedWatch Tool, the likelihood of a 25 basis point rate cut in December has dropped to 62%, compared to 83% just a day ago.

Gold Price in Major Indian Cities (On November 19, 2024)

Gold MCX Futures on November 19, 2024

On November 19, 2024, as of 11:00 AM, the gold MCX futures contracts with the expiry of December 5, 2024, were quoted for ₹75,415 per 10 gms, which opened at ₹75,200 per 10 gms. 

Gold has always been a popular investment choice in India, especially during festivals and weddings. The price of gold is highly influenced by global economic conditions, the value of the US dollar, and domestic factors such as demand and import duties. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.