Gold down third day ahead of FOMC; track latest prices

Gold down third day ahead of FOMC; track latest prices

Gold prices continue to decline for the third consecutive day as investors await the upcoming US Federal Reserve meeting. The market is cautious and closely monitoring any signals from the Fed regarding monetary policy and potential rate hikes. This has contributed to the downward pressure on gold prices in recent trading sessions.

The repo rate cut by China has boosted the flow of money into industrial commodities, affecting global prices. As a result, gold prices are hovering near the $1950 per ounce mark, signaling a potential decline.

This move captures the impact of monetary policy decisions on the global precious metal market. Other key events include the the European Central Bank (ECB) meeting on Thursday, and the Bank of Japan meeting on Friday. These events are expected to have an impact on the precious metals market.

Domestic Gold Prices
The domestic price for 24 carat gold is going at Rs 61250/10 grams in Ahmedabad, inclusive of GST. For 22 carcat gold, the price is Rs 56150/10 gram.

Global Price Forecast
Looking ahead, market forecasts vary. Citigroup expects gold to average around $1,965 in the near term, while MetalFocus predicts a lower average of $1,890. Commerzbank suggests that if the Fed holds off on rate hikes, gold could trade between $2,000 and $2,050 in the third and fourth quarters. Bank of America has a more bullish projection of $2,100 for gold in the third quarter.