Gold prices at three-week high
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Mumbai (Uttam Hindu News): Gold prices have crossed a three-week high as investment in the precious metal continued on expectations that the US Federal Reserve will not raise interest rates. As a result, the dollar and US bond returns remain soft. The price of gold in the international market was $ 2,000.38 an ounce on Wednesday. US gold futures were steady at $2,002.40 an ounce.
The macroeconomic backdrop remains supportive for gold as low inflation in the US increases the chances of an end to US interest rate hikes. According to ANZ analysts, “falling US yields and the US dollar are increasing investment appeal for gold.” Lower interest rates reduce the opportunity cost of holding gold while a weaker dollar makes gold less expensive in Indian rupee terms.
Gold prices in major cities of India on November 22 were as follows:
*Mumbai: Rs 62,020 per 10 grams; +380.00 rupees.
*Bengaluru: Rs 62,020 per 10 grams; +380.00 rupees.
*Chennai: Rs 62,510 per 10 grams; +280.00 rupees.
* Delhi: Rs 62,170 per 10 grams; +380.00 rupees.
*Kolkata: Rs 62,020 per 10 grams; +380.00 rupees.
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