India Business News: Gold and silver prices opened with little movement on the Multi Commodity Exchange (MCX) on Tuesday following a weakening of the US dollar after softer-than-expected US jobs data.
India Business News: When Indians think about investing, gold is often one of the first things that comes to mind. In India, gold has always been a popular investment, whether in the form of jewellery, which has cultural significance, or as gold bars and coins for financial security.
Often considered a safe investment during times of geopolitical and economic turmoil, gold has soared in price in response to Russia s invasion of Ukraine and the war in the Gaza Strip. But gold s climb to highs above $2,400 per ounce has proved more resilient, and lasted longer, because of China.
The surge in gold prices in India has led to a shift in the jewellery industry towards using lower cartage yellow metal like 14-carat gold to make diamond jewellery more affordable for customers. This move aims to counter the impact of the rising gold prices on the demand for diamond jewellery in the domestic market.
The upcoming release of the U.S. core personal consumption expenditure (PCE) price index report, scheduled for Friday, holds significance for investors as it provides insights into the Federal Reserve s policy direction.