According to data from India’s Multi Commodity Exchange (MCX), gold prices in India witnessed an upward trend on Wednesday.

Key Points:

1. Current Gold Price: The gold price stood at ₹72,343 per 10 grams, reflecting an increase of ₹410 compared to the previous day’s rate of ₹71,933.
   
   

2. Futures Contracts: Gold prices for futures contracts declined slightly, reaching ₹72,350 per 10 grams from the earlier rate of ₹72,407.
   
   

3. Silver Futures: Silver futures contracts, on the other hand, saw an increase, rising to ₹95,950 per kilogram from ₹95,448.
   
   

4. City-wise Gold Prices (per 10 grams):

   • Ahmedabad: ₹74,840
   • Mumbai: ₹74,635
   • New Delhi: ₹74,730
   • Chennai: ₹74,910
   • Kolkata: ₹74,810

Global Market Movers:

• Comex Gold Pressure: Comex gold prices faced pressure due to hawkish Fedspeak.
  
  
• Israeli Conflict: Israeli Prime Minister Benjamin Netanyahu pledged to continue the war against Hamas despite international condemnation of a deadly air strike in Rafah that claimed 45 lives.
  
  
• Gold ETF Outflow: The World Gold Council reported a net outflow of 11.3 metric tonnes from global physically-backed gold exchange-traded funds (ETFs) last week.
  
  
• UBS Analyst Forecast: UBS analysts expect gold prices to reach $2,500 per ounce by September and $2,600 per ounce by year-end, surpassing initial estimates.
  
  
• Consumer Confidence: The Conference Board reported a slight improvement in consumer confidence for May, with the figure rising to 102.0 from April’s 97.0, beating expectations.
  

• Fed Insights:
• Fed Governor Michelle Bowman expressed support for a more cautious approach to quantitative tightening.

• Fed Minneapolis President Neel Kashkari emphasized waiting for significant inflation progress before considering interest rate cuts, expecting no more than two rate cuts in 2024.