Gold prices fell 1.31% to ₹75,651 on pressure from the Federal Reserve’s decision. More caution is needed on interest rate cuts. The central bank cut rates as expected.
India’s gold imports are expected to fall in December after hitting record purchases in November due to weak domestic demand. The auspicious days are preventing large purchases of gold for weddings, which has led to discounts on gold in India increasing to $9 per ounce, from $2 last week. India added 27 tonnes of gold in October, taking its year-to-date total to 77 tonnes, five times more than in 2023. Central banks have also announced strong gold purchases. Turkey and Poland have significantly increased their reserves, adding 72 tonnes and 69 tonnes respectively.
