Mumbai, Aug 2 || Indian bullion prices dipped marginally this week while the rupee slightly declined compared to the US dollar due to tariff concerns.
In the near future, gold is expected to remain volatile within the range of Rs 97,000 to Rs 98,500, analysts said.
The price of 24-carat gold (10 gram) started the week at Rs 98,446 on Monday, rose to Rs 99,017 on Wednesday, and ended the week at Rs 98,534, according to data published by the India Bullion and Jewellers Association (IBJA).
"Gold traded weak by Rs 350 at Rs 97,700 in MCX, tracking softness in Comex gold which hovered near $3290. The decline comes amid pressure from the U.S. Fed’s continued hawkish stance and no indication of near-term rate cuts, which has dampened sentiment for safe-haven assets. Additionally, key U.S. data due later today is keeping participants cautious,” said Jateen Trivedi from LKP Securities.
DSP mutual funds released a report showing that gold has broken past its inflation-adjusted 1980s high in 2024, making a new real peak -- while silver remains well below its inflation-adjusted 2011 highs. This divergence may present an opportunity for investors.