The discovery of the gold price is critical for any market. Q1 gold demand was 815.7 tonnes, almost identical to Q4 2020, but down 23% from Q1 2020. Consumer demand was encouraged by the ability to buy at cheaper prices than last year's highs, especially as several markets began to emerge from lockdown and economic recovery raised morale.
Gold prices plummeted in domestic markets today, matching losses in foreign markets, as gold sank to a new low, pulled down by a stronger dollar.
Gold, the most valuable of all precious metals, is prized for its beauty, liquidity, investment potential, and industrial properties all over the world. Gold is commonly regarded as a financial asset that maintains its value and purchasing power throughout periods of inflation.
Gold Prices on June 14
MCX Gold Prices: Gold futures for August delivery fell as much as 526 points, or 1%, to an intraday low of 48,405 dollars.
India Spot Gold: Fine gold, or 24-carat gold, was valued at 48,475 per 10 grams on the spot market, according to the India Bullion and Jewellers Association (IBJA) on Twitter.
The price of 22-carat gold was 48,281 per 10 grams, 18-carat gold was 44,403, and 14-carat gold was 36,356 per 10 grams.
International Gold: Spot gold was down 0.6 percent at $1,864.61 per ounce, its lowest level since June 4.
US Gold Futures: US gold futures dropped by 0.7% to $1,866 per ounce.
On Monday, gold prices fell to a more than one-week low, pulled down by a stronger dollar, as cautious investors awaited the result of the US Federal Reserve's policy meeting this week, with recent jumps in consumer prices seen as a one-time blip.
The focus now goes to the Federal Reserve's June 15-16 meeting, which will provide more insight into policymakers' views on rising inflation and monetary policy in the future.
Mixed ETF flow and weaker Indian consumer demand also weighed on prices. Gold may remain under pressure amid firmer US dollar, however, a sharp fall is unlikely as the Fed is likely to maintain a dovish stance.