Gold Hits $4,332 as Dollar Weakness Lifts Prices
COMEX gold futures rose to $4,332.40 on Thursday. Silver fell 0.45% to $64.67 as investors watched oil and rate signals.
Key points
- COMEX gold futures rose 0.32% to $4,332.40 on Thursday, September 24.
- Silver futures declined 0.45% to $64.67 as the dollar remained strong.
- Indian gold prices fell to 1.54 lakh rupees per 10 grams in New Delhi.
Gold futures rose to $4,332.40 on Thursday. This marked a 0.32% gain after three days of losses. Silver fell 0.45% to $64.67 in the same session.
Investors reacted to falling oil prices and dollar weakness. These factors shifted sentiment toward precious metals. The market remained focused on US-Iran tensions.
Oil and dollar drive metal prices
Brent crude dropped 0.9% to $102.13. West Texas Intermediate eased 0.7% to $91.56. Iran signaled openness to diplomacy with the US.
The dollar index reached 100.86 earlier in the week. Richmond Fed President Tom Barkin suggested rate hikes could contain inflation. This hawkish stance initially pressured gold prices.
Indian gold prices adjust to costs
New Delhi gold fell to 1.54 lakh rupees. This was a 900 rupee drop on Wednesday. Silver stayed flat at 2.42 lakh rupees per kilogram.
Domestic prices rose 60% over the past year. Import duties increased from 6% to 15% in April. These changes contributed to the significant price hike.
Consumers shift to lighter purchases
Buyers now prefer lighter jewelry and digital gold. They exchange old items instead of buying heavy pieces. This trend reflects the high cost of current metals.
Festive and wedding seasons support current demand levels. Younger consumers are increasing self-purchases for personal milestones. Traders expect firm demand into the new year.
