Will US Fed Rate Cut Increase Gold Prices in India?
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The US Federal Reserve cut its benchmark interest rate by 0.5% to approximately 4.8% on September 18, 2024, down from a two-decade high of 5.3%. This rate cut is expected to increase gold demand globally, including in India. Spot gold prices were steady at $2,562.85 per ounce after reaching a record high of $2,599.92. Analysts predict gold could reach between $2,640 and $2,700 this year. Colin Shah from Kama Jewelry anticipates a 10-15% rise in gold demand during the festive season, with prices potentially hitting Rs 78,000 domestically. Dr. Renisha Chainani from Augmont expects gold prices to retrace to around $2,500 after touching $2,600. The rate cut may weaken the US dollar, making gold more attractive as a safe-haven asset.

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