Gold Price Today: Gold prices declined on Monday, January 13, due to the strengthening of the dollar after strong US employment data. This reinforced the Federal Reserve’s cautious stance on interest rate cuts. In the international market, spot gold fell 0.2% to $ 2,684.39 an ounce, while US gold futures were trading 0.1% lower at $ 2,712 an ounce. 24 carat gold is selling at ₹79,630 per 10 grams in India, mirroring global trends.
According to the US employment report, jobs continue to increase, due to which the Federal Reserve remains cautious about cutting rates. Due to this, the dollar remained strong, which put pressure on gold prices. Experts say that this week the market’s eyes are fixed on US inflation data and statements of Fed officials. These will indicate what changes the Federal Reserve will make in interest rates.
Gold demand in India is being affected by central bank purchases and reduction in import duty. The Reserve Bank of India added 8 tonnes of gold to its reserves in November 2024, while the total purchases for the year reached 73 tonnes. Reduction in import duty has increased the demand for gold during wedding and festival seasons.