Mumbai, March 29 — Spot gold prices in India climbed for a third straight session on Monday, tracking a global rally sparked by softer-than-expected U.S. inflation readings and renewed bets that the Federal Reserve could begin cutting interest rates as early as June, according to data released by the Indian Bullion and Jewellers Association (IBJA).
The association pegged standard 24-carat gold at ₹66,210 per 10 grams at the afternoon fix, up ₹180 from Friday. Silver was quoted at ₹77,380 per kilogram, a rise of ₹210.
Retail tags at major chains were little changed. Price boards displayed ₹68,100 per 10 grams at Titan-owned Tanishq, ₹67,950 at Kalyan Jewellers, ₹68,020 at Malabar Gold & Diamonds and ₹68,050 at Joyalukkas, executives at the four companies told Oneindia. The modest gap between wholesale and retail quotes has narrowed to a four-month low as stores clear end-of-financial-year inventory, analysts said.
Internationally, spot gold hovered near US$2,245 an ounce after briefly touching an all-time high of US$2,256 in early Asian trade. “The pullback in U.S. Treasury yields following Friday’s core PCE data reinforced safe-haven demand,” said Radhika Rao, economist at DBS Bank. The U.S. core personal-consumption-expenditures index rose 0.2% in February, easing fears of sticky inflation.
The Rupee’s firmness around 82.9 per dollar also capped local gains. “Every 10-paise appreciation in the currency shaves roughly ₹30 off landed gold costs,” noted Dilip Shah, a Mumbai-based bullion dealer.
Jewellers expect footfalls to improve next month ahead of Akshaya Tritiya on 10 May, traditionally one of India’s biggest gold-buying festivals. “We are seeing pre-booking inquiries pick up, especially for 22-carat wedding jewellery,” a senior Tanishq executive said.
Looking ahead, traders will track Wednesday’s release of U.S. GDP revisions and Friday’s Fed Chair Jerome Powell speech for further policy cues. A dovish tilt could push global prices toward US$2,300, according to a Kotak Securities research note, though any surprise uptick in inflation “may trigger profit-taking” and a retest of the US$2,180 support.
Domestic sentiment could also be swayed by the Reserve Bank of India’s monetary-policy decision due 5 April. “If the RBI signals comfort with current liquidity, the import duty-linked premium may soften, benefiting retail buyers,” Rao added.
For now, jewellers are keeping sticker prices steady, betting that festival demand — not day-to-day market moves — will decide April sales.