Gold prices eased from a one-and-a-half-month high following a marginal uptick in the dollar, as traders bet on the possibility of a pause in the US Federal Reserve's rate-hike stance. Spot gold fell 0.1 percent to $1,976.05 per ounce by 9:20am on July 19 after hitting its highest since May 24 at $1,984.19 on July 18. U.S. gold futures witnessed little change and remained at $1,980.00. The dollar index edged higher from a more than one-year low hit on July 18, making gold more expensive for holders of other currencies. U.S. retail sales increased less than expected last month, rising 0.2 percent, against the 0.5 percent expected in a Reuters poll of economists. Gold prices have gained near 5 percent in the first half of 2023 . 106 economists were polled by Reuters, the poll concluded that the expected July 26 rate hike to the 5.25 -5.50 percent range could be the Fed's last increase of the current tightening cycle. Gold prices are likely to remain supported for the second half of 2023, on the back of demand for gold as weddings and the festival season. The wedding and festival season begins in India November and continues till February usually. Other factors include a potential stimulus the Chinese economy, heding strategies and portfolio diversification and the demand for a safe-haven asset amid a risk of slowdown in the US. Latest Gold Prices Today The latest gold rate for Mumbai, Bengaluru and Ahmedabad on July 19 are as follows: Mumbai The 24-carat 999 gold bar of 10 grams is trading at Rs 59,800. On the other hand, the 22-carat gold rate for a 10-gram piece of jewellery stands at Rs 57,750, while the rate for an 18-carat jewellery item is Rs 47,850. These prices have been sourced from Shree Mumba Devi Dagina Bazaar Association, and do not include a 3 per cent Goods and Services Tax (GST). Bengaluru The 24-carat 999 gold bar of 10 grams is trading at Rs 59,930. On the other hand, the 22-carat gold rate for a 10-gram piece of jewellery stands at Rs 55,140. These prices have been sourced from Jewlery Association Bengaluru. Ahmedabad The 24-carat 999 gold bar of 10 grams is trading at Rs 61,600. On the other hand, the 22-carat gold rate for a 10-gram piece of jewellery stands at Rs 56,400. Delhi The 24-carat 999 gold bar of 10 grams is trading at Rs 56,100 in Delhi, according to data provided by All India Jewlers & Goldsmith Association. (With inputs from agencies)
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