Toba Beta once quoted, “Never trust money more than gold.” In recent years, there has been a significant increase in demand for gold purchased digitally, enabling investors to own fractional shares of the precious yellow metal without the need for physical storage or management. For better peace of mind during digital gold purchase, choose myDigiGold and stay updated on the latest spot gold prices.
On Monday (24th June), spot gold prices reached $2333 per ounce and rose nearly 0.5%. The increase was aided by a pullback in the US dollar from its seven-week peak. Investors are keeping a close watch on gold prices this week, anticipating that the upcoming US inflation data could influence the Federal Reserve's monetary policy trajectory. Demand for the precious metal, driven by inflation concerns, was further bolstered by rising crude oil prices. Additionally, investors are eyeing upcoming elections in Europe, particularly in the United Kingdom and France, which could potentially impact spot gold prices.
The Influence of Inflation on Spot Gold Prices
Last week, Federal Reserve officials emphasized a cautious and data-driven approach regarding interest rates. Official Fed data indicated a sustainable decline in inflation levels, potentially paving the way for interest rate cuts in the near future. Some Fed officials also publicly shared their perspectives on monetary policy. According to Susan Collins, President of the Boston Fed, it still remains uncertain whether inflation has begun to decrease.
Adriana Kugler, a Federal Reserve Board of Governors member, quoted that inflation is showing gradual improvement. Lorie Logan, President of the Dallas Federal Reserve, advised to approach interest-rate policies cautiously and exercise patience, despite the encouraging slowdown in inflation. As elections in the UK and France draw near, political uncertainties in Europe may introduce some optimism.
Ready for some Digital Gold Purchase?
myDigiGold offers a reliable platform for purchasing digital gold with a user-friendly shopping experience. You can conveniently redeem your purchased gold online through our website or at any of our 150+ Senco stores located across India. It is also the ideal time to begin your SIP Gold Investment, a hassle-free and secure method to accumulate 24K 99.5% pure gold in small amounts through a daily, weekly, or monthly SPP plan.
Disclaimer: The data provided on this blog is for general informational purposes only. It is based on our research and understanding, and we cannot guarantee its accuracy or reliability.