On January 9, the price of gold began to rise. This increase occurred because the US dollar was weaker than before. A report from the US showed that people are now expecting lower inflation in the future. This expectation made many people think that the Federal Reserve might lower interest rates soon. Because people thought interest rates would go down, they started buying more gold. This increased demand caused the price of gold to go up. Just before this rise, the price of gold had been at its lowest in three weeks.
Specifically, on that day, the price of spot gold, which is gold available for immediate delivery, went up by 0.2 percent. It reached $2,032.73 for each ounce. This increase was a change from the recent trend. Before this, the price of gold had been decreasing. The lowest price in this period of decrease was on December 18.
On a different note, on January 8, the price of copper futures went down. Copper futures are agreements to buy or sell copper at a future date. The price fell by 20 paise, ending the day at Rs 720.50 per kilogram. This decrease happened because many traders chose to sell their copper. They were selling more copper because there wasn’t much demand for it in the local markets. This lack of demand led to the drop in copper prices.