New Delhi: Gold price today in India of 24 carat purity were up by Rs 810 to Rs 73,250 per 10 gram on Friday, June 21, 2024. The price of 22-carat gold also rose by Rs 750 per unit to Rs 67,150 per 10 gm and 18-carat gold price shot up by Rs 610 per unit to Rs 54,940 per 10 gm. Gold price today in India rose for the second straight day. Whoever, silver price today in India was up Rs 1,500 per kg to Rs 94,000 per kg, according to Goodreturns.
Gold and silver prices in key cities today
City
24 Carat Gold Price (in Rs/gm)
Silver Prices (in Rs/kg)
Delhi
73400
94000
Mumbai
73250
94000
Bengaluru
73250
92850
Chennai
73970
98500
Kolkata
73250
94000
Pune
73250
94000
Ahmedabad
73300
94000
Hyderabad
73250
98500
Source: Good Returns
Why are gold prices rising
Gold prices have risen for the last 2 days owing to US Fed interest rate cut expectations and expectations of continued gold buying by global central banks.
US Fed interest rate cut expectations
After it was reported that spending in the US failed to pick up in May 2024 owing to to high stubborn interest rates, investors are bullish that the interest rate cut cycle globally may kick off in September 2024. Gold shares an inverse relationship with interest rates. Historically, gold prices have increased when interest rates are slashed and yellow metal prices moderate when interest rates are hiked. Yellow metal prices rallied on expectations of a rate cut by the US Federal Reserve.
Central Banks likely to buy more gold: WGC Survey
According to a World Gold Council survey, global central banks may continue to pile up gold reserves, creating a positive sentiment for gold prices. “Gold prices are trading in positive territory as traders, investors turn net-buyers after a recent World Gold Council survey showed most of the central banks would continue to diversify their reserves with gold, even at current high prices,” according to Pranav Mer, VP, EBG for commodity and currency Research at JM Financial Services.
Gold Price Today in India: The precious metal’s price stood at Rs 73,250 per 10 gram (24 carat) in India. 24-carat gold price today in Delhi stood at Rs 73400 per 10 gram. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
