New Delhi: Gold price today in India was down by Rs 10 per unit to Rs 72,220 per 10 gram (24 carat). While, the price of 22-carat gold today in India stood at Rs 66,240 per 10 gm. While, the price of 18-carat gold was at Rs 54,200 per 10 gm on Tuesday. Gold prices in India have fallen for last two straight days now. Silver price today in India was also down by Rs 100 per unit to Rs 91,600 per kg.
Gold August 2024 MCX futures were down 0.17 per cent to Rs 71,660 per 10 gm, while the silver July 2024 MCX futures slipped by Rs 124 to Rs 88,875 per kg.
Gold and silver prices in key cities today
City
24 Carat Gold Price (in Rs/gm)
Silver Prices (in Rs/kg)
Delhi
72380
91600
Mumbai
72230
91600
Bengaluru
72230
91050
Chennai
73100
96100
Kolkata
72230
91600
Pune
72230
91600
Ahmedabad
72280
91600
Hyderabad
72230
96100
Gold Price fall reason
Gold prices have come under pressure in last two days because of sentiment created in the US among commodity traders. On Friday, June 21, 2024, the manufacturing and services PLI data of the US was reported to be stronger than expected. This created sentiment that the Federal Reserve might delay interest rate cut cycle.
According to Saumil Gandhi, Research Analyst at HDFC Securities, the US PMI data has forced the traders to reconsider the timing of the US Federal Reserve’s interest rate cut path.
Historically, Gold has shared an inverse relationship with interest rates. Generally, it is seen that gold prices have increased when interest rates are slashed and yellow metal prices moderate when interest rates are hiked. Thus, price of the precious metal has come under pressure as sentiments have developed that Fed may delay rate cut cycle.
Another reason cited by Gandhi is continued Gold ETF outflows. According to him, ths particular category of mutual fund has seen selling pressure in last few days. This has also weighed down on gold prices off-late.
Gold Price Today in India: The precious metal’s price stood at Rs 72,220 per 10 gram (24 carat) in India. Gold price today in Delhi stood at Rs 72,380 per 10 gram (24 carat). Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
