Gold and Silver price today in India: Check rates in Delhi, Mumbai other cities

New Delhi: Gold price today in India of 24 carat purity fell by Rs 10 per unit to Rs 72,370 per 10 gram on Thursday, July 04, 2024. While, the price of 22-carat gold was quoted at Rs 66,340 per 10 gm. On the other hand, 18-carat gold price was quoted at Rs 54,280 per 10 gm. Silver price today in India was up by Rs 100 per unit and stood at Rs 91,600 per kg, according to Goodreturns.

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Gold and Silver prices in key cities today

Source: Good Returns

Gold Price Fall Reason

Yellow metal prices in India fell marginally because of recent comments of the US Central Bank Federal Reserve, chairman, Jerome Powell made at an event in the US  made commodity traders believe that Fed may take more time to start the long impending interest rate cut cycle. Powell in his speech reiterated his hawkish stance made in the Fed’s meeting held last month. He said that the US unemployment rate was still very low and that the Fed does not see two per cent inflation this year or in the next. US CPI inflation was last reported at 3.4 percent in May 2024.

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Although, inflation is on a downward trajectory in the US but its still at elevated levels. Powell further added “The Fed needs more data before any decision on interest rate cut or else it will create risk of rising inflation once again.”

This created sentiment that the long impending interest rate cut cycle may kick-off later than expected. Prathamesh Mallya, DVP-Research, Non-Agri Commodities and Currencies at Angel One, also said that gold is expected to remain under pressure due to high US Treasury yields and a strong dollar.

 Gold price today in India fell to Rs 72,370 per 10 gram (24 carat). While, silver price today in India increased to Rs 91,600 per kg.  Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today