Gold and silver prices today: Check rates in Delhi, Mumbai & other cities

New Delhi: Gold price today in India of 24 carat purity shot up by Rs 100 per unit to Rs 72,380 per 10 gram on Tuesday, July 02, 2024. The price of 22-carat gold also jumped by same amount to Rs 66,350 per 10 gm and 18-carat gold price shot up by Rs 80 per unit to Rs 54,290 per 10 gm. While, silver price today in India  rallied Rs 800 per unit and stood at Rs  91,000  per kg, according to Goodreturns.

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Gold and silver prices in key cities today

Source: Good Returns

Gold prices have remained range-bound recently due to uncertainty over when the US Central Bank Federal Reserve would kick start the long impending interest rate cut cycle. Fed had last revised interest rates in July 2023. Since then the benchmark rate of interest in the US has remain unchanged at 5.25 per cent – 5.50 per cent.

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While, Saumil Gandhi, Research Analyst at HDFC Securities, said that commodity traders have become cautious on the yellow metal. He said  “Traders appear cautious about making aggressive directional bets given uncertainties about the US Federal Reserve’s interest rate-cutting plan, resulting in sluggish range-bound price activity.”

Fed’s interest rate cut moves impact gold prices as rate cuts reduce opportunity cost to hold bullions. So, if the US Central Bank lowers the rate of interest it would drive up yellow metal prices.

Whereas, according to Pranav Mer, Vice President, EBG – Commodity & Currency Research at JM Financial Services, gold is currently undergoing consolidation as commodity traders await US Fed chair Jerome Powell’s speech and the minutes of the Fed’s meeting due to be held on this Wednesday.

While according to Mer, ongoing geopolitical tensions in Palestine and Ukraine can drive gold prices higher as the precious metal is considered as safe haven in such testing times.

 Gold Price Today in India was up at Rs 72,380 per 10 gram of 24 carat. While, gold price today in Delhi was at Rs 72,530 per 10 gm (24 carat).  Business Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today