Gold price down to Rs 72,270 per unit today: Check prices in key cities

New Delhi: Gold price today in India was down by Rs 10 per unit to Rs 72,270 per 10 gram (24 carat). While, 22-carat gold price today in India stood at Rs 66,240 per 10 gm. While, 18-carat gold price was at Rs 54,200 per 10 gm on Monday, July 01, 2024. Silver price today in India was also down by Rs 100 per unit to Rs 89,900 per kg.

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Gold and silver prices in key cities today

Why gold prices are down today

The precious metal prices came under pressure on Monday because of high elevated levels of inflation reported in the US in May 2024. The US Bureau of Economic Analysis had said on Friday that the US Personal Consumption Expenditures (PCE) Index showed US inflation in May fell to 2.6 per cent from 2.7 per cent in April.

The core PCE Index also fell to 2.6 per cent in the reference month from 2.8 per cent in the month earlier. According to analysts, the US inflation is on a downward trajectory but still it is at elevated levels. So, the US Central Bank Federal Reserve might take more time to cut interest rates.

Tax Saving Schemes for Senior Citizens

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, the price of the precious metal has come under pressure as sentiments have developed that the Fed may delay the rate cut cycle.

According to ‘fxstreet.com’, the Federal Reserve Bank of San Francisco, president, Mary Daly had said on Friday that it was too early to tell when it will be appropriate to cut the interest rate. She added, “If inflation stays sticky or comes down slowly, rates would need to be higher for longer.”

 Gold Price Today in India: The precious metal’s price stood at Rs 72,270 per 10 gram (24 carat) in India. While, gold price today in Delhi stood at Rs 72,410 per 10 gram (24 carat).  Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today