Gold Price in India today: Check rates in Delhi, Mumbai, Chennai

New Delhi: Gold price today in India of 24 carat purity was up by Rs 10 per unit to Rs 72,390 per 10 gram on Wednesday, July 03, 2024. While, the price of 22-carat gold was quoted at Rs 66,360 per 10 gm on Wednesday. 18-carat gold price was quoted at Rs 54,300 per 10 gm. Yellow metal prices have increased for last two straight days. Silver price today in India was up by Rs 100 per unit and stood at Rs 91,100 per kg, according to Goodreturns.

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Gold and silver prices in key cities today

Source: Good Returns

Gold Price Increase Reason

Yellow metal prices have moved north for last two straight days because of positive comments on inflation made by the US Central Bank Federal Reserve, chairman, Jerome Powell. In a panel discussion at an event in Portugal, the Fed chair said on Tuesday that inflation in the US has come down in April and May 2024 from high levels witnessed during the start of the current calendar year.

The US CPI inflation in May 2024 fell to 3.4 per cent from 3.6 per cent in the preceding month. Moreover, according to another set of inflationary data – Personal Consumption Expenditures (PCE) Index fell to 2.6 per cent in May from 2.7 per cent in April. The PCE Index is also used by the Fed to gauge inflation trajectory in the US. While, core PCE Index has also fallen to 2.6 per cent in the reference month from 2.8 per cent in the month earlier.

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Powell’s positive comments on cooling inflation in the US paves way for sooner than expected rate cut cycle kick-off later this year. 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. And this is the reason why yellow metals prices have continuously risen in last two days.

 Gold Price Today in India was quoted at Rs 72,390 per 10 gram (24 carat) on Wednesday, July 03, 2024. While, Gold Price Today in Delhi was quoted at Rs 72,540 per 10 gram (24 carat).  Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today