New Delhi: Gold price today in India of 24 carat purity was up by Rs 10 per unit to Rs 72,170 per 10 gram on Saturday, June 29, 2024. The price of 22-carat gold stood at Rs 66,160 per 10 gm and 18-carat gold price stood at Rs 54,130 per 10 gm. Yellow metal prices have increased for two days in a row now. Albeit, silver price today in India was down by Rs 100 per unit to Rs 89,900 per kg, according to Goodreturns.
Gold and silver prices in key cities today
City
24 Carat Gold Price (in Rs/gm)
Silver Prices (in Rs/kg)
Delhi
72340
89900
Mumbai
72170
89900
Bengaluru
72170
94400
Chennai
72730
94500
Kolkata
72170
89900
Pune
72170
89900
Ahmedabad
72220
89900
Hyderabad
72170
94400
Source: Good Returns
Latest Small Savings Schemes Interest Rates!
Gold Price Increase Reason
Rise in gold prices because of the sentiment created in the US regarding weak economic data. Recent US jobless data suggest that the US labour market has weakened. To give push to the economy, US Federal Reserve might hike interest rates sooner than expected.
Moreover, according to Reuters, the Personal Consumption Expenditures (PCE) Index was released in the US on Friday. The PCE index showed inflation did not rise at all from April to May. This has further increased chances of sooner than expected interest rate cut cycle kick-off.
US CPI Inflation was reported to be at 3.4 per cent in April 2024. While, PCE Index data (released on Friday) showed inflation remained unchanged in May 2024. The inflation in Washington is currently on a downward trajectory.
How to detect and avoid Pan Card Fraud?
According to the CME FedWatch tool, which is Fed’s favourite inflation gauge, commodity traders are currently pricing in about a 68% chance of a Fed rate cut in September.
As generally it is perceived that gold shares an inverse relationship with interest rates. Historically it has been seen, that, yellow metal prices have increased when interest rates were slashed and prices remained moderate when interest rates were hiked. Gold prices have rallied for the last two days on fresh expectations of a sooner than expected rate cut by the US central bank.
Stories
Click to read in detail
EPFO scheme
What is VPF and how to opt for it
ITR filing 2024-25
What is nil income ITR and how to file it
Credit card default
How to avoid ‘plastic grenades’
PM Kisan beneficiary
How to check PM Kisan beneficiary status
Sectoral Funds
Equity sectoral mutual funds explained
Gold Price Today in India: The price of the precious metal was at Rs 72,170 per 10 gram (24 carat) in India on June 29, 2024. While, gold price today in Delhi stood at Rs 72,340 per 10 gram (24 carat). Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
