New Delhi: After two days of slowdown, gold price today in India of 24 carat purity shot up by Rs 430 per unit to Rs 72,160 per 10 gram on Friday, June 28, 2024. The price of 22-carat gold also jumped by Rs 400 per unit to Rs 66,150 per 10 gm and 18-carat gold price shot up by Rs 320 per unit to Rs 54,120 per 10 gm. Silver price today in India was quoted at Rs 90,000 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
72330
90000
Mumbai
72160
90000
Bengaluru
72160
89500
Chennai
72720
94500
Kolkata
72160
90000
Pune
72160
90000
Ahmedabad
72210
90000
Hyderabad
72160
94500
Source: Good Returns
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Gold Price Increase Reason
Gold price today in India increased after two days of slowdown because of sentiment created in the US regarding interest rate cut by the US Central Bank Federal Reserve. According to Reuters, the US economic data released last evening showed a continued, though moderate, slowdown in business activity. According to analysts, to give a push to the economy, the Fed might kick-off the long impending interest rate cut cycle sooner than expected. According to the CME FedWatch tool (Fed’s favourite inflation gauge) currently, the commodity traders see a 64 per cent chance of a first Fed cut in September, 2024.
Gold shares an inverse relationship with interest rates. Historically, gold prices increased when interest rates were slashed and yellow metal prices remained moderate when interest rates were hiked. Yellow metal prices rallied on fresh expectations of a rate cut by the US Federal Reserve.
Commodity industry experts attributed the gold price increase to continued gold buying by global central banks, especially, China’s central bank. The latest official data from the People’s Bank of China (PBOC) showed that it bought large amounts of gold for its reserves in the April-June quarter of financial year 2024-25.
A recent survey by the World Gold Council had also found that central banks of other countries may increase gold reserves within 12 months. It is to be noted that central banks all around the globe have been on a gold buying spree for the last 18 months. More demand for the precious metal sets stage for further price increments.
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Gold Price Today in India: The price of gold shot up to Rs 72,160 per 10 gram (24 carat) in India on June 28, 2024. Gold price today in Delhi stood at Rs 72,330 per 10 gram (24 carat). Business Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
