New Delhi: Gold Price in India (22 carat) fell by Rs 560 per unit to Rs 67,790 per 10 gram (gm) on Friday, July 19, 2024. While, 18-carat gold price in India stood at Rs 55,463 per 10 gm. Silver price today in India also declined by Rs 960 per unit to Rs 91,000 per kg, according to data from Bullions.co.in
MCX Gold Rate
On the Multi Commodity Exchange (MCX), gold price today dived 0.71 per cent to Rs 73,630 per 10 grams. While, silver price today on MCX fell massively 1.02 per cent to Rs 90,835 per kg.
Gold and Silver prices in India today
City
22 Carat Gold Price (in Rs/gm)
Silver Prices (in Rs/kg)
Delhi
68740
94600
Mumbai
68590
94600
Bengaluru
68590
94400
Chennai
69040
99100
Kolkata
68590
94600
Pune
68590
94600
Ahmedabad
68640
94600
Hyderabad
68590
100600
Source: Good Returns
Gold Price Fall Reason
Commodity experts blamed profit booking for the decline in Gold price. The yellow metal prices increased to all-time high levels in the current week. Prices have continuously risen in the last six trading sessions.
Navneet Damani, Grp Sr Vice President, Head Commodity & Currency Research at Motilal Oswal Financial Services Ltd, told news agency PTI, “Gold prices had hit a record peak earlier this week amid growing optimism for an interest-rate cut from the US Federal Reserve in September and a weaker dollar. However, this week market participants are expecting two rate cuts in 2024.”
“Recent economic data points from the US, were slightly mixed supporting the rate cut potential this year, bets for rate cut in September has now shifted to 95 per cent and same for November is at 50 per cent,” he added.
Gold Price at all-time high in India
Gold price touched all-time high of Rs 76,400 per 10 grams in the local market in India on Thursday. While, in the overseas market, Comex gold made its all time high of $2,483.60 per ounce on Wednesday.
Gold Price forecast
Money9 quoted City Group’s gold price forecast report, saying that the US based financial services firm has set gold price target of $2,800-3,000 per ounce by mid 2025. On Friday, the spot price of the yellow metal in the US was $2,424.34 per ounce. Gold Prices have increased nearly 23 per cent in the last one year. City Group’s gold price target indicates 25 per cent more rally in prices in the next one year.
Gold Price in India (22 carat) fell Rs 560 per unit to Rs 67,790 per 10 gram (gm) on Friday, July 19, 2024. While, Gold Price in Delhi (22 carat) was quoted at Rs 68,740 per 10 gm. Business Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
