New Delhi: Gold price today in India of 24 carat purity fell by Rs 10 per unit to Rs 73,570 per 10 gram on Tuesday, July 9, 2024. The price of 22-carat gold fell to Rs 67,440 per 10 gm. Meanwhile, 18-carat gold prices stood at Rs 55,180 per 10 gm. On the other hand, silver price today in India increased by Rs 100 per unit to Rs 95,100 per kg, according to data from Goodreturns.
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Gold and Silver prices in key cities today
City
24 Carat Gold Price (in Rs/gm)
Silver Prices (in Rs/kg)
Delhi
73720
95100
Mumbai
73570
95100
Bengaluru
73570
94600
Chennai
74170
99600
Kolkata
73570
95100
Pune
73570
95100
Ahmedabad
73620
95100
Hyderabad
73570
99600
Source: Good Returns
Gold Price Fall Reason
Commodity analysts attributed profit booking behind the gold price fall reason. The yellow metal prices have risen considerably in the last few days. Currently, the price of the precious commodity hovers near all-time high levels of Rs 74,050 per 10 gm. Many traders await correction in yellow metal prices before they take fresh bets.
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China’s Central Bank, People’s Republic of China, which had bought most units of gold bullion after the Covid-19 pandemic, has also not made fresh entry for the last two months. Reportedly, the central bank also awaits fresh correction in the yellow metal prices before it again starts piling up reserves.
On the other hand, commodity experts don’t think, the precious metal will see any sharp correction in near term. Prathamesh Mallya, DVP – Research, Non-Agri Commodities and Currencies at Angel One Ltd, said to news agency PTI, “Gold prices are likely to remain elevated, driven by softening US labour data and economic indicators, with a potential Fed rate cut on the horizon.”
Last week, the US reported its economy’s job data which showed that the country’s economy has weakened off-late. Plus, the US inflation has been on a declining path off-late. To give filip to the economy, the US Central Bank, Federal Reserve, may initiate two rate cuts this year. As it is generally perceived that Gold and interest rates share an inverse relationship, the anticipation of rate cuts has fueled gold price rally off-late.
Gold price today in India of 24 carat was reported at Rs 73,570 per 10 gram. While, gold price today in Delhi was quoted at Rs 73,720 per 10 gm (24 carat). Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
