New Delhi: Gold price today in India of 24 carat purity fell by Rs 10 per unit to Rs 73,790 per 10 gram on Monday, July 8, 2024. The price of 22-carat gold fell to Rs 67,640 per 10 gm. Meanwhile, 18-carat gold prices stood at Rs 55,340 per 10 gm. Silver price today in India fell to Rs 94,700 per kg, according to data from Goodreturns.
How to build Rs 3 crore corpus via EPF?
Gold and Silver prices in key cities today
City
24 Carat Gold Price (in Rs/gm)
Silver Prices (in Rs/kg)
Delhi
73940
94700
Mumbai
73790
94700
Bengaluru
73790
94600
Chennai
74390
99200
Kolkata
73790
94700
Pune
73790
94700
Ahmedabad
73840
94700
Hyderabad
73790
99200
Source: Good Returns
Why gold prices are down today
Gold prices came under pressure on Monday after being buoyant during the last week since the US economy registered higher-than-expected growth in non-farm payroll data at 2.06 lakh in June 2024. With the US economy performing better than expected, the Federal Reserve may hold on to the current elevated interest rates for some more time.
How to invest in MFs for retirement?
While, China’s central bank, the People’s Bank of China didn’t buy gold for the second month in a row in June 2024. Central banks of countries around the world have been on a gold-buying spree in the last 2 years. But, for time being, these financial institutions have paused gold buying. Experts say the People’s Bank of China awaits more correction in the price of the precious metal before it presses the purchase pedal again. It is to be noted that yellow metal prices still hover near all-time high levels of Rs 74,000 per 10 gram.
However, commodity experts are still bullish on the precious metal in the near term given that the US Federal Reserve may initiate two interest rate cuts later this year. As it is generally perceived that gold and interest rates share an inverse relationship, if the US central Bbnk trims rates then it may be favourable for the precious metal.
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 and Silver Prices have come under pressure after the US economy reported higher than expected non-farm payroll data in June 2024 and China’s central bank halted gold buying for the second month in a row. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
