New Delhi: Gold price today in India of 24 carat (k) purity fell by Rs 10 per unit to Rs 73,190 per 10 gram on Wednesday, July 10, 2024. While, gold price in India (22k) fell to Rs 67,090 per 10 gm. Meanwhile, 18k gold prices stood at Rs 54,890 per 10 gm. On the other hand, silver price today in India fell by Rs 100 per unit to Rs 94,400 per kg, according to data from Goodreturns. Experts attribute inflation to the gold price fall reason.
PPF calculator can turn your Rs 50000 into over Rs 22,00,000; Money 101 lesson
Gold and Silver prices in key cities today
City
24 Carat Gold Price (in Rs/gm)
Silver Prices (in Rs/kg)
Delhi
73840
94400
Mumbai
73190
94400
Bengaluru
73190
93800
Chennai
74170
98900
Kolkata
73190
95200
Pune
73190
94400
Ahmedabad
73240
94400
Hyderabad
73190
98900
Source: Good Returns
Gold Price Fall Reason
Commodity experts attributed the US CPI inflation to the decline in gold prices. “Gold prices traded lower ahead of the Fed member speech and US inflation data,” Dilip Parmar, Research Analyst at HDFC Securities, told news agency PTI.
The CPI inflation is due to be out on Friday, July 12, 2024.
Albeit, the inflation in Washington is on a downward trajectory, but it’s still at elevated levels and far away from the target of 2 per cent that US Central Bank Federal Reserve has set for its economy. The US CPI inflation in May 2024 was at 3.4 per cent. In such a situation, commodity traders are now on backfoot and have their eyes set on the July 12 Fed meet.
Mutual Fund SIP calculator: How to make Rs 1 crore comfortably
Last week, Fed chair Jerome Powell had said that the central bank needed more clarity on inflation issue before they would decide on when to trim interest rates. As we know, gold and interest rates share an inverse relationship, on anticipation that Fed might not cut rates soon, the yellow metal prices have come under pressure.
Prathamesh Mallya, DVP- Research, Non-Agri Commodities and Currencies at Angel One, said, the yellow metal prices are likely to stay subdued for now.
On Wednesday, silver prices showed an increment. HDFC’s Parmar said silver prices are expected to outperform the yellow metal in the near future.
Stories
Click to read in detail
New Tax Regime
How can I switch to new tax regime?
MF & Tax
Are mutual funds eligible for deduction
HRA & tax
No HRA component in salary: How to save tax
ITR due date
Can Income Tax Return be filed after due date?
Gold Price today: Commodity experts have attributed the US CPI inflation (due to be out on Friday, July 12, 2024) to the gold price fall reason. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
