New Delhi: Gold price today in India of 24 carat purity increased by Rs 220 to Rs 72,440 per 10 gram on Thursday, June 20, 2024. The price of 22-carat gold also jumped by Rs 200 per unit and stood at Rs 66,400 per 10 gm. While, the price of 18-carat gold shot up to Rs 54,330 per 10 gm on Thursday. Gold prices in India were under pressure for past few days but bounced back on June 20. On the other hand, silver price today in India also shot up by Rs 1,500 per kg to Rs 92,500 per kg.
MCX gold futures; MCX Silver futures
August 2024 futures of 10 gram Gold shot up on Thursday by Rs 163 to Rs 71,895 on India’s Multi Commodity Exchange (MCX). On the other hand, silver futures of July 2024 on MCX was up by Rs 1,119 to Rs 90,594 per kg.
Gold and silver prices in key cities today
City
24 Carat Gold Price (in Rs/gm)
Silver Prices (in Rs/kg)
Delhi
72590
92500
Mumbai
72440
92500
Bengaluru
72440
90900
Chennai
73010
97100
Kolkata
72440
92500
Pune
72440
92500
Ahmedabad
72490
92500
Hyderabad
72440
97100
Source: Good Returns
Gold Price Increase Reason
The price of the yellow metal skyrocketed on Thursday because the probability of interest rate cut has increased after the US retail sales data and Consumer Price Index (CPI) data were out, recently. According to Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, “Recent data on the US CPI and retail sales suggest that interest rate cuts may be on the horizon, especially with the US election approaching in the second half of 2024.”
Gold and interest rate cut share an inverse relationship. Historically, it has been seen that gold prices have increased during interest rate cut cycle while, prices of the precious metal have tended to come under pressure during interest rate uptrend cycle. With sentiment of interest rate cuts building up globally, consequently, prices of the yellow metal rallied on Thursday.
As per latest data, US CPI Inflation was reported to be 3.3 per cent in May 2024. While retail sales in Washington increased by 0.1 per cent in the concerned month.
Gold Price Today in India: The price of 24 carat gold increased by Rs 220 per unit to Rs 72,440 per 10 gm on Thursday, June 20, 2024. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
