New Delhi: The price of 10 gm of gold with 24-carat purity slipped by Rs 220 per unit to Rs 72,330 per 10 gm on Monday, June 17, 2024. Gold price of 22-carat yellow metal was at Rs 66,500 per 10 gm. The price of 18-carat purity gold stood at Rs 54,410 per 10 gm on Monday. over the past week, the price 24-carat gold has witnessed 1 per cent decline. Silver prices were down Rs 90 per kg on Monday to Rs 88,110 per kg.
Gold prices in key cities today
City
24 Carat Gold Price (in Rs)
Delhi
72480
Mumbai
72330
Bengaluru
72330
Chennai
72980
Kolkata
72330
Pune
72330
Ahmedabad
72380
Hyderabad
72330
Why gold prices have fallen in last one week?
In last one week, gold prices have been under pressure. This is because the US Fed in its meeting held last week had announced that there would be just one probable rate cut this year rather than three announced earlier. This has prevented gold prices from rising as historically interest rate cut and gold prices have vive-versa relationship. Historially, it has been seen that when interest rates are cut, gold prices tend to rise. While, when, prices of yellow metal tend to come under pressure when rates are hiked. The US Fed’s benchmark interest rate currently stand at 5.25 per cent to 5.50 per cent.
Gold price history
However, the yellow metal has given handsome returns in the past few years with the price of 24-carat gold rising 23 per cent in the past year. Risk-savvy investors keep the yellow metal in their portfolio as a hedge against inflation. Historical data suggests gold has proved to be a safe haven for investors during stock market crashes and economic downturns.
During the COVID-19 pandemic, when global stock market indices went for a tailspin, it was gold that proved to be a safe asset for investors. The price of the precious metal only went up during that time. Even, during post-COVID-19 era, gold prices have only rallied and made its all-time high levels of Rs 74,050 per 10 gm on May 16, 2024.
India’s gold demand and how to invest?
Gold demand on the rise in India with demand for the yellow metal in Q4 FY24 rising 8 per cent year-on-year (YoY) to 136.6 tonnes, according to the World Gold Council (WGC) report. According to the Global Trade Research Initiative, gold and silver imports from the UAE have surged 210 per cent to $10.7 billion in FY24 as a result of concessional customs duty rates under a mutual trade pact.
Those who aim to take advantage of gold price stability can invest in the yellow metal in physical as well as demat form. They can purchase or invest in:
Gold jewellery
Gold ETFs
Gold mutual funds
Sovereign Gold Bonds
Digital gold
Gold price today: The price of 24 carat purity gold was down Rs 220 to Rs 72,330 per 10 gm on Monday. The price of 22-carat gold stood at Rs 66,500 per 10 gm Check city-wise list.. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
