Gold prices today in India: 22K yellow metal rates inch up on July 31 | Here’s why

New Delhi: Gold price today jumped Rs 870 per 10 gm to Rs 69,820 per 10 gm of 24-carat gold from RS 68,950 per 10 gm, according to Good Returns data. The price of 22-carat gold jumped Rs 800 per unit to RS 64,000 per 10 gm of the yellow metal, while 18-carat gold costs Rs 660 per 10 gm more at Rs 52,370 per 10 gm, according to the website.

International Gold prices also jumped amid rate cut expectations ahead of the US Federal Reserve’s FOMC meeting outcome scheduled on Wednesday. Gold prices are expected to remain on the upward curve owing to continued geopolitical risks emanating from the Russia-Ukraine War and tensions between Israel and Hamas, said Saxo Bank’s head of commodities, Ole S Hansen in a note.

Gold demand hit record levels in Q2 2024, with over-the-counter purchases an important factor. Read more in the @FinancialTimes link below, or get the data in our new #GoldDemandTrends report. https://t.co/Gq9DZ3jUmb

— World Gold Council (@GOLDCOUNCIL) July 30, 2024

He underlined continued central bank buying and de-dollarisation apart from gold’s safe haven status as reasons behind the expected continued rise in prices of the yellow metal and demand for the precious commodity.

According to a World Gold Council (WGC) report, gold demand in India fell 5 per cent to 149.7 tonnes in the June quarter of 2024 quarter, as gold prices jumped to record highs. However, this is expected to rebound with the Centre’s move to slash the duty on gold imports. Nevertheless, gold demand remained strong in India with a 14 per cent rise registered during the same period, the PTI reported, citing, Sachin Jain, WGC Regional CEO, India.

According to WGC, central bank gold purchases in the second quarter of 2024 slowed down to 183 mt, but overall demand rose to 483 mt in the first half of 2024, which is the highest since 2000, said WGC Senior Analyst, Krishan Gopaul.

Gold and silver prices in key cities

 Gold prices today in India: The price of 22 carat gold jumped Rs 800 per unit to Rs 64,000 per 10 gm of the yellow metal. Here’s why.  Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today