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Gold Prices in India Today
Today, gold prices in India saw a decline after holding steady yesterday, as traders look for cues from the upcoming US Federal Reserve meeting in September and developments in the Middle East. The price of 22K gold dropped by ₹100, bringing it to ₹66,600 per 10 grams. For 100 grams of 22K gold, prices fell by ₹1,000, settling at ₹6,66,000. Similarly, 24K gold prices decreased by ₹120, now priced at ₹72,650 per 10 grams, while 100 grams of 24K gold saw a drop of ₹1,200, bringing the price to ₹7,26,500.
Meanwhile, 18K gold prices also saw a decline, with a ₹80 drop to ₹54,490 per 10 grams. The price for 100 grams of 18K gold fell by ₹800, settling at ₹5,44,900.
Spot Gold and Silver Prices
In the international market, spot gold slipped by 0.2%, reaching $2,501.74 per ounce as of 01:41 p.m. ET (1741 GMT). This is just below the record high of $2,509.65 hit on Friday. However, U.S. gold futures saw a slight gain of 0.1%, rising to $2,541.30 per ounce. Silver showed a stronger performance, jumping 0.8% to $29.24 per ounce. Platinum prices rose by 0.3% to $957.57, while palladium experienced a significant drop of 2.1%, settling at $930.92 per ounce.
Expert Insights on Gold Prices
Dr. Renisha Chainani, Head of Research at Augmont – Gold For All, commented on the current situation, saying, “The Middle East crisis remains a key factor, with U.S. Secretary of State Antony Blinken set to attend Israeli-Gaza truce negotiations. However, ongoing developments in the region cast doubt on the effectiveness of these discussions, underscoring gold’s value as a reliable investment.” She also highlighted that this week is crucial for gold investors as the Federal Reserve releases meeting minutes and Chairman Jerome Powell delivers a speech. These events are expected to clarify the Fed’s stance on monetary policy, which will likely influence future gold price trends. The next psychological resistance levels for gold are $2,550 (approximately ₹73,000) and $2,600 (approximately ₹74,500).
Silver Prices in India Today
Silver prices in India experienced a significant rally today. The price for 1 kilogram of silver increased by ₹1,100, bringing it to ₹87,000. Similarly, 100 grams of silver rose by ₹110, reaching ₹8,700.
Gold Price Movement Over the Last 10 Days
Gold prices in India have seen various fluctuations over the past 10 days:
- August 20, 2024: Gold prices slipped by ₹10.
- August 19, 2024: Prices remained steady.
- August 18, 2024: Prices stayed unchanged.
- August 17, 2024: A sharp rally of ₹105 was observed.
- August 16, 2024: Prices surged by ₹10.
- August 15, 2024: Prices held steady.
- August 14, 2024: Prices slipped by ₹10.
- August 13, 2024: Prices rose by ₹95.
- August 12, 2024: Prices surged by ₹25.
- August 11, 2024: Prices remained stable.
According to David Meger, Director of Alternative Investments and Trading at High Ridge Futures, “We may see some consolidation or pull-back in the gold market, especially if the Fed indicates only a 0.25 basis point rate cut and does not suggest a larger 0.50 basis point cut.”
Silver Price Movement Over the Last 10 Days
The price of silver in India has also seen notable changes over the last 10 days:
- August 20, 2024: Silver prices gained by ₹1,100.
- August 19, 2024: Prices fell by ₹100.
- August 18, 2024: Prices remained steady.
- August 17, 2024: A steep jump of ₹2,000 was recorded.
- August 16, 2024: Prices rose by ₹500.
- August 15, 2024: Prices fell by ₹100.
- August 14, 2024: Prices surged by ₹100.
- August 13, 2024: Prices gained sharply by ₹1,000.
- August 12, 2024: Prices declined by ₹600.
- August 11, 2024: Prices remained steady.
22K Gold Prices in Major Indian Cities
As of August 20, 2024, here are the 22K gold prices per gram in major Indian cities:
- Chennai: ₹6,660
- Mumbai: ₹6,660
- Delhi: ₹6,675
- Kolkata: ₹6,660
- Kerala: ₹6,660
- Bangalore: ₹6,660