The price of 24-carat gold slipped by ₹10 for ten grams and was trading at ₹122,010 per ten grams, as reported on the GoodReturns website. The 22-carat gold price also dipped by ₹10, and its price hovers around ₹111,840 for ten grams. (Image Source: X.com/@hbfetr)
Good news for buyers of precious metals in India this Monday morning: the early prices of gold and silver are down. But this domestic decline has come against a backdrop of rising US gold prices, pushed up by expectations of a possible US Federal Reserve interest rate cut and fresh concerns about global economic growth.
The price of 24-carat gold slipped by ₹10 for ten grams and was trading at ₹122,010 per ten grams, as reported on the GoodReturns website. The 22-carat gold price also dipped by ₹10, and its price hovers around ₹111,840 for ten grams.
The white metal, silver, fell ₹100 more, dropping ₹100 per kilogram. One kilogram of silver is now selling for ₹152,400 in key cities.
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The prices of these valuable metals tend to differ from one Indian city to another. Following are the prices for ten grams of gold and one kilogram of silver:
24-Carat Gold (10 Grams):
The price remained at ₹122,010 in Mumbai and Kolkata.
The price at which Delhi traded was marginally higher at ₹1,22,160.
Chennai recorded the highest rate at ₹123,270.
22-Carat Gold (10 Grams):
Mumbai, Kolkata, Bengaluru, and Hyderabad had an equal price of ₹111,840.
Delhi stood at ₹111,990.
The price of Chennai was ₹112,990.
Silver (1 Kilogram):
The price was reported at ₹152,400 in Delhi, Kolkata, and Mumbai.
Chennai was at ₹164,900, significantly higher.
A Different Picture While Indian prices slipped lower, the international gold market was a different story altogether. US gold prices rose on Monday.
This is in light of the indications of potential financial turmoil, with a batch of downbeat economic data and growing expectations that the US Federal Reserve could cut interest rates a further time in December.
Spot gold rose 0.7 percent to $4,027.88 an ounce. US gold futures for December delivery gained similarly, up 0.7 percent at $4,036.60. This is a moment of relief for local buyers, as domestic gold and silver prices have fallen marginally.
