Big Drop In Gold Price In India, Oct 9: 24K/100 Grams Yellow Metal Falls By Rs 7,600, Silver Down 2K

Gold prices in India witnessed significant drop today after several days of rally and marginal decline as the Reserve Bank of India kept key interest rates of the country, unchanged for the tenth time in a row today. Meanwhile, US gold prices stayed steady on Wednesday as investors are looking forward to minutes from the Federal Reserve's latest meeting for more cues on interest rate trajectory.

22k gold prices today slipped by Rs 700 to Rs 70,300/10 grams and 100 grams of 22 carat yellow metal prices today declined by Rs 7000 to Rs 7,03,000. 24k gold prices today fell by Rs 760 to Rs 76,690/10 grams and 100 grams of 24 carat precious metal prices edged lower by Rs 7600 to Rs 7,66,900.

18k gold prices today declined by Rs 570 to Rs 57,520/10 grams and 100 grams of 18 carat yellow metal prices today declined by Rs 5700 to Rs 5,75,200.

According to Reuters, ""Gold prices seem tobe seeing a much-needed retracement lower. But I suspect buyers are lurking and keen to snap up a bargain - so I'm not expecting a significant sell-off," said Matt Simpson, senior analyst at City Index.

Meanwhile, 1 gram gold rate today for 22k declined by Rs 70 to Rs 7030. 24k gold price for 1 gram slipped by Rs 76 to Rs 7,669. 18k per gram gold price on October 9 stood at Rs 5752 after fall of Rs 57.

On reasons why yellow metal prices fell today, Dr. Renisha Chainani, Head Research - Augmont - Gold For All said, "amidst prospects for peace talks between Israel and its neighbours, gold fell 1.5% to $2624 (Rs 74900) and Silver fell 5% to the low of $30.34 (~Rs 88222). Hezbollah's assistance for a ceasefire and increasing US Treasury yields further weigh on bullion as demand for safe havens declines. As attention turns to impending US inflation data, unemployment claims, and consumer confidence, traders modify their predictions for a Fed rate decrease. At the end of September, the People's Bank of China reported holdings of 72.8 million ounces (2,264 tons) of gold, which remained constant. PBoC has gone five months without buying any gold."

The PBoC purchased 29 tons of gold in the first four months of this year; only minor acquisitions were made in April. In contrast, 225 tons in total were bought last year. This news also gave negative sentiment in the gold market, added Renisha Chainani

Silver Prices Today In India: Silver price in India today slipped for 3rd consecutive day. 1 kg silver prices today in India stood at Rs 94,000 after fall of Rs 2000. On the other hand, 100 grams silver prices today fell by Rs 20 to Rs 9,400.

Spot Gold, Spot Silver Prices Today: Spot gold steadied at $2,619.75 per ounce by 0255 GMT, after touching a two-week low in the previous session. Gold prices hit a record high of $2,685.42 on September 26. Spot silver fell 0.3% to $30.62. Platinum surged 0.4% to $953.90 and palladium dipped 0.3% to $1,018.04, according to Reuters.

22k Gold Price Movement In Last 10-Days In India (1 gram)

22k gold price in India today fell by Rs 70, steadied on October 8, fell by Rs 20, stayed neutral on October 6 and October 5, rose by Rs 10 on October 4, jumped by Rs 10 on October 3, surged by Rs 50 on October 2, fell by Rs 30 on October 1, and fell by Rs 15 on September 30.

1kg Silver price India movement in last 10-days

Silver price in India today declined by Rs 2000, dipped by Rs 900, fell by Rs 100, remained steady on October 6, soared by Rs 2000 on October 5, stayed steady on October 4, remained unchanged on October 3, steadied on October 2, remained stable on October 1, and slipped by Rs 100 on September 30.

1 Gram of 22k Gold prices In 6 Major Metropolitan Cities Of India On October 9, 2024:

City	22 Carat Gold Price Per Gram
Gold Price Chennai Today	1 gram of 22 carat gold rate is Rs 7030
Yellow Metal Price Mumbai Today	1 gram of 22 carat gold price is Rs 7030
Gold Price Delhi Today	1 gram of 22 carat yellow metal price is Rs 7045
Gold Price Kolkata Today	1 gram of 22 carat of gold price is Rs 7030
Gold Price Kerala Today	1 gram of 22K gold prices is Rs 7030
Yellow Metal Price Bangalore Today	1 gram of 22 carat gold rate is Rs 7030
Gold Prices Hyderabad Today	1 gram of 22 carat gold rate is Rs 7030

The Reuters report added, "Gold prices could get a nice bump if CPI comes in soft, but whether it can reach a new high this year requires U.S. data in general to underperform," Simpson added.