Gold Price Falls Again, 22 April: 24K Gold Rate drops Rs. 11,740 in 2 days; Chennai, Bengaluru See Big Decline

Another day of a drop in gold prices today as the demand dropped amid elevated price levels and global uncertainty. Despite earlier volatility, the 24 karat gold rate fell by Rs. 11,740 per 100g in the last two days due to softer buying interest in key markets like Chennai, Bengaluru.

The decline in the domestic gold price today is mainly due to shifting global cues and geopolitical developments. Internationally, gold slipped towards $4,700 per ounce, giving up previous session gains as markets continue to react to tensions in the Middle East and disruptions in the Strait of Hormuz.

According to Gaurav Garg, research analyst at Lemonn markets desk, "Gold and silver prices saw a mixed reaction today, with gold trading at $4721.50 per ounce (approximately ₹1,42,768 per 10 grams) and down 0.23%, while silver dipped to $76.03 per ounce (around ₹2,29,913 per kg), reflecting a steeper decline of 2.39%. The recent volatility in these precious metals can be attributed to the U.S. extending a ceasefire with Iran, which has eased some geopolitical tensions and allowed for a temporary cooling in crude oil prices, with WTI crude up 2.40% at $94.34 per barrel (about ₹8,873). This development has led to a shift in investor sentiment, with traders balancing their positions in light of a weaker dollar and fluctuating oil prices."

Gold prices in Chennai, Bengaluru, and Hyderabad

Gold prices dropped across the country today. Below are the gold rates in the major cities of India:

Chennai: 10 grams of 24-carat gold prices in Chennai stand at Rs.1,54,480 per 10 grams after falling by Rs. 980, while the 22-carat gold prices in Chennai cost Rs.1,41,600 grams per 10 grams.

Bangalore: On 23rd April, the gold rates in Bangalore slipped for the second consecutive day and the 24-carat gold now costs Rs. 1,53,550 per 10 grams with a drop of Rs. 1200 The 22-carat gold rate today stands at Rs.1,40,750 per 10 grams after falling Rs. 1100. Likewise, the 18-carat gold price is now at Rs.1,15,160 per 10 grams, which fell by Rs. 900.

Hyderabad: Gold prices in Hyderabad are also mirroring the gold rates in India today, where the price of 22-carat gold retails at Rs. 1,40,750 per 10 grams. A 24-carat gold retails at Rs. 1,53,550 per 10 grams.

Gold and Silver Future Price on MCX

On the Multi Commodity Exchange, Gold June Futures fell by 0.27% to Rs. 1,52,247 per 10 grams at the time of writing on Thursday. While the Silver MayFutures Slipped sharply today by 1.75% to Rs 2,44,018 per kg on April 23.

Spot Gold and Silver Prices Today

According to Reuters latest report, "Spot gold was down 0.6% at $4,711.27 per ounce, as of 0617 GMT. U.S. gold futures for June ​delivery fell 0.5% to $4,727.70."

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