Gold Price In India, Sept 5: Check Latest Yellow Metal Prices After 2% Drop From All-Time High

Gold prices in India today stayed steady as US gold prices remained slightly changed on Thursday. Meanwhile, traders refrained from making big bets ahead of US payroll data that may offer more clues on the size of a likely rate cut later in September. 22k gold price today stood at Rs 66,690/10 grams and 100 grams of 22 carat yellow metal prices today are retailing at Rs 6,66,900. 24k gold prices today in India remained steady at Rs 72,760/10 grams and 100 grams of 24 carat precious metal prices today in the country stood at Rs 7,27,600.

18k gold prices today remained stable at Rs 54,560/10 grams and 100 grams yellow metal prices today remained unchanged at Rs 5,45,60. 1 gram gold rate today for 22k gold prices stood at Rs 6,669 and 1 gram gold price today for 24k gold remained steady at Rs 7,276. 1 gram gold price today for 18k gold remained neutral too at Rs 5456.

It is worth mentioning here that gold prices in India declined for 5 days in last 10 days-time. 1 gram gold price on August 27 for 22 carat gold stood at Rs 6694 and today it has come down to 6,669 implying a decline of 0.37% from August 27 to September 5.

On reasons leading to a decline in gold prices, Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited (RSBL) said, "Gold prices have fallen about 2% from their all-time high, as market sentiment remained negative following the worldwide sell-off prompted by the announcement of weak US manufacturing data on Tuesday and concerns about the AI tech bubble collapsing. Investors will be keenly watching the highly anticipated US August Employment report on Friday, which might influence the size and pace of a potential rate cut at the Federal Reserve's September policy meeting. However, growing Middle Eastern geopolitical tensions and greater Fed rate-cut predictions may bolster gold prices moving ahead."

Spot Gold, Spot Silver Prices Today: Spot gold stayed steady at $2,494.54 per ounce, as of 0054 GMT. US gold futures stayed slightly changed at $2,524.50. Spot silver slipped 0.1% to $28.244 per ounce, platinum rallied 0.7% to $908.60 and palladium remained flat at $933.75, according to Reuters.

Silver Prices Today In India: Silver price in India today stayed stable. 1kg silver prices on September 5, 2024 remained steady at Rs 85,000. 100 grams silver price today in India stood at Rs 8,500.

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

22k gold price in India today remained steady, recorded slight decline of Re 1 on September 4, remained stable on September 3, slipped by Rs 25 on September 2, stayed unchanged on September 1, fell by Rs 10 on August 31, slipped by Rs 10 on August 30, surged by Re 1 on August 29, surged by Rs 21 on August 28, and fell by Re 1 on August 27.

According to Dr. Renisha Chainani, Research Head at Augmont Gold for All, "gold has recently recovered some ground and seesaws around $2500 after the US Bureau of Labor Statistics disclosed that the number of job openings in July fell significantly compared to June's downwardly revised statistics via the JOLTS report. Vacancies decreased from 7.910 million to 7.673 million (the lowest number since January 2021). Market sentiment is negative, attributed to market rotation on worries of a US recession, and speculative positioning in gold has peaked for now. I believe that the growth in the dollar is putting pressure on the gold price."

According to CME FedWatch Tool data, the odds of a 50 basis point cut at the September meeting have risen to 43% or nearly a coin flip. The next FOMC meeting will be held on September 17 - 18. Gold faces a major upward hurdle at $2530 (~Rs 72500), indicating the five-month-old ascending channel's upper border and an all-time high. Sustained trading above this level might lead to the $2600 (~Rs 75000) psychological threshold while strong support is found around $2470 (~Rs 71000), added Renisha Chainani.

1kg Silver price India movement in last 10-days

Silver price in India today stayed steady, slipped by Rs 1000 on September 4, remained steady on September 3, fell by Rs 1000 on September 2, remained steady on September 1, fell by Rs 1400 on August 31, declined by Rs 100 on August 30, fell by Rs 100 on August 29, remained steady on Aug 28, and registered surge of Rs 600 on August 27.

1 Gram of 22k Gold prices In 5 Major Metropolitan Cities Of India On September 5, 2024:

Gold Price Chennai: Price of 1 gram of 22 carat gold rate in Chennai today is Rs 6,669

Yellow Metal Price Mumbai: 1 gram of 22 carat gold price in Mumbai on September 5 is Rs 6,669

Gold Price Delhi: 1 gram of 22 carat yellow metal price in Delhi on September 5 is Rs 6,684

Gold Price Kolkata: 1 gram of 22 carat of yellow metal price in Kolkata on September 5, 2024 is Rs 6,669

Gold Price Kerala: 1 gram of 22K gold prices in Kerala on September 5 is Rs 6,669

Yellow Metal Price Bangalore: 1 gram of 22 carat gold rate in Bangalore on September 5 is Rs 6,669.