Gold Price India, May 8: Yellow Metal Prices Get Cheaper, 24k/100 Grams Falls By Rs 1100

Gold prices finally witnessed a decline in India on May 8 after registering rally for 3 consecutive days as traders evaluated the timeline for possible U.S. interest rate cuts and looking for fresh cues for more clarity on monetary policy. 10 grams of 22k gold price declined by Rs 100 to Rs 66,250 while 100 grams of 22 carat yellow metal price fell by Rs 1000 to Rs 6,62,500 in the country on Wednesday. On the other hand, 10 grams of 24 carat yellow metal price got cheaper by Rs 110 today to 72,270 and 100 grams of 24k yellow metal prices slipped by Rs 1100 to Rs 7,22,700.

If you are planning to buy 10 grams of 18k gold today, you will have to pay Rs 54,200 after price fell by Rs 90 and for 100 grams of 18 carat yellow metal, you will have to shell out Rs 5,42,000.

Silver prices remain unchanged in India on May 8. 1kg silver price India on May 8 is quoted at Rs 85,000 while 100 grams silver price is retailing for Rs 8500 in the country.

Spot gold surged 0.1% at $2,317.44 per ounce as of 0444 GMT. U.S. gold futures gained 0.1% to $2,326.40.

According to Reuters, "The Fed is worried about inflation, but isn't going to hike rates more and still wants to cut if it gets a chance - this is the story. Not much will happen to the story until we get CPI next week," Ilya Spivak, head of global macro at Tastylive, said.

If the upcoming reports show "scary inflation", then the Fed cannot cut rates and it will pressure gold, Spivak added. Higher rates reduce the appeal of holding non-yielding bullion, added the Reuters report.

Meanwhile, Data from China's central bank highlighted that it has already amassed 60,000 troy ounces of precious metal to its reserves in April, marking the 18th successive month of purchases despite higher prices.

Jateen Trivedi, VP Research Analyst, Commodity and Currency, LKP Securities stated, "Gold prices remained below 71150rs after a recent rally towards 71500. Minor weakness persists, potentially extending towards 70750. With no significant data this week, gold prices may trade within a volatile range of 70000-71750."

24k/10 Grams Gold Price Movement In Last 10-Days In India

Gold price today fell by Rs 110, surged by Rs 330 on May 7, rallied by Rs 220 on May 6, surged by Rs 100 on May 4, declined by Rs 540 on May 3, rose by Rs 760 on May 2, fell by Rs 1090 on May 1, remained stable on April 30, declined by Rs 330 on April 29, 2024, remained unchanged on April 28 (Sunday), and jumped by Rs 220 on April 27.

1kg Silver price India movement in last 10-days

Silver prices today remain unchanged, rallied by Rs 1000 on May 7, surged by Rs 1000 on May 6, declined by Rs 500, remained steady in India on May 3, jumped by Rs 500 on May 2, fell by Rs 500 on May 1, dived by Rs 500 on April 30, remained stable on April 29, April 28, fell by Rs 500 on April 27, and jumped sharply by Rs 2000 on April 26.

Gold prices In 5 Key Metropolitan Cities Of India On May 8, 2024:

Gold Price Chennai: Price of 10 grams of 22 carat of gold price Chennai today is Rs 66,300

Yellow Metal Price Mumbai: Price of 10 grams of 22 carat gold in Mumbai on May 8 is Rs 66,250

Precious Metal Price Delhi: Price of 10 grams of 22 carat yellow metal in Delhi on May 8 is Rs 66,400

Gold Price Kolkata: Price of 10 grams of 22 carat of yellow metal in Kolkata on May 8, 2024 is Rs 66,250

Gold Price Kerala: Cost of 10 grams of 22K gold in Kerala on May 8 is Rs 66,250

Yellow Metal Price Bangalore: Price of 10 grams of 22 carat gold in Bangalore on May 8 is Rs 66,250