Gold Price Jumps In India: 22k/100 Grams Gold Rises By Rs 2500, Silver Falls By Rs 11,500 In 10-Days

Gold price in India on Saturday witnessed rally after declining for 7 days since July 18, 2024. Meanwhile, gold prices US recorded surge of 1% on Friday as US Treasury yields slipped on prospects for an interest rat cut by Federal Reserve in September. Meanwhile, 22k gold prices in India today jumped by Rs 250 to Rs 63,250/10 grams and 100 grams of 22 carat yellow metal prices rose by Rs 2500 to Rs 6,32,500.

24K gold prices today in the country surged by Rs 270 to Rs 69,000/10 grams and 100 grams of 24 carat precious metal prices turned dearer by Rs 2700 to Rs 6,90,000. 18k gold prices today soared by Rs 200 to Rs 51,750/10 grams and 18 carat gold price today gained by Rs 2000 to Rs 5,17,500. Silver prices in India fell sharply by Rs 11,500 in last 10 days.

Spot Gold, Spot Silver Prices Today: Spot gold rose 0.8% to $2,382.98 per ounce by 1741 GMT, after hitting its lowest since July 9 on Thursday. U.S. gold futures for August delivery settled 1.2% higher at $2,381. Spot silver fell 0.6% to $27.80 per ounce. Platinum shed 0.2% at $930.86, while palladium lost 1.1% at $896.50. Silver, platinum and palladium were headed for their third straight weekly fall, according to Reuters.

Why Gold Prices Declined In India?
Gold prices witnessed steep decline in India especially after July 23 when Finance Minister after FM Nirmala Sitharaman declared a slash in customs duty on gold and silver to 6% in budget 2024. 22k/100 grams gold prices in India slipped by Rs 5750 since July 18, 2024. According to experts, poor demand for the yellow metal also caused massive damage to physical gold in China. It caused strong decline in gold prices all over the world. Meanwhile, due to the price adjustment after Budget 2024, selling in India turned out to be sharper than in other global markets. However, experts anticipated a strong rebound after Friday's cooling US inflation data. Experts feel that US PCE inflation strengthened the US Fed rate cut buzz in the September meeting of the US Fed Reserve.

According to Reuters, ""Any uptick that we see from India or China tends to have an outside effect on overall demand. ... I think the move to reduce the duty (in India) can only have a positive effect on demand," said Everett Millman, chief market analyst with Gainesville Coins.

Silver Prices Today In India: Silver prices in India today stayed unchanged and currently stood at Rs 84,500/kg and 100 grams of silver prices are retailing at Rs 8,450.

22k/10 Grams Gold Price Movement In Last 10-Days In India
Gold prices in India today soared by Rs 250, slipped by Rs 1000 on July 26, fell sharply by Rs 950 on July 25, remained stable on July 24, fell steeply by Rs 2750 on July 23, slipped by Rs 100 on July 22, remained unchanged on July 21, declined by Rs 350 on July 20, fell by Rs 450 on July 19, declined again by Rs 150 on July 18, and jumped by Rs 900 on July 17.

1kg Silver price India movement in last 10-days
Silver price in India today stayed unchanged, stayed steady on July 26 as well, witnessed sharp fall of Rs 3000 on July 25, declined by Rs 500 on July 24, fell by Rs 3,500 on July 23, remained steady on July 22, stayed unchanged on July 21, declined by Rs 1750 on July 20, witnessed sharp decline of Rs 1450 on July 19, slipped again by Rs 1300 on July 18, jumped by Rs 1000 on July 17.

1 Gram of 22k Gold Rate In 5 Major Metropolitan Cities Of India On July 27, 2024:

Gold Price Chennai: Price of 1 gram of 22 carat of gold price Chennai today is Rs 6,465

Yellow Metal Price Mumbai: Price of 1 gram of 22 carat gold in Mumbai on July 27 is Rs 6,325

Precious Metal Price Delhi: Price of 1 gram of 22 carat yellow metal in Delhi on July 27 is Rs 6,340

Gold Price Kolkata: Price of 1 gram of 22 carat of yellow metal in Kolkata on July 27, 2024 is Rs 6,325

Gold Price Kerala: Cost of 1 gram of 22K gold in Kerala on July 27 is Rs 6,325

Yellow Metal Price Bangalore: Price of 1 gram of 22 carat gold in Bangalore on July 27 is Rs 6,325