Gold Price Slips In India, Aug 30: Yellow Metal Loses Shine, Silver Falls Too

Gold price in India on Friday witnessed slight decline but likely to soon rally for second consecutive month amid rising prospects of US Federal Reserve rate cut in September. Meanwhile, traders are keenly looking forward to US inflation data for more cues on rate cut trajectory. 22K gold prices today slipped marginally by Rs 100 to settle at Rs 67,050/10 grams and 100 grams of 22 carat precious metal prices today slipped by Rs 1000 to end at Rs 6,70,500 in India on August 30, 2024. 24K gold price today in the country stood at Rs 73,150/10 grams after fall of Rs 100 and 100 grams of 24 carat yellow metal prices today dived by Rs 1000 to Rs 7,31,500.

18K gold prices today declined by Rs 80 to Rs 54,860/10 grams and 100 grams of 18 carat yellow metal prices today stood at Rs 5,48,600 after decline of Rs 800. 1 gram gold rate today for 22k gold prices fell by Rs by Re 10 to Rs 6705 and 1 gram gold price today for 24k gold slipped by Rs 10 to Rs 7315. 1 gram gold price today for 18k gold fell by Rs 8 to 5486.

Spot Gold, Spot Silver Prices Today: Spot gold was down 0.3% at $2,513.70 per ounce as of 0543 GMT. The bullion is up about 3% for the month. U.S. gold futures fell 0.5% to $2,547.10. Spot silver was flat at $29.44 per ounce, while palladium rose 0.1% to $981.00. Both metals are on track for monthly gains, according to Reuters.

Speaking on the current yellow metal prices movement, Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited said, Gold prices are sustaining above $2500 (Rs 71700) amid the likelihood of the Fed's first rate cut in September. Despite the US economy's resilience, GDP data have pushed the Greenback higher. The second estimate of US GDP for Q2 2024 indicated a considerable rise from 1.4% in Q1 to 3%, above previous projections of 2.8%.

The PCE Deflator showed that inflation fell from 3.1% to 2.5% QoQ, somewhat more than the expected 2.3%. Next week, the US economic docket will contain the August Nonfarm Payrolls data, which might be key in determining the amount of the Fed's first rate drop at the September meeting. Technically, Gold indicates that bulls have retaken control and want to attempt the all-time high of $2532 (Rs 72300) very soon. After that, the next psychological resistance is $2550 (Rs 73500) and $2600 (Rs 75000)."

Silver Prices Today In India: Silver price in India today declined yet again. 1kg silver prices on August 30 fell by Rs 100 to Rs 88,400. 100 grams silver price today in India dipped by Rs 10 to Rs 8,840.

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

22k gold prices in India today fell by Rs 10, surged by Re 1 on August 29, surged by Rs 21 on August 28, fell by Re 1 on August 27, stayed steady on August 26, did not witness any changes on August 25, surged by Rs 35 on August 24, declined by Rs 20 on August 23, slipped by Rs 30 on August 22, surged by Rs 50 on August 21, and slipped by Rs 10 on August 20.

Meanwhile, Dr. Renisha Chainani, Research Head at Augmont Gold for All said, "the U.S. economy continues to defy expectations, with GDP growing strongly in the second quarter. Despite this favourable economic news, gold prices remain unchanged, with the market consolidating at record levels. The Bureau of Economic Analysis said that the preliminary reading of second-quarter GDP indicated the economy expanded by 3.0% between April and June, up from the earlier estimate of 2.8%. This rises above the 1.4% growth reported in the first quarter. In addition to strong economic growth, the report includes mixed inflation figures. The GDP Price Index increased 2.5% in the second quarter, above the earlier projection of 2.3%. Geopolitical concerns, political instability and strong physical buying are the supporting factors for the gold price rise."

1kg Silver price India movement in last 10-days

Silver price in India today slipped by Rs 100 again, fell by Rs 100 on August 29, remained steady on Aug 28, recorded jump of Rs 600 on August 27, fell by Rs 100 on August 26, remained steady on August 25, surged by Rs 1300 on August 24, declined by Rs 300 on August 23, stayed stable on August 22, remained steady on August 21, zoomed by Rs 1100 on August 20, and fell by Rs 100 on August 19.

1 Gram of 22k Gold prices In 5 Major Metropolitan Cities Of India On August 30, 2024:

Gold Price Chennai: Price of 1 gram of 22 carat gold rate in Chennai today is Rs 6,705

Yellow Metal Price Mumbai: 1 gram of 22 carat gold price in Mumbai on August 30 is Rs 6,705

Gold Price Delhi: 1 gram of 22 carat yellow metal price in Delhi on August 30 is Rs 6,720

Gold Price Kolkata: 1 gram of 22 carat of yellow metal price in Kolkata on August 30, 2024 is Rs 6,705

Gold Price Kerala: 1 gram of 22K gold prices in Kerala on August 30 is Rs 6,705

Yellow Metal Price Bangalore: 1 gram of 22 carat gold rate in Bangalore on August 30 is Rs 6,705.