Gold Prices Decline In India, Aug 14: 22k/100 Grams Gold Falls By Rs 1000, Silver Rises

Gold prices in India today recorded decline after witnessing gain for several days as traders are keenly looking forward to US inflation report to be declared later in the day that may set the tone for Federal Reserve's upcoming September policy meeting. 22k gold prices today fell by Rs 100 to Rs 65,550/10 grams and 100 grams of 22 carat yellow metal prices today slipped by Rs 1000 to Rs 6,55,500 on Wednesday. 24k gold prices today declined by Rs 110 to Rs 71,510/10 grams and 100 grams of 24 carat yellow metal prices today turned cheaper by Rs 1100 to Rs 7,15,100 on August 14, 2024.

Meanwhile, 18k gold prices today stood at Rs 53,630/10 grams after decline of Rs 90 and 100 grams of 18 carat precious metal prices today fell by Rs 900 to Rs 5,36,300.
Spot Gold, Spot Silver Prices Today: Spot gold declined 0.2% to $2,460.87 per ounce, as of 0327 GMT. Prices touched a record high of $2,483.60 in July. U.S. gold futures slipped 0.3% to $2,500.30. Spot silver dipped 0.6% to $27.68, platinum shed 0.5% to $931.73. Palladium gained 0.1% to $939.25 after touching its highest level since July 24 in the previous session, according to Reuters.

Silver Prices Today In India: Silver price in India today witnessed marginal gain. 1kg silver prices today surged by Rs 100 to Rs 83,600. And, 100 grams silver price today rose by Rs 10 to Rs 8,360.

According to Dr. Renisha Chainani, Head Research - Augmont - Gold For All, "the gold prices are firmly supported, trading over $2450 (Rs 70500) on geopolitical worries in the Middle East, with all eyes on US inflation figures. The Hamas group has opted not to engage in the discussions because its commanders do not believe the Israeli government is talking in good faith. The event raises the danger of a larger Middle East war and should act as a tailwind for the safe-haven metal amid speculations on further interest rate reduction by the Federal Reserve."

The US Dollar is reaching its lowest level in almost a week, potentially benefiting gold as the emphasis switches to the US Consumer Price Index. The headline CPI is expected to fall from 3.0% year on year to 2.9% in July, while the core CPI is expected to climb by 3.2%, down from 3.3% in June. A poorer reading will increase betting on a 50-basis point Fed rate drop in September and impact the greenback, clearing the door for more rises in the precious metal.

22k/10 Grams Gold Price Movement In Last 10-Days In India
Gold prices in India today declined by Rs 100, rallied by Rs 950 on August 13, surged by Rs 250 on August 12, remained neutral on August 11, rallied by Rs 200 on August 10, surged by Rs 750 on August 9, remained steady on August 8, fell by Rs 400 on August 7, declined by Rs 800 on August 6, remained steady on August 5, and remained unchanged on August 4.

According to Reuters, "Gold might drop to $2,300 if (CPI) data doesn't align with expected rate cuts, but in the long term, gold is likely to rise as U.S. economy weakens enough for the Fed to cut rates significantly, said Kyle Rodda, a financial market analyst at Capital.com. Data on Tuesday highlighted that U.S. producer prices jumped less than expected in July, reinforcing market view that cooling inflation will allow the Federal Reserve to cut interest rates soon.

1kg Silver price India movement in last 10-days
Silver price in India today gained marginally by Rs 100, surged by Rs 1000, slipped by Rs 100, remained steady on August 11, jumped by Rs 100 on August 10, surged by Rs 1500 on August 9, dived by Rs 500 on August 8, declined by Rs 500 on August 7, fell by Rs 3200 pm August 6, surged by Rs 200 on August 5, and remained stable on August 4.

1 Gram of 22k Gold prices In 5 Major Metropolitan Cities Of India On August 14, 2024:

Gold Price Chennai: Price of 1 gram of 22 carat of gold price Chennai today is Rs 6,555

Precious Metal Price Delhi: Price of 1 gram of 22 carat yellow metal in Delhi on August 14 is Rs 6,570

Gold Price Kolkata: Price of 1 gram of 22 carat of yellow metal in Kolkata on August 14, 2024 is Rs 6,565

Yellow Metal Price Bangalore: Price of 1 gram of 22 carat gold in Bangalore on August 14 is Rs 6,555.