Gold Prices Drop In India, Sept 12: 24k/100 Grams Gold Prices Fall By Rs 1000, Silver Steady

Gold prices in India today declined after the US inflation data pushed traders to scale back prospects of an oversized rate cut from the upcoming Federal Reserve meeting scheduled to take place in September's next week. Meanwhile, the US dollar and Treasury yields firmed. 22k gold prices today slipped by Rs 100 to Rs 67,050/10 grams and 100 grams of 22 carat yellow metal prices fell by Rs 1000 to Rs 6,70,500. 24k gold prices today dipped by Rs 100 to settle at Rs 73,150/10 grams and 100 grams of precious metal prices today declined by Rs 1000 to Rs 7,31,500.

18k gold prices today dived 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 fall of Rs 800. 1 gram gold rate today for 22k gold prices dipped by Rs 10 to Rs 6705 and 1 gram gold price today for 24k gold prices slipped by Rs 10 to Rs 7,315. Meanwhile, 1 gram gold prices today for 18 gram gold stood at Rs 5,486 after dip of Rs 8 in India.

Spot Gold, Spot Silver Prices Today: Spot gold remained subdued at $2,511.52 per ounce, as of 0031 GMT. US gold futures slipped 0.1% to $2,539.20. Spot gold may revisit its September 6 high of $2,529 per ounce, as it has briefly pierced above the last barrier of $2,521 towards this high, according to Reuters technical analyst Wang Tao. On the other hand, spot silver remained stable at $28.67 per ounce, platinum jumped 0.5% to $955.72 and palladium surged 1.7% to $1,025.37, according to Reuters.

According to Renisha Chainani, Head Research - Augmont - Gold For All said, "gold price has recovered from $2500 after the critical US CPI report prompted investors to lower their expectations of a greater, 50-basis-point interest rate decrease by the Federal Reserve next week. According to the US Bureau of Labor Statistics, the headline CPI increased 0.2% in August, however, the annual rate fell more than expected, from 2.9% to 2.5%, the weakest increase since February 2021."

According to the CME Group's FedWatch tool, the markets are now pricing in an 87% likelihood of a 25-basis point rate drop at the next FOMC policy meeting on September 17-18, compared to 71% before the US CPI data. US Treasury bond rates are rising as the chances of a more aggressive policy easing by the US central bank decrease. If Gold breaks its previous high of $2530, we could see new highs of $2550 (~Rs 73000) and $2600 (~Rs 75000) in the short term, added Renisha Chainani.

Silver Prices Today In India: Silver price in India today remained neutral. 1kg silver prices today stood at Rs 86,500. 100 grams silver price today in India are retailing at Rs 8,650 after prices stayed steady.

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

22k gold price in India today fell by Rs 10, registered rally of Rs 38 on September 11, fell by Rs 3 on September 10, stayed neutral on September 9, steadied on September 8, slipped by Rs 40 on September 7, surged by Rs 55 on September 6, stayed steady on September 5, recorded slight decline of Re 1 on September 4, and remained stable on September 3.

1kg Silver price India movement in last 10-days

Silver price in India today remained steady, surged by Rs 500 on September 11, stayed neutral on September 10, rallied by Rs 500 on September 9, stayed stable on September 8, fell by Rs 2500, recorded steep surge of Rs 2000 on September 6, stayed steady on September 5, slipped by Rs 1000 on September 4, and did not witness any changed on September 3.

1 Gram of 22k Gold prices In 5 Major Metropolitan Cities Of India On September 12, 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 September 12 is Rs 6,705

Gold Price Delhi: 1 gram of 22 carat yellow metal price in Delhi on September 12 is Rs 6,720

Gold Price Kolkata: 1 gram of 22 carat of yellow metal price in Kolkata on September 12, 2024 is Rs 6,705

Gold Price Kerala: 1 gram of 22K gold prices in Kerala on September 12 is Rs 6,705

Yellow Metal Price Bangalore: 1 gram of 22 carat gold rate in Bangalore on September 12 is Rs 6,705.