Gold Prices India, April 16: Big Jump In Yellow Metal Amid Continued Iran-Israel Conflict

There is no let-up in the rising gold prices in India amid the heightened geopolitical tensions. Price of 22K yellow metal today is Rs 67,950/10 grams after the jump by Rs 900 in a single day today. Cost of 24K gold in India today is Rs 74,130/10 grams after the surge by Rs 980. If you are thinking of buying 100 grams of 22 carat gold today, you will need to pay Rs 6,79,500 and for 100 grams of 24 carat gold, you will have to shell out Rs 7,41,300. Price of 18 carat gold in India is Rs 55,590/10 grams after the jump by Rs 730. Among cities in India, gold prices are highest in Chennai at Rs 68,700/10 grams.

Praveen Singh - Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas, "Going by yields and the US Dollar Index, gold may correct; however, geopolitical tension is the major driving force presently. Heightened uncertainty on geopolitical front is seen as supportive for the metal but headwinds of elevated yields and a firmer Dollar will limit the upside and keep the metal volatile."

Gold price today on the Multi Commodity Exchange (MCX), opened in the upward zone and hit an intraday high of Rs 73,169/ 10 gm in just a couple of minutes of the commodity market's opening bell. Meanwhile, in global market, yellow metal today is hovering in the range of $2,380 per troy ounce level.

Anuj Gupta, Head of Commodity & Currrency at HDFC Securities said, "Overall outlook for gold price today looks positive. Rise in the geo-political tension due to the Iran-Israel conflict in Gaza is expected to continue supporting the gold price rally. So, any dip in gold rates today should be seen as a buying opportunity."

The hotter-than-expected US retail sales data on Monday yet again highlighted that the consumer spending in the US continued to remain robust. It is likely to fuel inflation, that may compel the US Fed officials to delay the interest rate cut, added Anuj Gupta.

"US dollar rates are rising continuously as the US dollar index came close to 106.50 level in early morning session on Tuesday. The US dollar price has also touched a 5-month high but investors are looking at the safe haven in the wake of the rising geo-political crisis in the Middle East hence Monday's dip in the gold price has been seen as a buying opportunity by gold investors," stated Anuj Gupta.

Silver prices too surged by Rs 1000 for 1kg to Rs 87,000 in India on April 16, 2024.

Gold prices In 5 key metropolitan cities of India on April 16, 2024:

Gold Price Chennai: Price of 10 grams of 22 carat of gold price Chennai today is Rs 68,700 and cost of 10 grams of 24 carat gold is Rs 74,950.

Yellow Metal Price Mumbai: Price of 10 grams of 22 carat gold in Mumbai on April 16 is Rs 67,950 and cost of 10 grams of 24 carat yellow metal is Rs 74,130.

Precious Metal Price Delhi: Price of 10 grams of 22 carat yellow metal in Delhi on April 16 is Rs 68,100 and cost of 10 grams of 24 carat gold is Rs 74,280.

Gold Price Kolkata: Price of 10 grams of 22 carat of yellow metal in Kolkata on April 16, 2024 is Rs 67,950 and cost of 24 carat of 10 grams gold is Rs 74,130.

Gold Price Kerala: Cost of 10 grams of 22K gold in Kerala is Rs 67,950 and price of 24K yellow metal is Rs 74,130/10 grams.