Gold Prices Retreat In India, Oct 24: 24K/100 Gram Yellow Metal Prices Fall By Rs 6000

In a huge relief for buyers ahead of Dhanteras 2024 and Diwali 2024, gold prices today witnessed decline as robust dollar and a surge in U.S. Treasury yields countered support from safe-haven demand linked to the upcoming US election and Middle East tension. 22k gold prices today declined by Rs 550 to Rs 72,850/10 grams and 100 grams of 22 carat yellow metal prices today slipped by Rs 5500 to Rs 7,28,500 in India on October 24, 2024. 24k gold prices today turned cheaper by Rs 600 to Rs 79,470/10 grams and 100 grams of 24 carat precious metal prices today edged lower by Rs 6000 to Rs 7,94,700 on Thursday.

18K gold prices today slipped by Rs 450 to Rs 59,610/10 grams and 100 grams of 18 carat precious metal prices today fell by Rs 4500 to Rs 5,96,100.

1 gram gold price today for 22k in India today is Rs 7,285 as prices declined by Rs 55. 1 gram gold rate today for 24k dipped by Rs 60 to Rs 7947. 1 gram gold rate today for 18 carat fell by Rs 45 to Rs 5961.

According to Reuters, "For the rest of 2024, we see potential highs of $2,800, with 2025 targets around $3,000 or higher, driven by continued geopolitical risks, U.S. monetary easing cycle, and central bank purchases," said Sugandha Sachdeva, founder of New Delhi-based research firm SS WealthStreet.

Silver Prices Today In India: Silver prices in India declined steeply today after prices witnessed rally of Rs 2000 yesterday. 1 kg silver prices today fell by Rs 2000 to Rs 1,02,000. 100 grams silver prices in India today recorded decline by Rs 200 to Rs 10,200.

Spot Gold, Spot Silver Prices Today: Spot gold jumped 0.2% to $2,723.10 per ounce by 0400 GMT after hitting a record high of $2,758.37 on Wednesday amid U.S. election uncertainty and Middle East tensions. Spot silver jumped 0.5% to $33.89 per ounce. U.S. gold futures rallied 0.3% to $2,736.10. Palladium rose 5.1% to $1,111.50, its highest level since September 18, according to Reuters.

22k Gold Price Movement In Last 10-Days In India (1 gram)
22k gold price in India today fell by Rs 55, rose by Rs 40 on October 23, steadied on October 22, soared by Rs 20 on October 21, remained neutral on October 20, rose by Rs 40 on October 19, jumped by Rs 80 on October 18, rallied by Rs 20 on October 17, soared by Rs 45 on October 16, and slipped by Rs 20 on October 15.

1kg Silver price India movement in last 10-days
Silver price in India today fell by Rs 2000, jumped by Rs 2000, rose by Rs 100 on October 22, rallied by Rs 1500 on October 21, steadied on October 20, surged by Rs 500 on October 19, gained by Rs 2000 on October 18, stayed steady on October 17, rose by Rs 100 on Oct 16, and slipped by Rs 100 on Oct 15

1 Gram of 22k Gold prices In 6 Major Metropolitan Cities Of India On October 24, 2024:

City	22 Carat Gold Price Per Gram
Gold Price Chennai Today	1 gram of 22 carat gold rate is Rs 7285
Yellow Metal Price Mumbai Today	1 gram of 22 carat gold price is Rs 7285
Gold Price Delhi Today	1 gram of 22 carat yellow metal price is Rs 7300
Gold Price Kolkata Today	1 gram of 22 carat of gold price is Rs 7285
Gold Price Kerala Today	1 gram of 22K gold prices is Rs 7285
Yellow Metal Price Bangalore Today	1 gram of 22 carat gold rate is Rs 7285
Gold Prices Hyderabad Today	1 gram of 22 carat gold rate is Rs 7285

Will Gold Prices Scale New High Soon? Renisha Chainani, Head Research - Augmont - Gold For All said, "in the face of overbought conditions on the daily chart, a rise in US Treasury bond yields and a stronger US dollar caused profit-making around the precious metals pack. Former President Donald Trump and Vice President Kamala Harris are in neck-to-neck competition in opinion polls, and the increased likelihood of a Trump victory is seen as a threat to a stable geopolitical outlook. Bullion prices would be supported on dips as war wages in the Middle East. Despite efforts at a ceasefire, fighting between the Israeli army, Hamas, and Hezbollah in Gaza and Lebanon, and the Israeli military continues."

Gold continues to rise steadily across all time frames (short, medium, and long), and it is currently headed towards its next goal, which is $2800 (~Rs 80000), after breaking over the $2750 barrier. As suggested earlier, silver prices could see some profit booking at higher levels, exactly what happened yesterday. Prices need to sustain above $34.5(~Rs 98500) to continue the uptrend or if it falls below $33.60 (~Rs 96500), we could see more profit booking to $33(~Rs 93000), added Renisha Chainani.