Gold prices in the souk market declined on July 11th, compared to a surge in key Indian markets where gold demand is high such as Mumbai. In the financial hub of India, gold prices surged by Rs 1,600 to Rs 2,200 across 22K, 24K, and 18K. This is not the case in the emirate city of Dubai, as gold prices here fell by Rs 500 to Rs 1,200 in a single day.
Gold Prices In Dubai:
24K gold prices in Dubai stood at Rs 6,56,387 in 100 grams, down by Rs 1,137 on Thursday, while 10 grams price dipped by Rs 113 to Rs 65,639. Further, 8 grams of 24K is down by Rs 91 to Rs 52,511, and that of 1 gram price is lower by Rs 11 to Rs 6,564.
In dirhams, 24K gold prices surged by 0.50 dirhams to 50 dirhams. 24K/100 grams is at 28,850 AED, and 10 grams is at 2,885 AED.
Coming to 22K gold prices, 100 grams in Indian rupee is down by Rs 569 to Rs 6,08,039, while 10 grams price is lower by Rs 57 to Rs 60,804. Also, 8 grams of gold is lower by Rs 46 to Rs 48,643, and 1 gram is at Rs 6,080 down by Rs 6.
In dirhams, 22K gold prices tumbled by 0.25 dirhams to 25 dirhams. 100 grams of 22K is at 26,725 AED, and 10 grams is at 2,672.50 AED.
Lastly, in the case of 18K, gold prices in Dubai slipped by Rs 569 in 100 grams in terms of rupee to Rs 5,04,519. While in the same carat, 10 grams of gold is down by Rs 57 to Rs 50,452, 8 grams is lower by Rs 45 to Rs 40,362, and that 1 gram price dived by Rs 6 to Rs 5,045.
In dirhams, 18K gold prices in Dubai declined by 0.25 dirhams to 25 dirhams. 18k/100 grams price is at 22,175 AED, and that of 10 grams is at 2,217.50 AED.
With the latest decline, gold prices in cheaper in Dubai than the yellow metal sold in Mumbai, the richest city in India.
Gold Prices In Mumbai:
In Mumbai, on July 11th, 24K/100 grams gold prices rose by Rs 2,200 to Rs 7,34,200, while 10 grams price was up by Rs 220 to Rs 73,420. The cheapest gold is at Rs 7,342 in 1 gram of 24K, which is today up by Rs 22.
In the case of 22K, 100 grams of gold price advanced by Rs 2,000 to Rs 6,73,000. Further, in the same carat, 10 grams of gold rose by Rs 200 in a single day to Rs 67,300. The cheapest gold in 22K is also of 1 gram which is up by Rs 20 to Rs 6,730.
Lastly, in 18K, 100 grams is up by Rs 1,600 to Rs 5,50,600. In the same carat, 10 grams of gold edged higher by Rs 160 to Rs 55,060, while the cheapest gold is Rs 5,506 in 1 gram.
Rahul Kalantri, VP of Commodities, Mehta Equities Ltd said that gold and silver prices were mixed ahead of the U.S. inflation data. In his two-day testimony before the U.S. Senate Committee and the House, the U.S. Fed Chairman indicated that the Federal Reserve will loosen monetary policy once they are confident that inflation is moving towards the target rate of 2.0%. The U.S. economy is aiming for a soft landing, where inflation targets are met without a significant increase in unemployment.
Following his comments, the dollar index experienced some profit-taking, which supported gold and silver prices. The market anticipates rate cuts from the U.S. Fed starting in September, and today's CPI inflation data could provide more clarity on the timing of these cuts, as per Kalantri.
Looking ahead, Kalantri added, Gold has support at $2355-2340 and resistance at $2389-2405. Silver has support at $30.65-30.48 and resistance at $31.10-31.25. In INR, gold has support at Rs 72,470-72,310, with resistance at Rs 72,920-73,190. Silver has support at Rs 92,440-91,880 and resistance at Rs 93,540-93,920.
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