Gold Prices Today: Gold Rates Decline Ahead Of Republic Day; Check Precious Metal Price In Indian Cities

Gold prices in India declined marginally on Wednesday (January 24, 2024) as the price of yellow metal inched lower in the global market as strong US economic data doused hopes for early interest rate cuts by the Federal Reserve. In India, the price of 10 grams of 24-carat gold at the time of writing this article is Rs 63,000. The price of the same quantity of 22-carat gold and 18-carat gold in the country is Rs 57,750 and 47,250 respectively.

Gold Futures, maturing on February 5, 2024, were up 0.19% at 62084 on the Multi Commodity Exchange (MCX) at 1:56 pm IST today. Globally, the price of precious metal inched lower on Wednesday as investors awaited a slew of economic reports this week. Spot gold was down 0.3% to $2,023.69 an ounce as of 0537 GMT, while US gold futures dipped 0.1% to $2,024.50.

In the upcoming Interim budget 2024, the gold & diamond industry expects the government to focus on making India a Global Jewellery Hub for the world. According to a report by the World Gold Council, India is the world's second-largest consumer of gold jewelry and the interim Budget with a strategic push can give the industry a shot in the arm.

Sachin Kothari, Director of Augmont Gold For All said, "As 2024 is going to be an interim budget, the government is likely to continue with manufacturing incentives, upgrade infrastructure-related capex in the country, and promote Make in India, electric vehicles, and power generation."

"We anticipate and hope that the government will lower tariffs on gold imports, rationalize pricing, and thereby contribute to the formation of a level playing field between the regular and grey markets," he added.

Gold Rates Today In Delhi, Chennai, Bangalore And Other Indian cities:

Today, the gold price in Delhi for 24-carat gold (10 grams) is Rs 63,150, while 10 grams of 22-carat gold in the national capital costs Rs 57,900. The gold rate in Delhi is at par with the price of gold in Chandigarh, Jaipur, and Lucknow.

Gold prices in Bangalore for 24-carat gold (10 grams) is Rs 63,000, while 10 grams of 22-carat gold in the national capital costs Rs 57,750. The gold rate in Bangalore is at par with the price of gold in Hyderabad, Kerala, and Kolkata.

In Chennai, the price of 10 grams of 24-carat gold is Rs 63,650, while the price of the same quantity of 22-carat gold in the city is Rs 58,350.