Massive Jump Of Rs 4260: After Unprecedented Rally, 24K Gold Prices Fall In India

Gold prices are touching new high almost everyday but today is a different story. Earlier on Friday, yellow metal hit its new lifetime high of Rs 73,310 for 24K of 10 grams gold. Gold prices have been witnessing a sharp rally since the last couple of months by nearly rising 28% to $2387 per ounce. The surge in yellow metal prices can be attributed to the demand emanating from neighbouring country China, according to Christopher Wood, global head of equity strategy at Jefferies.

After the unprecedented rally in yellow metal prices, prices today witnessed a decline in India. The price of 22K yellow metal is Rs 66,500 in India after the fall of Rs 700. Meanwhile, price of 24 carat yellow metal is quoted at Rs 72,550 after the dip of Rs 72,550. 24K gold prices witnessed sharp rally of Rs 4260 in last 9 days beginning from April 4 to April 12.

Silver prices too witnessed decline today. If you are planning to buy 1 kg silver in India, you need to shell out Rs 85,500 as on April 13, 2024. Silver prices jumped by Rs 6300 from April 4 to April 12, 2024 in India.

Christopher Wood, Jefferies' global head of equity strategy, said the unexpected surge is due to Chinese demand and a lack of investor enthusiasm for gold. This trend reflects shifting market dynamics and investor sentiment towards the precious metal.
Wood said: "Recent developments show a distinct lack of investor euphoria as regards gold, the question remains what is driving the current rally. The most plausible explanation remains demand from China. Still there is a lack of concrete data to confirm such an explanation. According to the official foreign reserves data, the PBOC has bought gold for 17 months in a row."
According to Reuters, spot gold soared 1.1% to $2,360.52 per ounce, as of 2:15 p.m. EDT (1815 GMT). Bullion prices hit an all-time high for an eighth straight session on Tuesday. U.S. gold futures settled 1% higher at $2,372.7. "The PPI data came a bit cooler than expected and this keeps alive the hopes of possible rate cuts by year-end - as a result gold is up," said David Meger, director of metals trading at High Ridge Futures. "Central bank buying and geopolitical uncertainty continue to be the pillars of support for the gold market," Meger added.
The Fed likely to begin interest-rate cuts as early as its late-July meeting, traders bet, after the inflation data.

Yellow metal prices In 4 metropolitan cities of India on April 13, 2024:

Gold Price Chennai: Price of 10 grams of 22 carat of gold price Chennai today is Rs 67,800 and cost of 10 grams of 24 carat gold is Rs 73,960.

Yellow Metal Price Mumbai: Price of 10 grams of 22 carat gold in Mumbai on April 13 is Rs 66,500 and cost of 10 grams of 24 carat yellow metal is Rs 72,550.

Gold Price Delhi: Price of 10 grams of 22 carat yellow metal in Delhi on April 13 is Rs 66,650 and cost of 10 grams of 24 carat gold is Rs 72,700.

Yellow Metal Price Kolkata: Price of 10 grams of 22 carat of yellow metal in Kolkata on April 13, 2024 is Rs 66,500 and cost of 24 carat of 10 grams gold is Rs 72,550.