Gold price falls Rs 10 to Rs 74,120, silver falls Rs 100 to Rs 86,400
In Delhi, Bengaluru and Chennai, the price of ten grams of 22-carat gold stood at Rs 68,090, Rs 67,940 and Rs 68,690 respectively.
The price of 24-carat gold fell by Rs 10 in early trade on Thursday, with ten grams of the precious metal trading at Rs 74,120, according to the Good return website. The price of silver fell by Rs 100 with one kilogram of the precious metal selling for Rs 86,400.
The price of 22-carat gold also fell by Rs 10, while the yellow metal was sold at Rs 67,940.
The price of ten grams of 24-carat gold in Mumbai at Rs 74,120 is in line with the prices in Kolkata and Hyderabad.
In Delhi, Bengaluru and Chennai, the price of ten grams of 24-carat gold was Rs 74,270, Rs 74,120 and Rs 74,940 respectively.
In Mumbai, the price of ten grams of 22-carat gold is comparable to that in Kolkata and Hyderabad at Rs 67,940.
In Delhi, Bengaluru and Chennai, the price of ten grams of 22-carat gold stood at Rs 68,090, Rs 67,940 and Rs 68,690 respectively.
The price of one kilogram of silver in Delhi, Mumbai and Kolkata was Rs 86,400.
The price of one kilogram of silver in Chennai was Rs 89,900.
U.S. gold prices rose Thursday as concerns about the war in the Middle East spreading to other regions boosted demand for the safe haven metal.
Spot gold rose 0.4 percent to $2,369.93 an ounce as of 01:07 GMT. U.S. gold futures fell 0.1 percent to $2,385.10 an ounce.
Loretta Mester, president of the Cleveland Federal Reserve Bank, said she expects price pressures to ease further in 2024, allowing the Fed to cut borrowing costs, but only if there is “reasonable confidence” that inflation is sustainably on track to the target of 2 percent. Lower interest rates increase the appeal of holding non-profitable precious metals.
The global silver shortage is expected to increase by 17 percent to 215.3 million troy ounces in 2024 due to 2 percent demand growth, led by robust industrial consumption and a 1 percent decline in total supply, according to the Silver Institute Industry. Association.
Spot silver rose 0.2 percent to $28.28 an ounce, platinum was 0.3 percent higher at $940.55 and palladium was lethargic at $1,026.25.
(With input from Reuters)
First print: April 18, 2024 | 7:37 am IST