Latest Gold Prices Overview
Gold prices experienced a significant decline today, catching the attention of investors and consumers alike. The gold rate today in Chennai and other major Indian cities saw a considerable dip, impacting both 22k and 24k gold rates.
Gold Price In Delhi
In Delhi, the 24k gold rate today fell sharply by Rs 1,790, bringing the price to Rs 78,710 per 10 grams. This decline also extended to 100 grams of 24 carat gold, which saw a steep drop of Rs 17,900, settling at Rs 7,87,100. Meanwhile, 22k gold prices slipped by Rs 1,650 to Rs 72,150 per 10 grams and Rs 16,500 for 100 grams, setting the new rate at Rs 7,21,500. The 18k gold rate today also followed suit, with prices dropping by Rs 1,350 per 10 grams to Rs 59,030 and by Rs 13,500 for 100 grams to Rs 5,90,300.
Gold Prices in India vs. Dubai
Today's gold rate comparison between India and Dubai revealed interesting insights. The gold rate today in Chennai dropped by Rs 1,650 for 22k, bringing it to Rs 72,000 per 10 grams. Similarly, the 24k gold rate today in India decreased by Rs 1,790 to Rs 78,560 per 10 grams. 18k gold prices also fell by Rs 1,350, making the new rate Rs 58,910 per 10 grams.
On the other hand, gold prices in Dubai surged. In Indian currency, 24k gold in Dubai rose by Rs 2,353 to Rs 75,977 per 10 grams. 22k gold increased by Rs 2,180 to Rs 70,353 per 10 grams, while 18k gold experienced a boost of Rs 2,639, reaching Rs 58,417 per 10 grams.
U.S. Gold Futures and International Trends
Gold futures in the U.S. also took a hit, declining by 2.7% to end at $2,676.30. Spot gold prices were down by 2.8%, standing at $2,667.19 per ounce at 2:07 p.m. ET (1907 GMT). This marked the lowest level in three weeks. Spot silver also dropped by 4.4%, settling at $31.24 per ounce. Meanwhile, platinum prices saw a decrease of 0.8%, closing at $991.60, and palladium prices fell 3.4% to $1,039.43.
Why Did Gold Prices Drop Today?
According to insights from market analysts, the recent decline in gold prices can be attributed to a clearer outlook on the U.S. presidential election. StoneX analyst Rhona O'Connell pointed out, "A clear presidential victory has removed an element of risk that had been priced into the market. The strengthening dollar and potential new tariffs expected under Trump's leadership have pushed gold prices down."
This scenario has led to increased confidence in the U.S. dollar, causing the Federal Reserve to reconsider its easing cycle, especially if inflation spikes due to new tariffs.
Read More: global economic outlook 2024
Should You Buy Gold Now?
Dr. Renisha Chainani, Head of Research at Augmont, shared her perspective: "With gold and silver prices falling to multi-week lows and the Dollar Index reaching a four-month high, we’re seeing a new phase of market adjustment. While Trump’s potential return bolsters the dollar, it brings uncertainty in other areas. Trade wars could cause sudden market shifts, pushing investors back to gold and silver as hedges."
Investors are advised to monitor these trends carefully. Dr. Chainani added, “Gold has broken key support at $2,720, with a potential path toward $2,620 (~Rs 74,800) and $2,500 (~Rs 71,500) in the coming weeks. Long-term investors may find these lower levels attractive for accumulation.” Silver prices, which have dropped below $33, are now eyeing $31 (~Rs 91,000) and potentially $30 (~Rs 88,000), offering similar opportunities.
Gold Prices in Major Indian Cities (Per Gram of 22k Gold)
Chennai: Rs 7,200
Mumbai: Rs 7,200
Kolkata: Rs 7,200
Kerala: Rs 7,200
Bangalore: Rs 7,200
Hyderabad: Rs 7,200
Silver Prices Today in India
Silver prices have also taken a hit. The price for 1 kg of silver dropped by Rs 3,000, settling at Rs 93,000. For 100 grams, the price fell by Rs 300, landing at Rs 9,300.
Spot Market Movements
The spot market reflected similar trends with spot gold down by 2.8% to $2,667.19 per ounce, touching a three-week low at $2,652.19. Spot silver declined by 4.4% to $31.24 per ounce. Platinum and palladium saw declines as well, registering their lowest prices in three weeks.
Read More: Indian-American Leaders React to Trump Re-Election: Optimism for US-India Relations
Conclusion
The gold and silver markets are currently experiencing notable volatility, driven by a strong U.S. dollar and evolving geopolitical circumstances. This environment offers both challenges and opportunities for investors. While prices have fallen to multi-week lows, this could be an opportune moment for long-term accumulation. As always, keeping a close eye on market developments and geopolitical shifts is crucial for making informed investment decisions.
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