India’s Gold Prices Fall: Why Did Yellow Metal Fall After Reaching All-Time High?
India saw a significant decline in gold prices after their all-time high on March 21. On March 22, 2024, the prices of silver and yellow metal both saw decreases on the Multi Commodity Exchange (MCX). On the MCX, gold futures maturing on April 5, 2024, were trading at Rs 66,199/10 kilos after seeing a little decrease of Rs 6 or 0.01%. The closing price at the previous time was Rs 66,189/10 grams. In India, silver prices also fell precipitously.
When compared to the previous closing of Rs 75,081, silver futures, which mature on May 3, 2024, saw a fall of Rs 462 or 0.62% and retailed at Rs 74,775/kg on the MCX.
In India, the price of 10 grams of 22-carat gold is now Rs 61,350, down Rs 450, while the price of 100 kilos of 22-carat yellow metal is Rs 6,13,500, down Rs 4500. In the meantime, the cost of 100 kilos of 24 carat yellow metal is Rs 6,69,300 in India, down from Rs 4900, and the price of 10 grams of 24 carat gold is Rs 66,930.
In India, 10 grams of 18-carat gold now cost Rs 50,190, down Rs 370 from the previous price.
According to a report by Reuters, “gold prices slipped on Friday due to a stronger dollar, although they were set for a fourth weekly gain in five as the U.S Federal Reserve’s decision to retain its interest rate-cut projections for 2024 bolstered bullion’s appeal.” As of 06:07 GMT, spot gold was down 0.4% at $2,173.17 an ounce. So far this week, bullion has increased by 0.8%. U.S. gold futures fell to $2,174.60 an ounce, down 0.5%.
According to IG market analyst Yeap Jun Rong, “impending rate cuts are generally supportive of gold prices and provide a floor for the yellow metal once the rate-cutting process comes into effect.” “For now, it seems that gold is in extreme overbought conditions, which may call for some near-term cooling in its recent rally, with further downside to leave the $2,148 level on watch as immediate support to hold.”
Yellow metal costs In four significant Indian cities on March 22, 2024:
Chennai Gold Price: On March 22, the price of 10 grams of 22 carat gold in Chennai is Rs 62,000, while the price of 10 grams of 24 carat gold is Rs 67,640.
Mumbai Yellow Metal Price: On March 21, the price of 10 grams of 22-carat gold in Mumbai is Rs 61,350, while the price of 10 grams of 24-carat yellow metal is Rs 66,930.
Prices for Gold in Delhi: On March 21, the national capital’s price for 10 kilos of 22-carat yellow metal was Rs 61,500, while the same amount of 24-carat gold cost Rs 67,080.
Kolkata Gold Price: On March 21, 2024, the price of 10 grams of 22 carat yellow metal in Kolkata is Rs 61,350, while the cost of 10 kilos of 24 carat gold is Rs 66,930.
In the meanwhile, India’s silver prices fell by Rs 2000 on Friday to Rs 76,500/kg.
