Gold price decreases by Rs 10 and silver drops by Rs 100 in the commodities market, reaching Rs 72,150 and Rs 90,600 respectively

Gold Price Today

The price of 24-carat gold dipped Rs 10 in early trade on Friday with ten grams of the precious metal selling at Rs 72,150, according to the GoodReturns website. The price of silver fell Rs 100, with one kilogram of the precious metal selling at Rs 90,600.

Regional Variances in Gold Prices

The price of 22-carat gold also fell Rs 10, with the yellow metal selling at Rs 66,140. In different cities across India, the prices of both 24-carat and 22-carat gold vary slightly. For instance, in Mumbai, Kolkata, and Hyderabad, the prices are consistent for both types of gold. However, in cities like Delhi, Bengaluru, and Chennai, there are minor variations in prices, reflecting local demand and supply dynamics.

For ten grams of 24-carat gold, prices in different cities stand at Rs 72,300 (Delhi), Rs 72,150 (Bengaluru), and Rs 72,650 (Chennai). Similarly, the prices for ten grams of 22-carat gold in these cities are slightly different, with Delhi at Rs 66,240, Bengaluru at Rs 66,140, and Chennai at Rs 66,590.

International Gold Market

US gold prices remained steady on Friday, showing signs of their first weekly gain in four weeks. Despite a slight decrease in the previous session following the US Federal Reserve’s projection of a single interest rate cut this year, gold prices have been relatively stable. Spot gold was unchanged at $2,303.43 per ounce, with a weekly gain of 0.5 percent so far.

Other precious metals like silver, platinum, and palladium also saw fluctuations in their prices. Spot silver fell to $28.985 per ounce, platinum rose to $953.43, and palladium increased to $889.84 per ounce.

Understanding the international gold market dynamics is crucial for investors and businesses dealing with precious metals. Factors like economic indicators, geopolitical events, and central bank policies can significantly impact the prices of gold and other precious metals.

(With inputs from Reuters)