On Monday, both gold and silver prices witnessed a sharp decline in the futures market. On the Multi Commodity Exchange (MCX), around 11:08 AM, gold for April 2 delivery fell by 5.40 percent to ₹1,36,694 per 10 grams. Previously, on Friday, it had closed at ₹1,44,825 per 10 grams, meaning gold became cheaper by ₹8,131.
Similarly, the price of silver for May 5 delivery also dropped by 6.64 percent to ₹2,11,723 per kilogram. On Friday, its closing price was ₹2,27,470 per kilogram, indicating that silver plummeted by ₹15,747.
For the past few days, both precious metals have been on a continuous downward trend. Market experts believe that further correction in their prices may be observed in the coming time.
Today’s Latest Gold Prices in Metros (per 10 grams)
Today, a slight difference in gold prices is being observed in major cities across the country. Rates have been set differently based on carat. Let’s find out today’s prices in major metropolitan cities:
Delhi
In the capital Delhi, 24 carat gold is trading at ₹14,017 per gram. Meanwhile, the price of 22 carat gold is ₹12,850 per gram and 18 carat gold is at ₹10,517 per gram.
Mumbai
In Mumbai, the rate for 24 carat gold is ₹14,002 per gram. Additionally, 22 carat gold is selling at ₹12,835 per gram and 18 carat gold at ₹10,502 per gram.
Kolkata
In Kolkata too, gold prices are almost equivalent to Mumbai. Here, 24 carat gold is available at ₹14,002 per gram, 22 carat at ₹12,835 per gram, and 18 carat gold at ₹10,502 per gram.
Gold Price in Chennai
In Chennai, gold prices remain slightly higher compared to other metropolitan cities. Here, 24 carat gold is selling at ₹14,128 per gram, while the price of 22 carat gold is recorded at ₹12,950 and 18 carat gold at ₹10,800 per gram.
Gold Price in Bengaluru
In Bengaluru, gold prices are relatively stable. Here, 24 carat gold is trading at ₹14,002 per gram, 22 carat at ₹12,835, and 18 carat gold at ₹10,502 per gram.
Gold Movement in International Market
Pressure on gold prices is also being observed in the global market. According to Trading Economics, on Monday, gold prices fell below the $4,400 per ounce level. Gold has been on a selling spree for the fourth consecutive week. Amid ongoing tensions in the Middle East and inflation fears, major economies are under pressure to increase liquidity, which is also impacting gold prices.
Amid ongoing tensions in the Middle East, there are currently no signs of a quick resolution to the situation involving Iran. Former US President Donald Trump has warned that if the Strait of Hormuz is not reopened, action could be taken against Iran’s power plants.
Meanwhile, Tehran has also adopted a strong stance, clearly stating that if its energy facilities are targeted, it will target US and Israeli bases in the region.
Meanwhile, investors in the market also appear cautious. Traders believe that given the high levels of inflation, the Federal Reserve might raise interest rates by the end of the year, which could impact global markets.
