Gold Prices Today (Jan 25): Gold Prices Fall Further, Check Rate Of Yellow Metal In Different Indian Cities

Gold prices declined further in India on Thursday (January 25, 2024). In India, the price of 10 grams of 24-carat gold at the time of writing this article is Rs 62,950. The price of the same quantity of 22-carat gold and 18-carat gold in the country is Rs 57,700 and 47,210 respectively. The yellow metal prices hovered near a one-week low on Thursday, due to a stronger US dollar and higher bond yields following better-than-expected business activity data, while investors awaited US GDP figures and the European Central Bank's policy meeting later in the day.

Bullion hit its lowest level in nearly a week on Wednesday after data showed strong U.S. business activity. Spot gold was down 0.7% at $2,014.56 an ounce at 2:13 p.m. ET (1913 GMT), eyeing its worst session in a week. The US gold futures settled 0.5% lower at $2,016.00.

Gold Futures, maturing on February 5, 2024, were down 0.18% at 61876 on the Multi Commodity Exchange (MCX) at 10:54 am IST today. In the upcoming Interim budget 2024, the gold & diamond industry expects the government to focus on making India a Global Jewellery Hub for the world. According to a report by the World Gold Council, India is the world's second-largest consumer of gold jewelry and the interim Budget with a strategic push can give the industry a shot in the arm.

Gold prices in India have changed 7.99% from one year ago. Commenting on this rise in the price of precious metal, Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited (RSBL), said, "Central Bank buying is the main factor supporting Gold prices to trade above $2000 in the last few months. Central banks around the world have been buying gold with both hands for the last 2-3 years as they want to diversify their reserves out of Dollar to other asset classes."

"The Reserve Bank of India has been actively buying around 40 tonnes of gold every year for the last six years. India now stands at ninth position in terms of gold reserves with holdings over 800 tonnes in 2023. India's central bank has surpassed the central banks of the Netherlands, Turkey, the UK, and Saudi Arabia in terms of gold reserves lately," he added.

Gold Rates Today In Delhi, Chennai, Bangalore And Other Indian cities:

Today, the gold price in Delhi for 24-carat gold (10 grams) is Rs 63,100, while 10 grams of 22-carat gold in the national capital costs Rs 57,850. The gold rate in Delhi is at par with the price of gold in Chandigarh, Jaipur, and Lucknow.

Gold prices in Bangalore for 24-carat gold (10 grams) is Rs 62,950, while 10 grams of 22-carat gold in the national capital costs Rs 57,700. The gold rate in Bangalore is at par with the price of gold in Hyderabad, Kerala, and Kolkata.

In Chennai, the price of 10 grams of 24-carat gold is Rs 63,600, while the price of the same quantity of 22-carat gold in the city is Rs 58,300.