Gold Prices Decline In India, Sept 10: Yellow Metal Prices Fall, Silver Unchanged

Gold prices in India today witnessed marginal decline amid stronger dollar as investors awaited US inflation report that may provide more hints about the size of the Federal Reserve's interest rate cut next week. 22k gold prices today edged lower slightly by Rs 30 to Rs 66,770/10 grams and 100 grams of 22 carat precious metal prices today fell by Rs 300 to Rs 6,67,700. 24k gold prices today fell by Rs 30 to Rs 72,840/10 grams and 100 grams of 24 carat precious metal prices slipped by Rs 300 to Rs 7,28,400.

18k gold prices today declined by Rs 30 to settle at Rs 54,630/10 grams and 100 grams of 18 carat yellow metal prices today dived by Rs 300 to Rs 5,46,300. On the other hand, 1 gram gold rate today for 22k gold prices stood at Rs 6,677 after decline of Rs 3. Meanwhile, 1 gram gold price today for 24k gold fell by Rs 3 to Rs 7,284 and 1 gram gold price today for 18 gram gold is retailing at Rs 5466 after fall of Rs 3 on Tuesday in India.

Spot Gold, Spot Silver Prices Today: Spot gold fell nearly 0.1% to $2,502.80 per ounce, as of 0526 GMT. U.S. gold futures stayed unchanged at $2,532.00. Spot silver declined 0.2% to $28.29 per ounce. Platinum jumped 0.3% to $940.77 and palladium surged by 0.6% to $952.15, according to Reuters.

According to Renisha Chainani, Head Research - Augmont - Gold For All, "gold prices are consolidating at record highs in a range of $60 from the last 15-20 days as there are mixed cues from the economic front. The range is from $2470 (~ Rs 71000) to $2530 (~Rs 72300). Market participants are waiting for a catalyst or trigger for the price to choose one direction. The haven demand for the US dollar is maintained even as markets reduce their expectations of a 50 basis point rate cut by the US Federal Reserve next week. This is due to the return of risk-off flows in Asia in response to growing concerns about a slowdown in the Chinese economy."

According to the CME Group's FedWatch Tool, markets are currently pricing in a 29% chance of a 50 bps rate cut move, down from about 47% seen pre-NFP data release. About 110bps worth of cuts are priced in for the rest of the year. If $2470 is broken, we might see profit-booking up to $2430 (~Rs 70000) and $2400 (~Rs 69000). While on the upside breakout, we could see new highs of $2550 (~Rs 73000) and $2600 (~Rs 75000) in the short-term, added Renisha Chainani.

Silver Prices Today In India: Silver price in India today stayed stable. 1kg silver prices today remained steady at Rs 85,000. 100 grams silver price today in India stood at Rs 8,500.

22k Gold Price Movement In Last 10-Days In India (1 gram)

22k gold price in India today slipped by Rs 3, remained stable on September 10, stayed steady on September 8, fell by Rs 40 on September 7, surged by Rs 55 on September 6, stayed steady on September 5, recorded slight decline of Re 1 on September 4, remained stable on September 3, slipped by Rs 25 on September 2, and stayed unchanged on September 1.

According to Reuters, ""The inflation data is expected to reflect further disinflation and offer the go-ahead for the Fed to ease rates... Barring any significant surprises in the data, gold prices should remain well-supported above the $2,500 level. We expect gold prices to touch over $2,660 in the coming months," IG market strategist Yeap Jun Rong said.

1kg Silver price India movement in last 10-days

Silver price in India today stayed stable, jumped by Rs 500 on September 9, remained neutral on September 8, declined by Rs 2500, recorded steep surge of Rs 2000 on September 6, stayed steady on September 5, slipped by Rs 1000 on September 4, remained steady on September 3, fell by Rs 1000 on September 2, and remained steady on September 1.

1 Gram of 22k Gold prices In 5 Major Metropolitan Cities Of India On September 10, 2024:

Gold Price Chennai: Price of 1 gram of 22 carat gold rate in Chennai today is Rs 6,677

Yellow Metal Price Mumbai: 1 gram of 22 carat gold price in Mumbai on September 10 is Rs 6,677

Gold Price Delhi: 1 gram of 22 carat yellow metal price in Delhi on September 10 is Rs 6,692

Gold Price Kolkata: 1 gram of 22 carat of yellow metal price in Kolkata on September 10, 2024 is Rs 6,677

Gold Price Kerala: 1 gram of 22K gold prices in Kerala on September 10 is Rs 6,677

Yellow Metal Price Bangalore: 1 gram of 22 carat gold rate in Bangalore on September 10 is Rs 6,677.