Gold Prices Fall In India: After Hitting Lifetime High, Why Yellow Metal Slipped?

After soaring lifetime high on March 21, gold prices witnessed big drop in India. Both yellow metal and silver prices registered a decline on the Multi Commodity Exchange (MCX) on March 22, 2024. Gold futures, maturing on April 5, 2024, stood at Rs 66,199/10 grams on the MCX, after witnessing slight decline of Rs 6 or 0.01%. The earlier close was registered at Rs 66,189/10 grams. Silver prices too witnessed sharp decline in India.

Meanwhile, silver futures, maturing on May 3, 2024, witnessed a dip of Rs 462 or 0.62% and retailing at Rs 74,775/kg on the MCX against the earlier close of Rs 75,081.

Today price of 22K of 10 grams gold in India is Rs 61,350 after the decline of Rs 450 and cost of 100 grams of 22 Carat yellow metal in the country is Rs 6,13,500 after the fall of Rs 4500. Meanwhile, price of 10 grams of 24 carat gold in India today is Rs 66,930 after the fall of Rs 490 and cost of 100 grams of 24 carat yellow metal in the country is Rs 6,69,300 after the fall of Rs 4900.

Price of 10 grams of 18 carat gold in India is Rs 50,190 after it slipped by Rs 370.

According to a report published in 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." Spot gold stood 0.4% down at $2,173.17 per ounce, as of 0607 GMT. Bullion soared 0.8% so far this week. U.S. gold futures declined 0.5% to $2,174.60 per ounce.

"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," IG market strategist Yeap Jun Rong said. "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 prices In 4 major cities of India on March 22, 2024:

Gold Price Chennai: 10 grams of 22 carat gold price in Chennai on March 22 is Rs 62,000 and price of 10 grams of 24 carat gold is Rs 67,640.

Yellow Metal Price Mumbai: 10 grams of 22 carat gold price in Mumbai on March 21 is Rs 61,350 and price of 10 grams of 24 carat yellow metal is Rs 66,930.

Gold Prices Delhi: Price of 10 grams of 22 carat yellow metal in national capital on March 21 is Rs 61,500 and cost of 10 grams of 24 carat gold is Rs 67,080.

Gold Price Kolkata: Price of 10 grams of 22 carat of yellow metal in Kolkata on March 21, 2024 is Rs 61,350 and cost of 24 carat of 10 grams gold is Rs 66,930.

Meanwhile, silver prices India also slipped by Rs 2000 to Rs 76,500/kg on Friday.