Gold Prices Fall In India For 4th Day Ahead Of Budget 2024: Check Latest Gold Price

Gold prices in India today witnessed decline yet again for 4th consecutive day as US President Joe Biden decided to withdraw from the 2024 Presidential race. 22k gold prices today slipped by Rs 100 to Rs 67,700/10 grams and 100 grams of 22 carat yellow metal prices today slipped by Rs 1000 to Rs 6,77,000 ahead of budget 2024. Union Finance Minister Nirmala Sitharaman on July 23 will present the Budget for the financial year 2024-25 in the Lok Sabha.

24K gold prices today fell by Rs 120 to Rs 73,850/10 grams and 100 grams of 24 carat precious metal prices slipped by Rs 1200 to Rs 7,38,500. 18k gold prices today declined by Rs 90 to settle at Rs 55,390/10 grams while 100 grams of 18 carat yellow metal prices dived by Rs 900 to Rs 5,53,900.

Spot Gold, Spot Silver Prices Today: Spot gold surged 0.2% at $2,405.40 per ounce, as of 0510 GMT, while U.S. gold futures jumped 0.3% to $2,407.20. Meanwhile, spot silver declined 0.5% to $29.11 per ounce, platinum fell 0.3% to $959.99, while palladium surged 1.1% to $916.18.

According to Reuters, "I think there is an almost unstoppable process of decoupling between the U.S. and China, it will only become more severe or accelerate if it is a Trump presidency. Gold will certainly benefit from greater geopolitical tensions," Rodda said.

Prices scaled an all-time high of $2,483.60 last week on increased chances of U.S. interest rate cuts this year, with markets pricing in a 97% chance of a cut in September, according to the CME FedWatch Tool.

Commenting on pre-budget expectations from the gold and commodity market, Mr. Sachin Kothari, Director Of Augmont - Gold For All said, "changes in import duty are the top priority. The market expects an Import duty cut in Gold from 15% to 10% and for Silver import duty to be at par with Gold under CEPA. Some refineries in India have been importing unrefined gold (gold dore) from LDCs under zero duty, so stopping Import Duty benefits from LDC and FTA countries is expected as it distorts a level playing field."

With IIBX at GIFT city emerging as a gateway to import bullion, bullion players want all import and export of gold to happen through IIBX. A special benefit of 0.5% should be given for importing gold. Market participants also like the setting of a Jewellery Export Center at GIFT City for domestic smaller traders, added Sachin Kothari.

Silver Prices Today In India: Silver prices in India today stayed steady. If you are planning to buy 1kg silver today, you need to pay Rs 91,500 while 100 grams silver prices today stood at Rs 9,150.

22k/10 Grams Gold Price Movement In Last 10-Days In India

Gold prices in India today fell by Rs 100, remained unchanged on July 21, declined by Rs 350 on July 20, fell by Rs 450 on July 19, declined again by Rs 150 on July 18, jumped by Rs 900 on July 17, surged by Rs 350 on July 16, declined by Rs 100 on July 15, remained steady on July 14, and stayed unchanged on July 13 as well, and rallied by Rs 300 on July 12.

1kg Silver price India movement in last 10-days

Silver price in India today remained steady, stayed unchanged on July 21, declined by Rs 1750 on July 20, witnessed sharp decline of Rs 1450 on July 19, slipped again by Rs 1300 on July 18, jumped by Rs 1000 on July 17, declined by Rs 200 on July 16, slipped by Rs 300 on July 15, remained steady on July 14, and stayed steady again on July 13 and 12.

1 Gram of 22k Gold Rate In 5 Major Metropolitan Cities Of India On July 22, 2024:

Gold Price Chennai: Price of 1 gram of 22 carat of gold price Chennai today is Rs 6,825

Yellow Metal Price Mumbai: Price of 1 gram of 22 carat gold in Mumbai on July 22 is Rs 6,770

Precious Metal Price Delhi: Price of 1 gram of 22 carat yellow metal in Delhi on July 22 is Rs 6,785

Gold Price Kolkata: Price of 1 gram of 22 carat of yellow metal in Kolkata on July 22, 2024 is Rs 6,770

Gold Price Kerala: Cost of 1 gram of 22K gold in Kerala on July 22 is Rs 6,770

Yellow Metal Price Bangalore: Price of 1 gram of 22 carat gold in Bangalore on July 22 is Rs 6,770