Gold Price India, April 14: Yellow Metal Prices Are Highest In Chennai After Latest Surge

Gold prices are recording sharp rally in India for the last couple of months. And, today 22K gold prices Chennai jumped by Rs 750 to 68,550/10 gram. With today's jump, gold prices touched highest level in Chennai among various cities in the country. Price of 24K yellow metal in Chennai surged by Rs 820 to Rs 73,960, again highest among several cities in the country. Meanwhile, 18K yellow metal price Chennai scaled its new high of Rs 56,150 after the rally of Rs 610.

Gold prices India remain unchanged today (April 14, 2024). In India, price of 22K yellow metal is Rs 66,500 after the decline by Rs 700. On the other hand, price of 24 carat gold is Rs 72,550 after the dip of Rs 760. 24K precious metal prices recorded steep jump by Rs 4260 in last 9 days span only starting from April 4 to April 12.

After the record jump in yellow metal prices, gold prices fell in India on April 13, 2024. The price of 22K yellow metal on April 13 was recorded at Rs 66,500 in India after the fall of Rs 700. Meanwhile, price of 24 carat yellow metal was Rs 72,550 post the fall of Rs 72,550.

Earlier on Friday, gold prices hit new lifetime high of Rs 73,310 for 24K of 10 grams gold. According to Christopher Wood, global head of equity strategy at Jefferies, the rally in yellow metal prices can be attributed to the demand emanating from neighbouring country China.

A latest report from Goldman Sachs indicates the rally is not solely driven by traditional factors, highlighting a shift in the dynamics of the gold market. The report mentions the key role played by new incremental factors, specifically the rally in accumulation by Central Banks in emerging markets (EM) and increased retail buying in Asian markets including India have contributed to a surge in yellow metal prices globally. Despite expectations of lesser Federal Reserve rate cuts, robust growth trends, and record-breaking equity markets, yellow prices gained by nearly 17% in the last two months.

Silver prices in India remained stable on April 14. However, silver prices declined on April 13 by Rs 1000 for 1kg. If you are thinking of buying 1 kg silver in India, you need to pay Rs 85,500 as on April 14, 2024. Earlier, silver prices rallied by Rs 6300 from April 4 to April 12, 2024 in India.

Meanwhile, Christopher Wood, Jefferies' global head of equity strategy, said the unexpected surge is due to Chinese demand and a lack of investor enthusiasm for gold. This trend reflects shifting market dynamics and investor sentiment towards the precious metal.

Wood said, "recent developments show a distinct lack of investor euphoria as regards gold, the question remains what is driving the current rally. The most plausible explanation remains demand from China. Still there is a lack of concrete data to confirm such an explanation. According to the official foreign reserves data, the PBOC has bought gold for 17 months in a row."

Yellow metal prices In 4 metropolitan cities of India on April 14, 2024

Gold Price Chennai: Price of 10 grams of 22 carat of gold price Chennai today is Rs 68,550 and cost of 10 grams of 24 carat gold is Rs 74,780.

Yellow Metal Price Mumbai: Price of 10 grams of 22 carat gold in Mumbai on April 14 is Rs 66,500 and cost of 10 grams of 24 carat yellow metal is Rs 72,550.

Precious Metal Price Delhi: Price of 10 grams of 22 carat yellow metal in Delhi on April 14 is Rs 66,650 and cost of 10 grams of 24 carat gold is Rs 72,700.

Gold Price Kolkata: Price of 10 grams of 22 carat of yellow metal in Kolkata on April 14, 2024 is Rs 66,500 and cost of 24 carat of 10 grams gold is Rs 72,550.