Gold Prices Today: Yellow Metal Falls After Rising For 2 Consecutive Days

Gold prices India witnessed a decline today after witnessing a rally for two consecutive days. Price of 22 carat of 10 grams yellow metal in India is Rs 56,500 after the fall of Rs 100 and price of 22 carat of 100 grams gold in India is quoted at Rs 5,65,000 after a decline of Rs 1000.

Meanwhile, 24 carat of 10 grams gold in India is retailing at Rs 61,640 after falling by Rs 110 and 24 carat of 100 grams yellow metal is selling for Rs 6,16,400 after the dip of Rs 1100 in the country. Check prices of gold in leading metropolitan cities as on November 4, 2023:

Gold Price Delhi: The national capital is selling 10 grams of 22 carat gold for Rs 56,650 and 10 grams of 24 carat gold for Rs 61,790.

Gold Price Mumbai: The financial capital of India is selling 10 grams of 22 carat yellow metal for Rs 56,500 and 10 grams of 24 carat gold for Rs 61,640.

Gold Price Kolkata: In Kolkata, you need to pay Rs 56,500 for buying 10 grams of 22 carat gold and Rs 61,640 for 10 grams of 24 carat yellow metal.

According to a Reuters report, "If the labour market starts to deteriorate, the Fed will be unable to continue a hawkish path. The data cements the idea of a Fed pause, which is helping gold," said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.

Adding to gold's shine, the dollar index fell 1% and benchmark 10-year U.S. Treasury yields fell to over one-month low after the data. [USD/] [US/]

Traders are now pricing in a 95% chance that the U.S. central bank will leave rates unchanged in December compared to 80% before the data, according to the CME FedWatch tool, added the Reuters report.

Craig Erlam, senior markets analyst at OANDA said in a note that "$2,000 is a big psychological barrier (for gold) and momentum indicators suggest it may be a struggle at this time."

Investors also keep a tab on the Middle East conflict. Gold rose more than 7% in October on safe-haven demand.