Gold Price Falls In India Amid Surge In Dollar Index: Silver Declines Too

Yellow metal witnessed a decline in India on Monday, March 18, 2024. It is worth mentioning that gold prices fell, registering the first weekly dip in four amid surge in Dollar index, US Yields, change in interest rate expectation, and mixed economic data from the US, according to Manav Modi, analyst, Commodity and Currency, MOFSL.

Meanwhile, yellow metal opened at Rs 65,348 per 10 grams and touched the intraday low of Rs 65,180 on the Multi Commodity Exchange (MCX) on Monday. While in the global market, gold price continues to hover in the range of $2,147.45 per ounce.

When it comes to silver price, the white metal hit the intraday low of Rs 75,184 on MCX after opening at Rs 75,400/kg. In the global market, the prices remained in the range of $25.19 per ounce. Higher-than-expected inflation exerts burden on the US Federal Reserves to retain interest rates higher, weighing on gold, as per reports.

Earlier, US inflation and weekly jobless claims emerged supportive for the dollar as industrial production and retail sales declared lower, supporting bullions.
Meanwhile, US dollar index marked one of its biggest weekly gains since mid-January, surging from ~102.60 to ~103.40. US 10-year yields soared from 4.1% to 4.3%, according to reports.

When it comes to 24K yellow metal prices in India, it is 65,870 per 10 grams after the dip of Rs 230 and 100 grams of 24K gold is retailing at Rs 6,58,700 in the country today after the decline of Rs 2300.

Price of 22K of 10 grams gold in India today is Rs 60,380 after the fall of Rs 210 and cost of 100 grams of 22K yellow metal is Rs 6,03,800 after the fall of Rs 2100.
Cost of 10 grams of 18 carat gold in India on March 18, 2024 is Rs 49,400 after the fall 170 and price of 100 grams of 18 carat gold today is Rs 4,94,000 after dip of Rs 1,700.

Yellow metal prices In top 4 metropolitan cities of India on March 18, 2024:

Gold Price Chennai: Price of 10 grams of 22 carat of gold price Chennai today is Rs 60,900 and cost of 10 grams of 24 carat gold is Rs 66,440.

Yellow Metal Price Mumbai: Price of 10 grams of 22 carat gold in Mumbai is Rs 60,380 and cost of 10 grams of 24 carat yellow metal is Rs 65,870.

Precious Metal Price Delhi: Price of 10 grams of 22 carat yellow metal in Delhi on March 18 is Rs 60,530 and cost of 10 grams of 24 carat gold is Rs 66,020.

Gold Price Kolkata: Price of 10 grams of 22 carat of yellow metal in Kolkata on March 15, 2024 is Rs 60,380 and cost of 24 carat of 10 grams gold is Rs 66,020.

Meanwhile, silver prices India too declined on March 18, 2024. 1 kg silver prices in India today is Rs 77,000 after the dip of Rs 300 and 100 gram silver prices in India today Rs 7700.