Gold Prices India, March 14: Precious Metal Rises Yet Again, Big Jump In Silver

Gold prices witnessed a rally yet again in India after 2 days of consecutive decline. Price of 24 carat of 10 grams gold in India on March 14 is Rs 66,110 after jump of Rs 270 while cost of 22 carat of yellow metal in the country on Thursday is Rs 60,600 per 10 gram after surge by Rs 250. 22K gold prices witnessed back-to-back decline on March 12 and March 13 by Rs 400 and 24K precious metal soared by Rs 430 in last 2 days.

Gold prices remained stable on March 11 and March 10. Before that gold prices jumped by Rs 2000/10 gram for 22 carat in a span of just 5 days and 24 carat gold rose by Rs 2180/10 gram in 5 days in March only.

"As recent US data have been weaker than expected and the Fed officials have not tried hard enough to quash market expectations of sharp rate cuts this year, gold may continue to find strong support into the dips," stated Praveen Singh, Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Yellow metal prices In 4 leading metropolitan cities of India on March 15, 2024:

Gold Price Chennai: Price of 10 grams of 22 carat of gold price Chennai today is Rs 61,350 and cost of 10 grams of 24 carat gold is Rs 66,930.

Yellow Metal Price Mumbai: Price of 10 grams of 22 carat gold in the financial capital of the country is Rs 60,600 and cost of 10 grams of 24 carat yellow metal is Rs 66,110.

Precious Metal Price Delhi: Price of 10 grams of 22 carat yellow metal in Delhi on March 14 is Rs 60,750 and cost of 10 grams of 24 carat gold is Rs 66,260.

Gold Price Kolkata: Price of 10 grams of 22 carat of yellow metal in Kolkata today is Rs 60,600 and cost of 24 carat of 10 grams gold is Rs 66,110.

Sachin Kothari, Director at Augmont Gold for All said, "Gold prices are hovering around record high prices $2200 (~Rs 66000) on the likelihood that the Federal Reserve would begin lowering interest rates at the June policy meeting is still factored into the markets. This helps limit the downside for the price of gold by keeping a lid on US bond rates and the value of the US dollar. Amidst geopolitical uncertainties and anticipations of a potential worldwide economic downturn in 2024, traders were hesitant to make aggressive bearish bets on the safe-haven commodity of gold. Prices are expected to consolidate a bit in range of Rs 65000 to Rs 66000 before moving higher towards next resistance of Rs 68000."

Meanwhile, silver prices India witnessed sharp rally of Rs 1800 in India today. Now you will have to shell out Rs 77,000 to buy 1 kg of Silver in India today. 100 grams silver prices in India today is Rs 7700 after surge by Rs 180.

As per latest metal report available, spot gold declined 0.2% to $2,171.05 per ounce as of 0426 GMT. US gold futures declined 0.2% to $2,175.40. The US dollar index rallied 0.1%. A stronger dollar makes gold costlier for other currency holders.
silver futures, due on May 3, 2024, surged by Rs 158 or 0.21% and currently retailing at Rs 75,382/kg on the MCX as against the earlier close of Rs 75,170.

On the other hand, Gold futures, maturing on April 5, 2024, stood at Rs 65,843/10 grams, after marginal decline of Rs 84 or 0.13%. The earlier close was registered at Rs 65,897.