Gold rate today: The retail price of 24K gold was Rs 14,035 per gram, a decrease of Rs 294.
Even if tensions between the United States and Iran appeared to be abating on Tuesday, March 24, gold prices in India continued to be under pressure. The yellow metal extended losses for the fourth consecutive week as it continued its downward trend on the MCX.
Prices have now dropped for nine sessions in a row, reaching their lowest points since the beginning of January. Gold saw a roughly 2% decline on Tuesday, opening lower at Rs 1,38,411 per 10 grams and falling further to an intraday low of Rs 1,36,762. The price of 24K gold dropped by Rs 294 to Rs 14,035 per gram in the retail market. In the meantime, there were significant drops in the prices of 22K gold at Rs 12,865 per gram and 18K gold at Rs 10,526 per gram.
The current price of gold in major Indian cities (per gram)
- Delhi: Rs 14,050 (24K) | Rs 12,880 (22K)
- Mumbai: Rs 14,035 (24K) | Rs 12,865 (22K)
- Kolkata: Rs 14,035 (24K) | Rs 12,865 (22K)
- Chennai: Rs 14,182 (24K) | Rs 13,000 (22K)
- Bengaluru: Rs 14,035 (24K) | Rs 12,865 (22K)
- Hyderabad: Rs 14,035 (24K) | Rs 12,865 (22K)
- Ahmedabad: Rs 14,040 (24K) | Rs 12,870 (22K)
- Noida: Rs 13,579 (24K) | Rs 12,449 (22K)
Gold April futures fell 1.38%, or Rs 1,925, to Rs 137,558 per 10 kilos in early morning trading, reflecting a steep loss. As May futures fell 2.84%, or Rs 6,388, to Rs 218,779 per kilogram, silver prices also declined. This came after a sharp decrease on Monday, when silver fell 0.59% and gold futures fell 3.61% to Rs 1,39,280.
The US-Iran war’s effect on gold prices
Market mood about bullion remained cautious despite some de-escalation in the dispute involving US-Israeli military action against Iran that started in late February. Gold continued to be significantly impacted by broader worries about inflation, unstable energy costs, interest rate outlooks, and currency pressures.
Market analysts claim that because inflation concerns are still high, the US Federal Reserve may hold interest rates stable in the foreseeable future, which is why the slide is still going strong. Concerns about inflation have also been heightened by damage to the Middle East’s oil infrastructure. Furthermore, there is conjecture that central banks may increase the supply of gold by selling off reserves, which would put additional pressure on prices.
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