18K, 22K, 24K Gold Prices India Get Cheaper: Yellow Metal Prices Fall On Weekend

Gold prices India witnessed a fall on April 20, 2024 after recording a rally a day before. Price of 22K gold in India on April 20 is Rs 68,050/10 grams after the fall by Rs 100 while 24K yellow metal price in the country today is Rs 74,240/10 grams after the dip of Rs 100. Meanwhile, price of 100 grams of 22 carat gold today is Rs 6,80,500, after the dip of Rs 1000 and the cost of 100 grams of 24 carat yellow metal is Rs 7,42,400 after equal decline by Rs 1000.

18K gold price today is Rs 55,680/10 grams after decline by Rs 80 and 100 grams of 18 carat gold is retailing for Rs 5,56,800 in India. The price of yellow metal is highest in Chennai as of now where 24k gold prices are currently hovering above 75K.
Prices of silver remained stable on April 20. If you are planning to buy 1kg silver today, you will need to pay Rs 86,500.

Gold prices rise due to several factors ranging from geopolitical tensions, global economic slowdowns, war, and political uncertainties, among others.

Spot gold remained up by 0.7% at $2,395.15 per ounce as of 1:45 p.m. ET (1745 GMT), after soaring as high as $2,417.59 earlier in the session. Prices were up 2.2% this week. U.S. gold futures settled 0.7% higher at $2,413.8, according to Reuters.

Sugandha Sachdeva, Founder of SS WealthStreet said, "Gold prices have continued their relentless upside move for the sixth consecutive week in a row, hovering close to record highs. Despite a strong US dollar and indications from the US Federal Reserve that a restrictive monetary policy is likely to continue, gold prices surged by more than 1 percent. The US Fed's stance is influenced by the strong US economy, labor market, and higher-than-expected inflation print for March."

Recently, gold prices witnessed sharp rally amid the escalating geo political tension prevailing in the Middle East region as fears of Iran-Israel war still continue. It is interesting to note that gold and silver prices continued to record rally recently amid the safe-haven demand despite soaring US Dollar rates. The US Dollar price surged nearly 5-month high and US Dollar index remained above 106 levels.

Meanwhile, Sachin Kothari, Director at Augmont Gold for All said, "Gold prices are continuously sustaining around $2400 (~ Rs73000) amid ongoing risk-aversion following the confirmation that Israeli rockets had attacked an Iranian target, hence intensifying geopolitical tensions in the Middle East. Safe-haven demand due to escalating Geopolitical tensions this week between Iran-Israel is holding up the prices. However, gold prices are in the overbought zone and price retracement/ profit booking will emerge in the coming days when the dust has settled down."

Kotak Securities said, "Focus might now shift to the US Fed meeting and US economic data. Minneapolis Fed President Neel Kashkari called for patience on rate reductions, saying the first move may not take place until 2025. New York Fed President John Williams also said that another rate hike isn't his base case, but is still possible due to inflationary risks. Swaps are pricing in the first quarter point cut by September and less than 45 bps total cuts for the year."

Gold prices In 5 key metropolitan cities of India on April 20, 2024:

Gold Price Chennai: Price of 10 grams of 22 carat of gold price Chennai today is Rs 68,850 and cost of 10 grams of 24 carat gold is Rs 75,110.

Yellow Metal Price Mumbai: Price of 10 grams of 22 carat gold in Mumbai on April 20 is Rs 68,050 and cost of 10 grams of 24 carat yellow metal is Rs 74,240.

Precious Metal Price Delhi: Price of 10 grams of 22 carat yellow metal in Delhi on April 20 is Rs 68,210 and cost of 10 grams of 24 carat gold is Rs 74,390.

Gold Price Kolkata: Price of 10 grams of 22 carat of yellow metal in Kolkata on April 20, 2024 is Rs 68,050 and cost of 24 carat of 10 grams gold is Rs 74,240.

Gold Price Kerala: Cost of 10 grams of 22K gold in Kerala is Rs 68,050 and price of 24K yellow metal is Rs 74,240/10 grams.