Gold Price: 22K/10 Grams Yellow Metal Plunges By Rs 500; 24K/100 Grams Falls By Rs 5400

Gold prices in India recorded a dip on May 3 after US Federal Reserve declared its 3rd interest rate outcome for 2024 where it unanimously voted to leave the key benchmark interest rates unchanged at 5.25 per cent - 5.50 per cent for the sixth consecutive meeting. 22k/10 grams gold price India plunged by Rs 500 on May 3 to 65,750 and 22k/100 grams yellow metal prices fell by Rs 5000 to Rs 6,57,500.

Meanwhile, 24 carat/10 grams yellow metal prices slipped by Rs 540 to Rs 71,730 in the country today and 24 carat per 100 grams precious metal prices declined by Rs 5400 today. On the other hand 18 carat gold price is quoted at Rs 53,800/10 grams after the fall by Rs 410 and 18k yellow metal price today is Rs 5,38,000 after the dip by Rs 4100.

Silver prices India remained unchanged today. 1kg silver in the country is retailing for Rs 83,500 while 100 grams silver price is quoted at Rs 8350.

On what should be your strategy for gold, Rahul Kalantri, vice-president (commodities) at Mehta Equities, said, "Although gold remain in structural bull markets, it is not advisable to take fresh positions for short to medium terms. In the short term, we are expecting some more correction in gold price till $2265 in international and Rs 69,800 in domestic market. We suggest now anyone who wants to take a fresh position should do only above $2420 in the domestic market; it's above Rs 73,200."

Hawkish comments from US Federal Reserve (Fed) officials lifted the benchmark 10-year US Treasury bond yield to its highest level since early November 2023, near 4.7%, and didn't allow gold to sustain at a higher level, Rahul Kalantri added.

24k/10 Grams Gold Price Movement In Last 10-Days In India

Yellow metal declined by Rs 540 today, jumped by Rs 760 on May 2, fell by Rs 1090 on May 1, remained stable on April 30, declined by Rs 330 on April 29, 2024, remained unchanged on April 28 (Sunday), jumped by Rs 220 on April 27, soared by Rs 440 on April 26, fell by Rs 380 on April 25, rose by Rs 490 on April 24, fell sharply by Rs 1530 on April 23, and slipped again by Rs 550 on April 22.

1kg Silver price movement in last 10-days

Silver prices today remained steady in India, gained by Rs 500 on May 2, fell by Rs 500 on May 1, dived by Rs 500 on April 30, remained stable on April 29, April 28, fell by Rs 500 on April 27, jumped sharply by Rs 2000 on April 26, fell by Rs 400 on April 25, declined marginally by Rs 100 on April 24, slipped sharply by Rs 2500 on April 23, and fell by Rs 1000 on April 22.

Gold prices In 5 Major Metropolitan Cities Of India On May 3, 2024:

Gold Price Chennai: Price of 10 grams of 22 carat of gold price Chennai today is Rs 66,150 and cost of 10 grams of 24 carat gold is Rs 72,160.

Yellow Metal Price Mumbai: Price of 10 grams of 22 carat gold in Mumbai on May 3 is Rs 65,750 and cost of 10 grams of 24 carat yellow metal is Rs 71,730.

Precious Metal Price Delhi: Price of 10 grams of 22 carat yellow metal in Delhi on May 3 is Rs 65,900 and cost of 10 grams of 24 carat gold is Rs 71,880.

Gold Price Kolkata: Price of 10 grams of 22 carat of yellow metal in Kolkata on May 3, 2024 is Rs 65,750 and cost of 24 carat of 10 grams gold is Rs 71,730.

Gold Price Kerala: Cost of 10 grams of 22K gold in Kerala on May 3 is Rs 65,750 and price of 24K yellow metal is Rs 71,730/10 grams.

Yellow Metal Price Bangalore: Price of 10 grams of 22 carat gold in Bangalore on May 3 is Rs 65,750 and cost of 10 grams of 24K yellow metal is Rs 71,730.