Gold Price India, May 29: No Respite In Prices, 24K/100 Grams Gold Jumps By Rs 7600 In 3-Days

Gold prices in India witnessed rally for third consecutive day today ahead of crucial inflation data, which could throw more light on Federal Reserve's interest rate trajectory. US GDP data and core PCE data will be released on Thursday and experts are anticipating flat data. 22k gold price today rallied for 3rd day in a row to Rs 67,100/10 grams after recording jump by Rs 250 and 100 grams of 22 carat yellow metal surged by Rs 2500 to Rs 6,71,000.

24k gold prices in India today rallied by Rs 270 to Rs 73,200/10 grams and 100 grams of 24 carat precious metal surged by Rs 2700 to Rs 7,32,000. It is worth noting here that 100 grams of 24k gold prices surged by Rs 7600 in last 3-days to Rs 7,32,000.

18 carat gold prices today jumped by 200 to Rs 54,900/10 grams and 100 grams of 18 carat gold soared by Rs 2000 to Rs 5,49,000 on May 29, 2024.

Spot Gold Prices Today: Spot gold eased 0.2% to $2,356.92 per ounce as of 0334 GMT. Prices had hit an all-time high of $2,449.89 on May 20. U.S. gold futures rose 0.1% to $2,357.80.

According to Reuters, "Investors will try to book profit and prices are trading near $2,350. So, prices have not corrected but it's a kind of a healthy consolidation after a very sharp rally last Monday," said ANZ commodity strategist Soni Kumari.

"Investors will try to position themselves in gold because overall long-term fundamentals are looking pretty strong for gold at the moment."

The Reuters report stated, "a softer U.S. core PCE release would make the job easier for gold to reclaim the $2,400 level, given the possible rate-cut timing implications," said Tim Waterer, chief market analyst at KCM Trade in a note.

Anuj Gupta, Head of Commodity & Currency at HDFC Securities, said, "Gold and silver prices are appreciating due to the weak US dollar. The US dollar index has come below the 105 mark, lending support to lower prices of gold and silver at lower levels. Apart from this, US GDP data is expected on Thursday. The market expects flat US GDP data on Thursday, which may spark buzz about the US Fed rate cut. The core PCE data is also expected flat on Thursday."

22k/10 Grams Gold Price Movement In Last 10-Days In India

Gold price today rallied Rs 250, Jumped by Rs 200 on May 28, surged by Rs 250 on May 27, remained unchanged on May 25, fell by Rs 900 on May 24, declined by Rs 1000 on May 23, stayed steady on May 22, fell by Rs 600 on May 21, and jumped by Rs 500 on May 20.

1kg Silver price India movement in last 10-days

Silver prices today jumped by Rs 1200, rallied by Rs 3500 on May 28, surged by Rs 1500 on May 27, slipped by Rs 500 on May 25, dived by Rs 500 on May 24, fell sharply by Rs 3300 on May 23, rallied by Rs 1200 on May 22, fell by Rs 1900 on May 21, and jumped by Rs 3500 on May 20.

1 Gram of 22k Gold prices In 5 Key Metropolitan Cities Of India On May 29, 2024:

Gold Price Chennai: Price of 1 gram of 22 carat of gold price Chennai today is Rs 6,775

Yellow Metal Price Mumbai: Price of 1 gram of 22 carat gold in Mumbai on May 29 is Rs 6,710

Precious Metal Price Delhi: Price of 1 gram of 22 carat yellow metal in Delhi on May 29 is Rs 6,725

Gold Price Kolkata: Price of 1 gram of 22 carat of yellow metal in Kolkata on May 29, 2024 is Rs 6,710

Gold Price Kerala: Cost of 1 gram of 22K gold in Kerala on May 29 is Rs 6,710

Yellow Metal Price Bangalore: Price of 1 gram of 22 carat gold in Bangalore on May 29 is Rs 6,710