Gold Price India, May 4: After Sharp Fall, 24K/100 Grams Yellow Metal Soars By Rs 1000

Gold prices India witnessed marginal surge on May 4, 2024 amid soaring apprehensions that US Federal Reserve may take longer to slash interest rate as a result of continuing inflation risk. Earlier, data on Thursday indicated labour cost rose the maximum in one year. 22k gold price in India today is Rs 65,850/10 grams after rising by Rs 100 while 22 carat yellow metal prices for 100 grams is quoted at Rs 6,58,500 after soaring by Rs 1000.

On the other hand, 24k yellow metal price in the country today is Rs 71,830/10 grams and 24 carat gold price for 100 grams is Rs 7,18,300 after surging by Rs 1000. If you are thinking of buying 10 grams 18k gold today, you need to pay Rs 53,880 after jumping by Rs 80 and price of 100 grams of 18 carat yellow metal is quoted Rs 5,38,800.

Interestingly, gold prices Chennai witnessed decline for second consecutive day today. Today 1 kg silver price declined by Rs 500 to 83,000 and 100 grams silver price fell by Rs 50 to Rs 8,300.

Earlier on Friday, spot gold price settled at $2,301 per ounce, registering a weekly fall of approximately $48 per ounce against its previous close of $2,349. After ending at the $2,301 level, spot gold price declined approximately $148 lower from its lifetime high of $2,448.80 per ounce. Meanwhile, COMEX gold price ended at $2,310 per troy ounce level.

On why gold prices declined from record highs in India, Anuj Gupta, Head of Commodity & Currency at HDFC Securities, commented, "Gold prices declined on rising fear that the US Fed may take longer to cut interest rates due to persisting inflation risk. Data on Thursday showed labour costs surged the most in a year, which put extra pressure on gold prices. Additionally, the safe haven premium continues to erode in gold after a possible ceasefire between Israel and Hamas, weighing on gold price."

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

Gold price today surged by Rs 100, declined by Rs 540 on May 3, rose 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.

Praveen Singh, Associate VP at Sharekhan by BNP Paribas said, "Gold prices have slid lower as traders have taken into account the latest FOMC policy decision and focused on the 'higher for longer' rate narrative, which suggests only one rate cut this year. The weekly US job data, which were better than forecast, and the unit labour costs (1Q preliminary) at 4.70% Vs the forecast of 4%, continue to affirm inflationary pressure in the US economy. The factory orders ex transport (March) at 0.50% were better than the forecast of 0.2%. The durable goods orders data (March final) were in line with the forecast. Today's US non-farm payroll report and ISM services data are crucial for gold. The US yields fell as a block buy of 7000 contracts in five-year bonds alleviated the downside pressure. The US Dollar Index tumbled as yields dipped amid a risk-on scenario."

1kg Silver price India movement in last 10-days
Silver prices today declined by Rs 500, remained steady in India on May 3, jumped 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 4, 2024:

Gold Price Chennai: Price of 10 grams of 22 carat of gold price Chennai today is Rs 66,000 and cost of 10 grams of 24 carat gold is Rs 72,000.

Yellow Metal Price Mumbai: Price of 10 grams of 22 carat gold in Mumbai on May 4 is Rs 65,850 and cost of 10 grams of 24 carat yellow metal is Rs 71,830.

Gold Price Kolkata: Price of 10 grams of 22 carat of yellow metal in Kolkata on May 4, 2024 is Rs 65,850 and cost of 24 carat of 10 grams gold is Rs 71,830.

Yellow Metal Price Bangalore: Price of 10 grams of 22 carat gold in Bangalore on May 4 is Rs 65,850 and cost of 10 grams of 24K yellow metal is Rs 71,830.