Gold Price India, May 9: 18K, 22K & 24K Falls For 2nd Day; 24K/100 Grams Cheaper By Rs 2200

Gold prices fell today for second consecutive day ahead of Akshaya Tritiya 2024 thus bringing cheers to gold buyers all across India. As per market experts the ongoing decline in yellow metal prices can be attributed to hawkish stance by US Federal Reserve on interest rate cuts. Meanwhile, soaring US Treasury yields along with US Dollar rates are also reportedly responsible for gold prices fall today. Meanwhile, Akshaya Tritiya is expected to push demand and prices for gold temporarily.

22k gold price today declined by Rs 100 to Rs 66,150/10 grams and 22 carat yellow metal prices for 100 grams fell by Rs 1000 to Rs 6,61,500 in India today. Meanwhile, 24 carat precious metal prices slipped by Rs 110 to Rs 72,160/10 grams and 24k yellow metal prices for 100 grams dived by Rs 1100 to Rs 7,21,600 in the country on May 9. 24k per 100 grams gold prices declined by Rs 2200 in 2 days.

Price of 18k gold today is Rs 54,120/10 grams and cost of 100 grams of 18 carat gold is Rs 5,41,200 after decline by Rs 800 on Thursday.

Praveen Singh, Associate VP at Sharekhan by BNP Paribas, said, "The ongoing decline in gold prices can be attributed to the US Fed's hawkish comments, which are exerting pressure on commodities. The US Treasury yields surged following the auction of 10-year yields at a high yield of 4.483%. The ten-year US yields at 4.494% rose by 0.83%, leading to a 0.08% increase in the US Dollar, settling at 105.51 on Wednesday."

On gold price movement ahead of Akshaya Tritiya and whether you should buy yellow metal or not Anuj Gupta, Head of Commodity & Currency at HDFC Securities, said, "The current range for gold prices is Rs 70,500 to Rs 71,200 per 10 gm. A breakthrough of this resistance could push the yellow metal price to Rs 71,800 per 10 gm on the MCX. Any dip in gold price today should be viewed as a strategic buying opportunity, as demand for physical gold is expected to gain momentum on Akshaya Tritiya, falling on 10th May 2024. Spot gold price has immediate support at $2,300 per ounce level, while it is facing resistance at $2,330 per ounce. A breach of this hurdle could propel spot gold price to $2,360 per ounce in the short term."

Meanwhile, silver prices witnessed rally in India today. 1kg silver prices India got dearer by Rs 200 to Rs 85,200 while 100 grams silver price surged by Rs 20 to Rs 8,520.

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

Gold price today declined by Rs 110, slipped by Rs 110 on May 8, surged by Rs 330 on May 7, rallied by Rs 220 on May 6, surged by Rs 100 on May 4, declined by Rs 540 on May 3, rose by Rs 760 on May 2, fell by Rs 1090 on May 1, and remained stable on April 30.

1kg Silver price India movement in last 10-days

Silver prices today soared by Rs 200, remained unchanged on May 8, rallied by Rs 1000 on May 7, surged by Rs 1000 on May 6, 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, and dived by Rs 500 on April 30

Gold prices In 5 Key Metropolitan Cities Of India On May 9, 2024:

Gold Price Chennai: Price of 10 grams of 22 carat of gold price Chennai today is Rs 66,150

Yellow Metal Price Mumbai: Price of 10 grams of 22 carat gold in Mumbai on May 9 is Rs 66,150

Precious Metal Price Delhi: Price of 10 grams of 22 carat yellow metal in Delhi on May 9 is Rs 66,300

Gold Price Kolkata: Price of 10 grams of 22 carat of yellow metal in Kolkata on May 9, 2024 is Rs 66,150

Gold Price Kerala: Cost of 10 grams of 22K gold in Kerala on May 9 is Rs 66,150

Yellow Metal Price Bangalore: Price of 10 grams of 22 carat gold in Bangalore on May 9 is Rs 66,150