Gold Prices India, May 15: Yellow Metal Prices Jump After Falling For 3 Consecutive Days

Gold prices in India today got dearer after falling for three consecutive days after the latest Federal Reserve Chair Jerome Powell's speech where he emphasised that inflation is declining far slowly than desired and will keep the central bank on hold for an extended period. 22k yellow metal prices surged by Rs 400 to Rs 67,150/10 grams while 100 grams of 22 carat yellow metal got dearer by Rs 4000 to Rs 6,71,500 in India. 24k precious metal prices soared by Rs 430 in India to Rs 73,250/10 grams and 100 grams of 24 carat gold prices soared by Rs 4,300 to Rs 7,32,500 in the country. It is worth mentioning that 24k yellow metal prices soared by Rs 8700 in last 3-days span.

On the other hand, 18k gold prices today quoted at Rs 54,940/10 after the surge by Rs 320 and 100 grams of 18 carat yellow metal prices zoomed by Rs 3,200 to Rs 5,49,400 in India.

Meanwhile, silver prices India turned costlier today as 1 kg silver prices zoomed by Rs 400 to Rs 87,600. 100 grams silver prices in India today quoted at Rs 8760 after the surge by Rs 40.

Spot gold continued to hold its ground at $2,359.02 per ounce, as of 0314 GMT, trading in a narrow $5 range, after jumping 1% on Tuesday. U.S. gold futures rose 0.2% to $2,364.60, according to Reuters. Meanwhile, the US consumer price index data is due at 1230 GMT. As per the Reuters poll, the data is likely to show that core inflation in April surged 0.3% month-over-month, down from 0.4% the prior month.

As per Reuters, gold is data-dependent at the moment, "if the CPI starts to come down a little bit, it will be positive for gold as it is in a fantastic position to capitalize on that dynamic considering its resilience to this point," said Kyle Rodda, a financial market analyst at Capital.com.

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

Gold price today rallied by Rs 400, declined by Rs 400 on April 14, fell by Rs 100 on May 13, slipped by Rs 300 on May 11, surged sharply by Rs 1400 on May 10 (Akshaya Tritiya), dived by Rs 100 on May 9, fell again by Rs 100 on May 8, surged by Rs 300 on May 7 and rose by Rs 200 on May 6.

Anuj Gupta, Head of Commodity & Currency at HDFC Securities, issued comments on today's sudden jump after 3-days decline, "Gold prices are rising today after the US Fed chairman's positive outlook on the US economy in his speech delivered yesterday. This has triggered buzz for the US Fed rate cut, which is fueling the gold prices today."
Whether you should buy yellow metal prices now or now, Anuj Gupta said, "Gold prices are expected to remain in an uptrend in the near term. So, one should maintain the buy-on-dips strategy in the intraday session."

1kg Silver price India movement in last 10-days

Silver prices today rallied by Rs 400, surged by Rs 700 on May 14, fell by Rs 500, witnessed decline by Rs 700 on May 11, jumped by Rs 2500 on May 11, soared by Rs 200, remained unchanged on May 8, rallied by Rs 1000 on May 7, surged by Rs 1000 on May 6, remained stable on May 5, 2024.

Gold prices In 5 Key Metropolitan Cities Of India On May 15, 2024:

Gold Price Chennai: Price of 10 grams of 22 carat of gold price Chennai today is Rs 67,250

Yellow Metal Price Mumbai: Price of 10 grams of 22 carat gold in Mumbai on May 15 is Rs 67,150

Precious Metal Price Delhi: Price of 10 grams of 22 carat yellow metal in Delhi on May 15 is Rs 67,300

Gold Price Kolkata: Price of 10 grams of 22 carat of yellow metal in Kolkata on May 15, 2024 is Rs 67,150

Gold Price Kerala: Cost of 10 grams of 22K gold in Kerala on May 15 is Rs 67,150

Yellow Metal Price Bangalore: Price of 10 grams of 22 carat gold in Bangalore on May 15 is Rs 67,150