Gold Rate in India Slips From Record High on Ambedkar Jayanti; 24K/100g Gold Falls Rs.1600; Silver Tumbles

Gold prices in India fell today after a strong and sustained rally over the past week, during which the yellow metal breached multiple record highs. The decline in gold prices comes at a significant time, as several regions across the country are celebrating their respective New Year festivals, traditionally considered an auspicious time to buy gold.

In the northern part of India, Poila Baisakh is celebrated in West Bengal, while Bishua is celebrated in Bihar and Uttar Pradesh as part of the Hindu New Year. In the southern states, Tamil New Year is being celebrated in Tamil Nadu, and Vishu is observed in Kerala. People opt for gold purchases on this festive occasion, as buying gold on these days is believed to bring good fortune.

With gold rates in India slipping today, it is likely to be a major relief for buyers planning to invest in the precious metal for traditional or festive reasons. The drop in gold prices could lead to increased gold demand, especially from retail customers and jewellers during the festive week.

Gold Rate in India Today

On 14th April, the 24-carat gold rates in India slipped by Rs. 160 per 10 grams to cost Rs. 95,510. While the 22-carat gold price in India fell by Rs. 150 per 10 grams, to cost Rs. 87,550. In the 18-carat gold rates jumped by Rs. 120 to retail at Rs. 71,640 per 10 grams.

And just like that, 100 grams of 24-carat gold rate stands at Rs 9,55,100, and the 22-carat gold rate is currently at Rs 8,75,500 per 100 grams of yellow metal.

Silver prices in India today

Silver rates in India today dipped slightly. 1 kg of silver in India slipped Rs. 100 to cost Rs. 99,900. While 100g of silver rates in India retails at Rs 9,710, which jumped by Rs 10.

City-Wise Gold Rates: Latest 22-Carat & 24-Carat Prices Across India

The latest gold prices for 22-carat and 24-carat gold in major Indian cities are similar to national gold prices today.

Gold Price in Chennai

On the occasion of Tamil New Year, the current 24-carat gold price in Chennai is Rs. 95,510 per 10 grams, while the 22-carat gold price in Chennai stands at Rs. 87,550 per 10 grams.

Gold Price in Bangalore

As of today, the 22-carat gold rate in Bangalore stands at Rs. 87,550 per 10 grams, whereas the 24-carat gold rate in Bangalore is Rs. 95,510 per 10 grams.

Gold in Price in Hyderabad

The 22K gold price in Hyderabad is Rs. 87,550 per 10 grams, while the 24K gold price in Hyderabad is Rs. 95,510 per 10 grams.

Gold Price in Mumbai

The 22-carat gold in Mumbai is Rs. 87,550 per 10 grams, whereas the 24-carat gold price in Mumbai stands at Rs. 95,510 per 10 grams.

MCX Gold Price and Silver Price

MCX today is closed on the occasion of Ambedkar Jayanti. Hence, gold futures prices on the Multi Commodity Exchange at the end of Friday's trading closed in the green. Gold futures maturing on June 5th closed at Rs. 93,887, jumping 0.15%. Similarly, silver futures prices set to mature on May 5th, 2025, ended at Rs 94,300 with a rise of 0.01%.

Spot Gold Price and Spot Silver Rate

According to Reuters, "Spot gold was down 0.1% at $3,232.45 an ounce, as of 0329 GMT. Bullion hit a record high of $3,245.42 earlier in the day. U.S. gold futures edged 0.1% higher to $3,248.20. Spot silver lost over 1% to $31.91 an ounce'.

Market Outlook for Gold Prices in India

According to a recent report by FXStreet, "Gold prices may witness a short-term pause as bulls take a breather following an extended rally. The report notes that while the fundamental outlook remains bullish, the metal appears slightly overbought on the daily chart."

"From a technical standpoint, the Relative Strength Index (RSI) is currently hovering just above the 70 level, indicating overstretched market conditions. As a result, analysts suggest that it would be wise for traders to wait for some near-term consolidation or a modest price correction before entering new long positions."

The report further stated, "Any downward movement in gold prices is expected to find strong buying interest near the $3,200 mark, which is considered a psychological support level. A further dip could test the $3,168-$3,167 region, which is seen as a key support zone and a crucial pivot point for short-term traders. This area is likely to act as a solid base, helping limit downside risks and potentially triggering the next leg of the bullish trend."

"Overall, while short-term consolidation is possible, the long-term bias for gold remains upward, supported by strong fundamentals and safe-haven demand."

Disclaimer: The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.