Today’s Gold Prices India, Jan 9: Yellow Metal Prices Fall For 5th Consecutive Day

Gold prices India continue to witness decline for 5th consecutive day on Tuesday, January 9, 2024. Current market price of 22 carat of 10 grams gold in India is Rs 57,700 after the dip of Rs 100 and cost of 24 carat of 10 grams yellow metal is Rs 62,950 after the fall of Rs 100. Price of 100 grams of 22 carat gold in India today is Rs 5,77,000 after decline of Rs 1000 and cost of 100 grams of 24 carat precious metal in the country is Rs 6,29,000 after the decline of Rs 1000.

Prices of 22 carat of 10 grams gold have now declined by Rs 1050 and cost of 24 carat of 10 grams yellow metal came down by Rs 1140 in last 5 days in a row.

Price of 10 grams of 18 carat gold in the country today is Rs 47,210 after the fall of Rs 80 on Tuesday.

Check latest Gold prices in leading metropolitan cities on December 8:

Gold Price Chennai: The price of 10 grams of 22 carat of gold price Chennai today is Rs 58,200 and cost of 10 grams of 24 carat gold is Rs 63,490.

Yellow Metal Price Mumbai: Price of 10 grams of 22 carat gold in the financial hub of India is Rs 57,700 and cost of 10 grams of 24 carat yellow metal is Rs 62,950.

Precious Metal Price Delhi: Price of 10 grams of 22 carat yellow metal in the national capital today is Rs 57,850 and cost of 10 grams of 24 carat gold is Rs 63,100.

Gold Price Kolkata: Price of 10 grams of 22 carat of yellow metal in Kolkata today is Rs 57,700 and cost of 24 grams of 10 grams gold is Rs 62,950.

Meanwhile, US gold prices edged higher on Tuesday, supported by a pullback in the dollar after an official US report citing consumers expect lower inflation cemented bets for interest rate cuts from the Federal Reserve, according to a Reuters report.

Spot gold was up 0.2% at $2,032.39 per ounce, as of 0157 GMT, after hitting a three-week low on Monday.

US gold futures also surged 0.2% to $2,038.30 per ounce. Spot silver rallied 0.1% to $23.11 per ounce, while platinum rose 0.5% to $950.08, and palladium gained 0.5% to $1,002.76, added the Reuters report.

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies suggested selling gold February futures on rise at 62,300, keeping the stop loss at Rs 62,600 and a target price of Rs 61,900. For silver March futures, Neha suggested to sell on a rise at Rs 72,400, keeping stop loss of Rs 73,400 and a target of Rs 70,800.

"Gold price recovered some lost ground during the early Asian session today. The possibility that the US Federal Reserve (Fed) might extend its restrictive stance for longer indicated by the declining probability of the Fed cutting interest rates in March might exert some selling pressure on the yellow metal in the near term. However, gold traders will take more cues from the US Consumer Price Index (CPI) on Thursday for fresh direction as cooling inflation bets could again reinforce the view of an early rate cut," added Neha Qureshi.

"Bullions are trading near an important support zone and a good recovery from there can be seen. Traders are advised to make fresh buy positions in Gold and Silver near the given support level," stated Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.

Meanwhile, silver prices India surged by Rs 200 for 1 kg to Rs 76,600 on Tuesday. Silver prices witnessed maximum decline of Rs 2000 on January 4 when prices came down to Rs 76,600/kg.