Gold Price Today, Feb14: Big Drop In Yellow Metal Prices, Check Latest Prices

Gold prices India today witnessed a sharp drop as prices continue to decline since Feb 5, 2024 except Feb 7, 2024 when prices of gold witnessed a rally. The price of 22 carat of 10 grams gold declined by Rs 600 today to 57,000 and cost of 24 carat of 10 grams yellow metal fell by Rs 660 to 62,180. Today if you are planning to buy 18 carat of 10 grams gold in India, you need to shell out Rs 46,640 after the decline of Rs 490.

When it comes to 22 carat of 10 grams gold, the prices have come down by Rs 1350 and prices of 10 grams of 24 carat in India became cheaper by Rs 1430 since February 5, 2024. Gold prices witnessed rally on Feb 7 by Rs 250 for 10 grams of 22 carat and by Rs 230 for 10 grams of 24 carat.

Gold prices In 4 metropolitan cities of India on February 14, 2024:

Gold Price Chennai: Price of 10 grams of 22 carat of gold price Chennai today is Rs 57,500 and cost of 10 grams of 24 carat gold is Rs 62,730.

Yellow Metal Price Mumbai: Price of 10 grams of 22 carat gold in the financial capital of the country is Rs 57,000 and cost of 10 grams of 24 carat yellow metal is Rs 62,180.

Precious Metal Price Delhi: Price of 10 grams of 22 carat yellow metal in the national capital on Feb 14 is Rs 57,150 and cost of 10 grams of 24 carat gold is Rs 62,310.

Gold Price Kolkata: Price of 10 grams of 22 carat of yellow metal in Kolkata today is Rs 57,000 and cost of 24 grams of 10 grams gold is Rs 62,180.

Ajay Kedia, Director, Kedia Advisory said, "Gold rates are under pressure due to several factors, including a spike in US dollar, higher than expected US inflation, expectations of delayed interest rate cuts by the US Federal Reserve and geopolitical concerns."

Gold may find support at Rs 60,500 level, while resistance is seen at Rs 62,300. Support for silver price is placed at Rs 67,800 and on the upper side, resistance is placed at Rs 72,000 level, added Kedia.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies suggested selling gold April futures on the rise at 62,500, maintaining the stop loss at Rs 62,000 and a target price of Rs 61,000.

Neha added, "Gold is vulnerable to further downside risk, given there is a slowdown in seasonal demand in Asia where there is reduced liquidity due to the Lunar New Year holidays. Global holdings in gold-backed exchange-traded funds are also at the lowest since January 2020 after outflows accelerated last month."

Meawnhile, Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited (RSBL) said on current gold prices, "Yesterday US released CPI inflation data, which fell to 3.1% YoY, down from 3.4% the previous month and the core CPI number, which came in at 3.9%. Following this data release, US Treasury yields edged higher, with the 10-year yield reaching 4.32% and the 2-year rate rising to 4.654%, the largest one-day increase in the last 9 months.

After the positive US CPI report, traders in financial markets pushed back their forecasts for interest rate cuts to June from May. Inflation is dropping, but not fast enough for Fed policymakers to start lowering interest rates soon, which is pressurizing bullion prices. Gold prices are trading on the lower edge of the range around $2000 (Rs 61500), if prices break this range, immediate support would be $1980 (Rs 61000) in the short-term."

When it comes to international market, gold prices declined below key $2,000 per ounce level to a two-month low on February 13, as th stronger-than-expected U.S. inflation report tempered prospects of an early interest rate cut from the Federal Reserve, as per Reuters report. As per the latest metal report, spot gold declined 1.3% at $1,993.29 per ounce, while US gold futures fell 1.3% lower at $2007.2.