Gold price slips Rs 10 to Rs 66,440, silver down Rs 100 to Rs 77,900
The price of 24-carat gold decreased by Rs 10 on Monday, with ten grams now valued at Rs 66,440. Similarly, silver's price dipped by Rs 100, with one kilogram selling at Rs 77,900.
FollowThe price of 24-carat gold decreased by Rs 10 on Monday, with ten grams now valued at Rs 66,440, according to the GoodReturns website. Similarly, silver's price dipped by Rs 100, with one kilogram selling at Rs 77,900. For 22-carat gold, the price also dropped by Rs 10, with the metal now selling at Rs 62,740 per ten grams.
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Across various cities, the price of ten grams of 24-carat gold remains consistent, with Mumbai, Kolkata, and Hyderabad all recording rates at Rs 68,440. However, in Delhi, Bengaluru, and Chennai, prices slightly varied, standing at Rs 68,590, Rs 68,440, and Rs 69,480, respectively.
Similarly, for 22-carat gold, prices in Mumbai, Kolkata, and Hyderabad aligned at Rs 62,740 per ten grams, while in Delhi, Bengaluru, and Chennai, prices varied slightly, at Rs 62,890, Rs 62,740, and Rs 63,690, respectively. Silver prices remained stable across Delhi, Mumbai, and Kolkata at Rs 77,900 per kilogram, while in Chennai, it stood slightly higher at Rs 80,900.
In global markets, US gold prices surged to a record high following reports indicating moderated US inflation in February, thereby increasing expectations for a Federal Reserve interest rate cut in June. Traders, as per the CME Group's FedWatch Tool, are estimating a 69 per cent likelihood of rate cuts by June, which typically bolsters the attractiveness of holding bullion due to reduced opportunity costs.
Spot gold saw a 1 per cent increase, reaching $2,255.39 per ounce, touching a record peak of $2,256.09 per ounce earlier. Spot silver also rose by 1 per cent to $25.22 per ounce, while platinum increased by 0.6 per cent to $913.85, and palladium gained 0.3 per cent, reaching $1018.22.
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