Gold Prices Today: Yellow Metal Declines; Explore 24K and 22K Rates in Delhi, Mumbai, Pune, and Other Cities
Gold prices experienced a decline in futures trading on Tuesday, reflecting a cautious market amid rising crude oil prices and escalating geopolitical tensions in West Asia. The price of gold fell by Rs 610, bringing it down to Rs 1.49 lakh per 10 grams. This downward trend in futures was accompanied by mixed retail rates across major Indian cities, as investors remained wary of the market’s volatility.
Futures Market Trends
In the futures market, gold contracts for June delivery on the Multi Commodity Exchange (MCX) decreased by Rs 610, or 0.41%, settling at Rs 1,49,371 per 10 grams. The trading volume reached 7,270 lots, indicating a significant level of activity despite the price drop. Analysts attribute the pressure on gold prices to the recent surge in crude oil, which has approached $115 per barrel. This spike in energy prices has fostered a risk-off sentiment among investors, leading to more cautious trading behavior in the gold market. Gaurav Garg, a research analyst at Lemonn Markets Desk, noted that while gold is currently under pressure, it continues to trade within a narrow range, suggesting a slight upward bias in the long term.
In the international market, Comex gold futures for June fell by $19.13, or 0.41%, to $4,665.57 per ounce. The combination of rising oil prices and geopolitical uncertainties has made investors more cautious, impacting demand for gold, which is traditionally viewed as a safe-haven asset during times of instability.
City-wise Gold Rates
Gold prices vary across different cities in India, reflecting local demand and market conditions. In Bengaluru, the price for 24K gold is currently Rs 14,984 per gram, while 22K gold is priced at Rs 13,735 per gram, and 18K gold at Rs 11,238 per gram. Compared to the previous day, 24K gold has seen an increase of Rs 71, 22K by Rs 65, and 18K by Rs 53.
In Delhi, the rates are slightly different, with 24K gold priced at Rs 14,999 per gram, 22K at Rs 13,750, and 18K at Rs 11,253. Here, 24K gold has decreased by Rs 82, 22K by Rs 75, and 18K by Rs 61 since yesterday.
Mumbai mirrors these trends, with 24K gold at Rs 14,984 per gram, 22K at Rs 13,735, and 18K at Rs 11,238. The prices have dropped by Rs 82 for 24K, Rs 75 for 22K, and Rs 61 for 18K compared to the previous day.
Regional Price Variations
Chennai reports the highest rates among major cities, with 24K gold priced at Rs 15,120 per gram, 22K at Rs 13,860, and 18K at Rs 11,560. This marks a decline of Rs 142 for 24K, Rs 130 for 22K, and Rs 110 for 18K since yesterday.
In Kolkata, the prices align with those in Bengaluru and Mumbai, with 24K gold at Rs 14,984 per gram, 22K at Rs 13,735, and 18K at Rs 11,238. The changes reflect a decrease of Rs 82 for 24K, Rs 75 for 22K, and Rs 61 for 18K.
Other cities such as Hyderabad, Ahmedabad, Jaipur, Bhubaneswar, Pune, and Kanpur also exhibit similar trends, with slight variations in pricing. For instance, in Kanpur, 24K gold is priced at Rs 14,999 per gram, showing an increase of Rs 71 from the previous day, while other gold types have also seen minor fluctuations.
Overall, the gold market remains dynamic, influenced by global economic factors and local demand, as investors navigate through these uncertain times.
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