Gold prices remained under pressure after recording another session of losses in the domestic market. With bullion markets closed on Saturday and Sunday, investors will have to wait for the next trading session for fresh market cues. On the Multi Commodity Exchange (MCX), the 24-carat gold futures price had declined sharply by 1.63 per cent, or Rs 2,596, to Rs 1,56,400 per 10 grams. The contract had settled at Rs 1,58,996 per 10 grams during the previous trading session.
Meanwhile, Bullions puts the price of 24-carat gold at Rs 1,56,820 per 10 grams. In the international market, gold was quoted at $4,504.10 per ounce. In Delhi’s bullion market, 24-carat gold was priced at Rs 1,62,400 per 10 grams, including taxes.
According to GoodReturns, 24-carat gold stood at Rs 1,59,870 per 10 grams. Gold rates vary depending on purity, location, taxes and other local market factors.
Gold Rate Today: Rates Across Different Purities
| City | 24 Carat Gold (10 grams) | 22 Carat Gold (10 grams) | 18 Carat Gold (10 grams) |
| Delhi | Rs 1,59,870 | Rs 1,46,650 | Rs 1,20,120 |
| Mumbai | Rs 1,59,820 | Rs 1,46,500 | Rs 1,19,870 |
| Kolkata | Rs 1,59,820 | Rs 1,46,500 | Rs 1,19,870 |
| Chennai | Rs 1,59,820 | Rs 1,46,500 | Rs 1,24,200 |
| Patna | Rs 1,59,870 | Rs 1,46,550 | Rs 1,19,920 |
| Lucknow | Rs 1,59,870 | Rs 1,46,650 | Rs 1,20,120 |
| Meerut | Rs 1,59,870 | Rs 1,46,650 | Rs 1,20,120 |
| Kanpur | Rs 1,59,870 | Rs 1,46,650 | Rs 1,20,120 |
| Ghaziabad | Rs 1,59,870 | Rs 1,46,650 | Rs 1,20,120 |
| Noida | Rs 1,59,870 | Rs 1,46,650 | Rs 1,20,120 |
| Gurugram | Rs 1,59,870 | Rs 1,46,650 | Rs 1,20,120 |
| Chandigarh | Rs 1,59,870 | Rs 1,46,650 | Rs 1,20,120 |
| Jaipur | Rs 1,59,870 | Rs 1,46,650 | Rs 1,20,120 |
| Ludhiana | Rs 1,59,970 | Rs 1,46,650 | Rs 1,20,120 |
| Guwahati | Rs 1,59,820 | Rs 1,46,500 | Rs 1,19,870 |
| Indore | Rs 1,59,870 | Rs 1,46,550 | Rs 1,19,920 |
| Ahmedabad | Rs 1,59,870 | Rs 1,46,550 | Rs 1,19,920 |
| Vadodara | Rs 1,59,870 | Rs 1,46,550 | Rs 1,19,920 |
| Appearance | Rs 1,59,870 | Rs 1,46,550 | Rs 1,19,920 |
| Nagpur | Rs 1,59,820 | Rs 1,46,500 | Rs 1,19,870 |
| Pune | Rs 1,59,820 | Rs 1,46,500 | Rs 1,19,870 |
| Nashik | Rs 1,59,850 | Rs 1,46,530 | Rs 1,19,900 |
| Bangalore | Rs 1,59,820 | Rs 1,46,500 | Rs 1,19,870 |
| Ayodhya | Rs 1,59,870 | Rs 1,46,650 | Rs 1,20,120 |
| Bhubaneswar | Rs 1,59,820 | Rs 1,46,500 | Rs 1,19,870 |
| Raipur | Rs 1,59,820 | Rs 1,46,500 | Rs 1,19,870 |
| Hyderabad | Rs 1,59,820 | Rs 1,46,500 | Rs 1,19,870 |
Gold Prices Fell For Third Straight Session
Gold prices declined for the third consecutive session in the Delhi bullion market on Friday, with a stronger US dollar and profit booking weighing on the precious metal.
The price of 99.9 per cent purity gold dropped Rs 3,300 to Rs 1,62,400 per 10 grams, including taxes. It had closed at Rs 1,65,700 per 10 grams on Thursday.
The latest fall extended a three-session decline during which gold prices slipped by Rs 4,700, or nearly 3 per cent. Gold had touched Rs 1,67,100 per 10 grams on August 25.
Internationally, spot gold edged lower to $4,599.70 per ounce.
MCX Gold Futures Also Remained Under Pressure
Gold futures recorded another decline amid cautious trading ahead of US Federal Reserve Chairman Kevin Warsh’s address at the Jackson Hole Symposium.
On Friday, the October gold contract on MCX fell Rs 856, or 0.54 per cent, to Rs 1,58,140 per 10 grams. The December contract declined Rs 942, or 0.59 per cent, to Rs 1,59,450 per 10 grams.
The weakness was visible in overseas markets as well. December Comex gold futures in New York dropped $28.49, or nearly 1%, to $4,635.51 per ounce.
What Are Experts Saying About Gold Prices?
According to news agency PTI, LKP Securities Vice President and Research Analyst (Commodities and Currency) Jatin Trivedi said that after the rise of the last few weeks, the US dollar strengthened above the 99.15 level and traders booked profits for the third consecutive session, due to which the prices of gold fluctuated. The domestic bullion market was also under pressure due to the news of reduction in customs duty by the central government amid increasing smuggling of precious metals.
Manav Modi, Commodity Analyst of Motilal Oswal Financial Services, said that amid increasing smuggling, speculation of reduction in customs duty put pressure on the domestic prices of gold and the gap against the international markets increased.
According to news agency PTI, Praveen Singh, commodity head at Mirae Asset Sharekhan, said investors are awaiting US Federal Reserve Chairman Kevin Warsh’s speech at the Jackson Hole Symposium. He said Warsh will need to address inflation concerns amid high bond yields. Markets expect his speech to indicate a tightening policy stance. If he fails to reassure investors, the dollar could come under pressure.
According to news agency PTI, Akshat Siddhanta, analyst at investment platform Mudrex, said that traders in the domestic market took profits after US personal consumption expenditure (PCE) inflation came in higher than expected in July. This led to a decline in gold prices on MCX. However, he said that concerns about the US fiscal situation provided some support to the precious metal and the decline was limited.
Manav Modi, analyst (commodities) at Motilal Oswal Financial Services Ltd., said investors remained cautious ahead of US Federal Reserve Chairman Kevin Warsh’s address at the Jackson Hole Symposium, trying to balance concerns about persistent inflation, higher bond yields, and ongoing global tensions. He added that renewed global tensions have also increased investor caution.
What Could Drive Gold Prices Next?
The outlook for gold is likely to remain closely linked to movements in the US dollar, expectations around Federal Reserve policy, bond yields and global geopolitical developments.
For domestic prices, developments around customs duties and the country’s bullion trade could also influence the premium or discount between Indian and international gold prices.