Gold Price Today: Gold shines for the second consecutive day; selling at the lowest rates across 10 cities, from Delhi to Patna..
Gold Rate Today in India: Gold prices have strengthened for the second consecutive day, driven by a weaker US dollar and a rally in global markets, whereas silver has faced pressure due to subdued industrial demand. Regarding gold, after a day of stability, the price of 10 grams of 24-carat gold has dropped by ₹540 and 22-carat gold by ₹510 over the last two days; this follows a period when prices had risen by ₹1,530 (24-carat) and ₹1,400 (22-carat) over two days before the stability observed on August 16. Today, in the capital, Delhi, the price of 10 grams of both 24-carat and 22-carat gold has increased by ₹10. In contrast, silver prices have dipped today; after remaining stable for three consecutive days, the rate has fallen, with the price of one kilogram of silver dropping by ₹100.
City-wise Gold Prices
Let’s find out the price of 10 grams of gold (in 18-carat, 22-carat, and 24-carat purities) across 10 major cities in the country...
City 24-Carat Gold Price (10g) 22-Carat Gold Price (10g) 18-Carat Gold Price (10g)
Delhi ₹1,55,820 ₹1,42,860 ₹1,16,920
Mumbai ₹1,55,670 ₹1,42,710 ₹1,16,770
Kolkata ₹1,55,670 ₹1,42,710 ₹1,16,770
Chennai ₹1,55,670 ₹1,42,710 ₹1,20,510
Bengaluru ₹1,55,670 ₹1,42,710 ₹1,16,770
Hyderabad ₹1,55,670 ₹1,42,710 ₹1,16,770
Lucknow ₹1,55,820 ₹1,42,860 ₹1,16,920
Patna ₹1,55,720 ₹1,42,760 ₹1,16,820
Jaipur ₹1,55,820 ₹1,42,860 ₹1,16,920
Ahmedabad ₹1,55,720 ₹1,42,760 ₹1,16,820
Silver Prices Drop After Three Days of Stability
As for silver, prices have declined today following three consecutive days of stability. In Delhi, the price of one kilogram of silver has dropped by ₹100, bringing it to ₹2,49,900. Regarding other major metropolitan cities, it is trading at the same price in Mumbai and Kolkata as well. However, the price of one kilogram of silver in Chennai stands at ₹2,54,900, meaning silver is most expensive in Chennai among the four major metropolitan cities.
What the experts say
According to Saumil Gandhi, Senior Analyst (Commodities) at HDFC Securities, expectations of a hawkish stance by the Federal Reserve have diminished following weak economic data from the US. This increased pressure on the dollar and provided support to gold. Last week, US data regarding inflation, employment, and retail sales came in below expectations, leading the market to believe that the Fed might avoid raising interest rates in the near term.
On the geopolitical front, US-Iran tensions remain a key focus for the market. However, this week, investors will be closely watching the minutes of the US Fed's FOMC meeting. According to Jatin Trivedi, Vice President – Research Analyst (Commodities and Currency) at LKP Securities, the Fed minutes could provide clues regarding future interest rate moves, which will help determine the next trajectory of gold prices.
