Gold prices drop sharply; rates fall again today following yesterday's decline—check the price for 10 grams
After dropping by ₹1,400 in Delhi yesterday, gold prices have fallen once more today. Reports say gold prices has fallen by about ₹1,300 today.
Amid a strengthening rupee and weaker global markets, gold prices in the national capital fell by ₹1,400 on Monday, settling at ₹1.53 lakh per 10 grams. According to the All India Bullion Association, the price of 99.9% purity gold had closed at ₹1,54,400 per 10 grams on Friday. Meanwhile, the price of silver also dropped by ₹2,000 to ₹2,26,500 per kilogram (inclusive of all taxes); it had closed at ₹2,28,500 per kilogram in the previous trading session.
Gold impacted by a stronger rupee
According to a PTI report, Saumil Gandhi, a commodities analyst at HDFC Securities, stated, "Gold prices in the domestic market softened on Monday due to weak cues from global markets. The strengthening rupee also exerted pressure on the prices of precious metals." The Reserve Bank of India (RBI) had implemented several measures to strengthen the currency. Consequently, the rupee strengthened by 96 paise against the US dollar on Monday, closing at 95.75 per dollar. This marked the largest single-day gain in over six months.
What else do experts say?
Gandhi noted that demand for physical gold remained mixed. Gold buying in the domestic market slowed down following the rise in prices, whereas demand is expected to pick up after a period of low trading activity caused by holidays in China. In the international market, spot gold fell by $17.36 (0.41%) to $4,176.88 per ounce, while silver traded at $60.66 per ounce, showing a marginal decline.
Gaurav Garg, Head of Research at brokerage platform Lemon, said, "Despite the softening of crude oil prices, gold was trading lower at around $4,179 per ounce in global markets. The US Dollar Index remained near an 18-month high, limiting the scope for further gains in precious metal prices." Garg noted that crude oil prices fell due to expectations of increased energy supplies from Russia, which eased immediate supply concerns. However, oil prices remained volatile due to renewed tensions in West Asia and risks facing regional maritime transport.
What is the price today?
Today, the price of 24-carat gold ranges between ₹1,49,800 and ₹1,50,980 per 10 grams. Meanwhile, the price of 22-carat gold remains between approximately ₹1,37,300 and ₹1,38,400 per 10 grams. In Delhi, the price of 24-carat gold is ₹1,49,810 and 22-carat gold is ₹1,37,330 per 10 grams. In Mumbai, the rate for 24-carat gold is around ₹1,55,317, and the price for 22-carat gold is ₹1,42,985 per 10 grams. Please note that 3% GST and making charges are not included in these figures.
