In early trading on Friday, the price of 24-carat gold fell by Rs 10, bringing the cost for ten grams to Rs 78,550, according to data from GoodReturns. Silver also experienced a drop of Rs 100, with one kilogram priced at Rs 92,900.Similarly, the price of 22-carat gold decreased by Rs 10, with ten grams now selling for Rs 71,990.
Regional Gold Price Overview
In major cities like Mumbai, Kolkata, and Hyderabad, the price of ten grams of 24-carat gold was consistent at Rs 78,550. In Delhi, the same amount of 24-carat gold was slightly higher at Rs 78,700, while Bengaluru and Chennai matched the Mumbai rate at Rs 78,550.
For 22-carat gold, the cost in Mumbai, Kolkata, and Hyderabad stood at Rs 71,990 for ten grams. Delhi saw a higher price at Rs 72,140, whereas Bengaluru and Chennai continued to align with the Rs 71,990 mark.
Silver Price Trends
The price for one kilogram of silver in Delhi matched the rates in Mumbai and Kolkata at Rs 92,900. However, Chennai recorded a notably higher price, with silver selling at Rs 1,01,900 per kilogram.
Global Gold Market Movements
Internationally, U.S. gold prices showed a slight increase on Friday, extending gains made after the Federal Reserve’s expected quarter-point rate cut amidst a moderating labor market and robust economic growth. Spot gold edged up by 0.1% to $2,708.89 per ounce as of 0024 GMT, though it remained down by nearly 1% for the week. U.S. gold futures also climbed, rising 0.4% to $2,716.4.
The Federal Reserve, concluding its two-day policy meeting on Thursday, lowered the benchmark overnight interest rate to a range of 4.50% to 4.75%. Policymakers noted that the job market had “generally eased,” contributing to this decision.
Gold prices had risen more than 1% in the previous session, recovering from losses experienced after Donald Trump’s presidential victory.
Other Precious Metals
Spot silver dipped by 0.1% to $31.98 per ounce. Platinum saw a 0.3% increase to $1,000.35, while palladium remained stable at $1,024.40 per ounce.
Gold, seen as a hedge against economic uncertainty, typically performs well in environments with lower interest rates, as it becomes more attractive compared to yield-bearing assets.
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