Gold and Silver Rates In India Today, April 24: Gold and silver prices fell on April 24, as elevated oil prices fuelled fears of inflation and higher-for-longer interest rates amid stalled US-Iran peace talks. On the MCX, gold prices fell 0.30 per cent to trade at Rs 1,51,310 per 10 grams in the early trade, while silver declined 0.31 per cent to Rs 2,40,775 per kg.
In Mumbai, the price of 24-carat gold slipped to Rs 1,53,540 per 10 grams, while 22k gold was available at Rs 1,40,740 per 10 grams. These rates do not include GST and making charges.
What Is The Price Of 22kt, 24kt Gold Today In India Across Key Cities On April 24?
| City | 22K Gold (per 10gm) | 24K Gold (per 10gm) |
|---|---|---|
| Delhi | Rs 1,40,890 | Rs 1,53,690 |
| Jaipur | Rs 1,40,890 | Rs 1,53,690 |
| Ahmedabad | Rs 1,40,790 | Rs 1,53,590 |
| Pune | Rs 1,40,740 | Rs 1,53,540 |
| Mumbai | Rs 1,40,740 | Rs 1,53,540 |
| Hyderabad | Rs 1,40,740 | Rs 1,53,540 |
| Chennai | Rs 1,40,740 | Rs 1,53,540 |
| Bengaluru | Rs 1,40,740 | Rs 1,53,540 |
| Kolkata | Rs 1,40,740 | Rs 1,53,540 |
In the international market, spot gold was down 0.1% at $4,686.29 per ounce, as of 0230 GMT. The metal is down 3% so far this week after a four-week winning run. US gold futures for June delivery fell
0.5% to $4,702.
Brent crude prices have risen over 17% so far this week to hover above $105 a barrel, as the key Strait of Hormuz remained largely closed despite an extension of the Iran ceasefire. As long as this risk of prolonged closure of the Strait of Hormuz is there, oil will continue to trade at elevated levels, pressuring gold prices, said Kelvin Wong, a senior market analyst at OANDA, according to Reuters.
Higher crude oil prices can stoke inflation by raising transportation and production costs, increasing the likelihood of higher interest rates. While gold is considered an inflation hedge, high interest rates make yield-bearing assets more attractive, weighing on bullion’s appeal.
What Factors Affect Gold Prices In India?
International market rates, import duties, taxes, and fluctuations in exchange rates primarily influence gold prices in India. Together, these factors determine the daily gold rates across the country.
In India, gold is deeply cultural and financial. It is a preferred investment option and is key to celebrations, particularly weddings and festivals.
With constantly changing market conditions, investors and traders monitor fluctuations closely. Staying updated is crucial for effectively navigating dynamic trends.
