Gold prices have once again seen a decline in the country. Prices have come down across all categories, from 18-carat to 24-carat. On the morning of April 29, the price of 24-carat gold fell to ₹151,070 per 10 grams in the national capital Delhi. In Mumbai, the rate fell to ₹150,920 per 10 grams. Exactly a day earlier, gold prices in Delhi’s bullion market had fallen by ₹1,800—or 1.15 per cent—to close at ₹154,300 per 10 grams. In the international market, spot gold is currently trading at $4,586.50 an ounce.
The rise in crude oil prices and strengthening of the dollar have affected the prices of both gold and silver. Rising crude oil prices increase the risk of inflation. Moreover, it increases the likelihood that key interest rates will remain at high levels for a long time. When interest rates rise, newly issued bonds become more attractive. In contrast, existing bonds with low interest rates have to sell at a discount to attract buyers, increasing their effective yield. This situation puts downward pressure on non-yielding assets like gold and silver, as investors begin to view bonds as a more profitable investment option.
Gold rates in major cities of the country
Gold Price in Delhi: In Delhi, the price of 24-carat gold is ₹151,070 per 10 grams. The rate of 22-carat gold is ₹138,490 per 10 grams.
Mumbai and Kolkata: Currently, the price of 22-carat gold in Mumbai and Kolkata is ₹138,340 per 10 grams, while the price of 24-carat gold is ₹150,920 per 10 grams.
Gold Price in Chennai: 24-carat gold price is ₹153,810 per 10 grams. The rate of 22-carat gold is ₹140,990 per 10 grams.
Prices in Pune and Bengaluru: In both these cities, 24-carat gold is priced at ₹150,920 per 10 grams, while 22-carat gold is priced at ₹138,340 per 10 grams.
silver prices
The prices of silver—another precious metal—continue to fall. On the morning of April 29, prices fell to ₹259,900 per kg. The previous day, in Delhi’s bullion market, silver prices had fallen by ₹6,500—or about 3 per cent—to ₹244,000 per kg. In the international market, the spot price of silver is trading at $73.18 an ounce. At the domestic level, gold and silver prices are influenced by both domestic and global factors.
