Today, gold price in India dropped, based on data from the Multi Commodity Exchange (MCX). The price for 10 grams of gold is now INR 71,668, which is INR 893 lower than yesterday’s price of INR 72,561.
In futures trading, gold prices also fell slightly. Gold futures are now priced at INR 71,531 for 10 grams, down from INR 71,577.
Silver futures, however, went up. The price of silver increased to INR 91,142 per kilogram, compared to INR 90,437 from the previous session.
Gold Prices in Top Indian Cities
Here’s a look at the current gold prices in some major Indian cities:
| City | Gold Price (10 grams) |
|---|---|
| Ahmedabad | INR 76,415 |
| Mumbai | INR 76,215 |
| New Delhi | INR 76,170 |
| Chennai | INR 76,420 |
| Kolkata | INR 76,370 |
Global Gold Market and Fed Update
Globally, gold prices also went down. This happened after the US Federal Reserve made some comments about the economy. Recent data shows that fewer people in the US applied for unemployment benefits, with jobless claims falling by 8,000 to 215,000 for the week ending May 18. This number is lower than the expected 220,000 claims.
Economic activity in the US is improving. The Manufacturing Purchasing Managers’ Index (PMI) increased to 50.9 from 50.0 in April, and the Services PMI also rose from 51.3 to 54.8 in May. These numbers show better performance than what experts had predicted.
Overall, the US Composite PMI, which measures economic activity, went up to 54.4 in May from 51.3 in April. This is the highest level reached since April 2022.
Raphael Bostic, the President of the Atlanta Federal Reserve, said inflation is still a concern, suggesting that the Fed may need to take further steps to avoid economic issues.
Gold Imports in China and India
In China, the private sector imported 543 tonnes of gold in the first quarter of 2024. At the same time, the People’s Bank of China (PBoC) added 189 tonnes to its reserves, according to analyst Jan Nieuwenhuijs from Gainesville Coins.
In India, the world’s second-largest consumer of gold, gold imports could drop by about 20% in 2024. This is because higher prices are leading people to exchange their old jewelry for new pieces, according to a report by Reuters.
Conclusion
Gold price in India and around the world have been changing, influenced by both local and global factors. The drop in prices reflects market trends and actions by financial authorities. To stay up to date with the latest daily gold updates, you can visit Daily Gold Signal.
