Gold prices remains same in the last 24 hours
March 31, 2023 10:49 ISTThe prices of gold witnessed no movement in the last 24 hours. However, gold prices in Chennai see a minor increase.
The prices of gold witnessed no movement in the last 24 hours. However, gold prices in Chennai see a minor increase.
Gold prices see a minor bump in its prices and the yellow metal breaches the 60,000 mark in Chennai and other cities of Tamil Nadu.
Gold price today: The current price of gold in Chennai is Rs 60,110 for 10 grams of 24 carat gold and Rs 55,100 for 10 grams of 22 carat gold. The price of gold in the nation's capital, Delhi, is Rs 59,600 for ten grams of 24 carat gold and Rs 54,650 for ten grams of 22 carat gold.
24 carat gold declines by Rs 760 to fall below Rs 59,000.
Gold rate: The price remains stable and is close to the Rs 60,000 mark.
Gold prices maintain increasing trends for two successive days. 24 carat gold increases by Rs 650.
The price of 24 carat gold (10 gm) increases by Rs 450.
The price of 24 carat gold (10 gm) drops by Rs 550.
Gold prices decreased by Rs 600 in a single day.
The prices of both 24 carat and 22 carat gold have increased significantly across various major cities in the country.
Gold prices today: On Tuesday (14th March), the cost of 24 carat gold (10 grams) was recorded at Rs 57,220, whereas 22 carat gold (10 grams) was priced at Rs 52,450.
On Monday (13th March), the price of 24 carat gold (10 grams) was Rs 55,670, whereas 22 carat gold (10 grams) was priced at Rs 50,990.
Gold price in India increased by Rs 540 per 10 grams to reach Rs 56,070 on March 11, 2023. This rise in gold prices is due to the strengthening of the global demand for the precious metal. In contrast, the price of silver fell by Rs 200 per kilogram to reach Rs 70,800 due to a decrease in demand.
The price of gold in India on Thursday, March 10, was recorded at Rs. 55,290 for 24 carat gold (10 grams) and Rs. 50,460 for 22 carat gold (10 grams).
New rules for selling gold: To safeguard consumers from fraudulent activities and guarantee consistent standards of gold quality nationwide, the Indian government has implemented a mandatory HUID-based hallmarking system for gold jewellery and artefacts.
In early February, the price of gold reached its highest level since April 2022, but it quickly changed direction. Due to the anticipation of more rate hikes, buoyed by robust economic data, bullion has fallen by over 5% this month.
According to Bart Melek, who is the Head of Commodity Markets Strategy at TD Securities, despite having support at $1,806, gold prices have been declining due to higher-than-anticipated inflation, and the economy has remained robust.
The US Bureau of Economic Analysis has reported solid growth of 2.7% in the second reading of the fourth-quarter Gross Domestic Product, slightly lower than the initial estimate of 2.9%, while personal consumption contributed to the latest downward revision, as it increased by 1.4%.
The recent strength of the US dollar and the possibility of a more hawkish monetary policy from the Federal Reserve has put pressure on gold prices.
The domestic markets have recently witnessed a notable decline in gold prices, hitting a five-week low. This downturn is attributed by market experts to apprehensions over the potential hike in interest rates by the US Federal Reserve and a series of strong economic data being released by the US.
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