Gold prices in India slipped on Wednesday despite strong international forecasts projecting gold to reach USD 5,000 by 2026. Mumbai, Delhi, and other major cities recorded marginal declines, even as global spot prices rallied on expectations of a US Fed rate cut
Representational Image. File Pic
Gold extended gains across the international market on Tuesday amid Bank of America forecasting the yellow metal to average at around USD 4,538 per ounce in 2026, with a potential climb to USD 5,000 with sustained macro tailwinds and safe-haven demand, as per IANS.
Considering that the international markets are expecting the prices of gold to rise significantly in the coming few years, the current price of gold in India is experiencing an average decline in prices. The price of 10 grams of 24-carat gold in Mumbai is recorded at Rs. 1,25,260, which is almost a Rs. 600 decline as compared to the prices that were recorded during the early hours of Tuesday.
While the global spot prices went to about USD 4,175 per ounce as markets priced in a stronger chance of a US Federal Reserve rate cut in December, the prices in India have also been experiencing volatility, as reported by news agency IANS.
Gold Prices in Mumbai
In Mumbai, which is considered one of India’s most active gold markets, the price of 24-carat gold stood at Rs. 1,25,260 per 10 grams, while 22-carat gold was priced around Rs. 1,14,830 per 10 grams. Local traders attributed the increase to stronger international spot prices and steady retail demand. While consumers still keep the demand high.
Gold price in Delhi
The national capital also saw a marginal decline in the gold prices as compared to Tuesday. While the price of 24-carat gold in Delhi on Wednesday is recorded at Rs 1,25,400 per 10 grams, the price of 22-carat gold stands at Rs 1,14,970 for 10 grams. Furthermore, the experts have said that Delhi’s prices remain slightly higher due to variations in taxes and logistics.
Gold Prices in Other Major Cities
Chennai:
- 24-carat – Rs 1,25,770
- 22-carat-Rs 1,15,300
Kolkata:
- 24-carat – Rs 1,25,240
22-carat – Rs 1,14,810
Bengaluru:
- 24-carat – Rs 1,25,230
- 22- carat- Rs 1,14,800
Ahmedabad
- 24-carat- Rs 1,25,340
- 22-carat- Rs 1,14,910
Bhopal
- 24-carat- Rs 1,25,370
- 22-carat- Rs 1,14,940
Silver prices
Silver prices on the other hand were reocrded at Rs 1,57,965 per kilogram, up by almost Rs 6,000 in the last few days.
On the other hand, the MCX Silver December contracts a few day before also dipped 2.17 per cent, or Rs 3,349, to Rs 1,50,802 per kg. At the same time, the price of 10 grams of 24-carat gold was at Rs 1,22,149, down from Rs 1,22,881 on Thursday, according to IBJA.
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