Gold Price Jumps In India: Check 22 Carat Rate In Your City On July 12

[ad_1]

Gold prices in India on July 12.

Gold prices in India on July 12.

Gold Rate Today: Check gold prices in different cities on July 12, 2024; (In Rs/10 grams)

Gold Rate Today In India: Gold prices in India are trading higher near Rs 73,500 per 10 grams in the spot market on July 12. This price reflects a premium for purer gold, with 24-carat, the highest purity, reaching Rs 73,580 per 10 grams. For those looking for jewellery, 22-carat gold, which is more durable due to a slight mix of alloys, was priced at Rs 67,460 per 10 grams.

Meanwhile, silver’s price stood at Rs 95,600 per kilogram.

Check gold rates today in different cities on July 12, 2024; (In Rs/10 grams)

City 22 Carat Gold Rate Today 24 Carat Gold Rate Today
Delhi 67,460 73,580
Mumbai 67,600 73,750
Ahmedabad 67,650 73,800
Chennai 68,250 74,460
Kolkata 67,600 73,750
Gurugram 67,750 73,900
Lucknow 67,750 73,900
Bengaluru 67,600 73,750
Jaipur 67,750 73,900
Patna 67,650 73,800
Bhubaneshwar 67,600 73,750
Hyderabad 67,600 73,750

India’s reliance on imported gold largely influences domestic prices, which closely mirror global trends. Additionally, the cultural importance of gold in India, particularly during festivals and weddings, can impact demand levels.

Gold Prices Today: What Expert Says

Rahul Kalantri, vice-president (commodities) of Mehta Equities, said, “Gold and silver prices surged sharply on Thursday evening following the release of the US Consumer Price Index (CPI), which suggested the possibility of the Federal Reserve lowering borrowing costs. Consequently, U.S. Treasury yields and the dollar index dropped, providing support for precious metals. The CPI fell by 0.1% last month after remaining flat in May, contrary to the expected increase of 0.1%. Easing inflation in the U.S. and profit-taking in the dollar index are likely to bolster gold and silver prices.”

He added that gold and silver prices are anticipated to remain volatile in today’s session ahead of the US Producer Price Index (PPI) data release. However, the overall trend appears firm.

“Gold has support at $2,388-$2,370 and resistance at $2,427-$2,445. Silver has support at $31.00-$30.80 and resistance at $31.30-$31.52. In INR terms, gold has support at ₹73,050-₹72,810 and resistance at ₹73,520-₹73,690. Silver has support at ₹93,440-₹92,880 and resistance at ₹94,840-₹95,520,” Kalantri added.

Retail Cost of Gold in India

The retail price of gold in India, reflecting the final cost per unit weight for consumers, is influenced by various factors beyond the metal’s intrinsic value.

Gold holds immense cultural importance in India, serving as a major investment and playing a crucial role in traditional weddings and festivals.

Amid ongoing market fluctuations, investors and traders closely monitor these dynamics. Stay tuned for further updates on this evolving story.

[ad_2]

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *