Gold prices saw a slight dip in early trade on Friday, with the price of 24-carat gold falling by Rs 10, bringing it to Rs 77,010 for ten grams, according to market reports. Meanwhile, silver prices rose by Rs 100, with one kilogram of the precious metal trading at Rs 95,100.
In terms of 22-carat gold, the price also dipped by Rs 10, with ten grams priced at Rs 70,590. Across key cities like Mumbai, Kolkata, and Hyderabad, the prices of both 24-carat and 22-carat gold remain aligned, with ten grams of 24-carat gold priced at Rs 77,010 and ten grams of 22-carat gold at Rs 70,590.
In other metro cities, slight variations were noted. In Delhi, Bengaluru, and Chennai, ten grams of 24-carat gold were priced at Rs 77,160, Rs 77,010, and Rs 77,010 respectively, while ten grams of 22-carat gold in these cities stood at Rs 70,740, Rs 70,590, and Rs 70,590 respectively.
As for silver, while the price in Delhi and Kolkata remained steady at Rs 94,900 per kilogram, it was priced slightly higher in Mumbai at Rs 95,100. In Chennai, the price of one kilogram of silver stood significantly higher at Rs 1,00,900.
Global Market Trends
In global markets, US gold prices held steady on Friday after reaching a record high in the previous session, driven by expectations of another significant US interest rate cut. Spot gold was trading at USD 2,670.50 per ounce, slightly below Thursday’s record high of USD 2,685.42. So far in 2024, gold prices have surged over 29 per cent, supported by safe-haven demand, robust central bank buying, and hopes for US rate cuts. US gold futures were also down 0.1 per cent, trading at USD 2,692.70.
On the other hand, China’s net gold imports through Hong Kong fell by 76 per cent in August, marking their lowest level in over two years.
Silver and Other Precious Metals
In contrast, spot silver prices dipped 0.4 per cent to USD 31.91 per ounce after hitting a 12-year high in the previous session. Silver has experienced significant gains this year, fueled by China's stimulus measures and bullion's bull run. However, analysts predict the rally may lose momentum due to weak industrial demand.
Other precious metals remained steady, with platinum priced at USD 1,006.65, and palladium down by 0.4 per cent, trading at USD 1,043.22.
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