New Delhi: Gold rate today in India (22 carat) fell to Rs 71,190 per 10 gram (gm), according to “Good Returns .” While, 24 carat gold rate was quoted at Rs 77,660 per 10 gm. As far as yellow metal of 18 carat purity is concerned, its prices traded at Rs 58,250 per 10 gm on Monday, October 07, 2024. While, silver rates today also fell to Rs 96,900 per kg.
MCX Gold & Silver Price
In futures trade, gold contracts for December delivery traded 0.06% higher at Rs 76,190 per 10 gm on the Multi Commodity Exchange at the time of writing this article. While, silver contracts for December delivery also traded in green (0.12% higher) at Rs 93,500 per 1 kg in the early morning trade on Monday.
Gold And Silver Rates Today In Different Cities In India:
| City | Gold Price (22 carat in Rs/gm) | Silver Price (Rs/kg) |
| Delhi | 7,134 | 96,900 |
| Mumbai | 7,119 | 96,900 |
| Bengaluru | 7,119 | 91,900 |
| Chennai | 7,119 | 1,02,900 |
| Pune | 7,119 | 96,900 |
| Ahmadabad | 7,124 | 96,900 |
| Kolkata | 7,119 | 96,900 |
| Hyderabad | 7,119 | 1,02,900 |
Gold Price Fall Reasons
Gold Price Fall Reasons are the following:
- Anticipation of Lower Than Estimated Rate Cut By US Fed
The US Bureau of Labor Statistics recently released jobs data report which hints at improvement in the condition of the country’s economy. BLS report reveals that the US Nonfarm Payrolls has increased to 2.54 lakh jobs in September 2024. Plus, the bureau has also revised upwards the August figure of 1.49 lakh jobs. Moreover, the unemployment rate has also fallen to 4.1% in September 2024 from 4.2%. These statistics reveal the US economy is doing better fading away recession fears. This in turn led to analysts’ projection of lower rate cut by Fed than as estimated before. Now, analysts project smaller rate cut of 0.25% than 0.50% in the upcoming November 2024 meet. Lower rate cut entails smaller uptick in gold rate making commodity traders not that much bullish on the yellow metal as they were before.
2. Stronger US Dollar
Following better jobs data report, the US Dollar Index (DXY), which tracks the Greenback’s value against a basket of six peers increased to 102.58. The value of dollar has increased in the last 2-3 days. Stronger value of the US currency makes yellow metal purchase costlier for commodity traders of other countries. So, demand for the precious metal has fallen in past few trading sessions leading to fall in gold rates.
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