Gold Prices Rise Slightly on Friday; 24K Gold Priced at ₹1,52,950 per 10 grams

Mumbai, April 24: Gold prices on Friday rose slightly on Friday in India following Thursday’s biggest intraday fall in months. Prices remain supported amid a modest recovery in crude oil prices and ongoing geopolitical tensions. 

On Friday, 24K gold price is ₹15,295 and 22K gold is priced at ₹14,020 per gram nationally. In other words, investors can buy 10 grams of 99.9% and 91.6% purity gold for ₹1,52,950 and ₹1,40,200 respectively. The rate for 18K gold (75% purity) stands at ₹11,471 per gram or ₹1,14,710 for 10 grams in most cities.

Gold is still down slightly from where it ended trading yesterday in most Indian cities and hasn’t seen much of a bounce following Thursday’s sharp fall. Nationally, 24K gold closed at ₹15,355 per gram on Thursday (₹1,53,550 for 10 grams), down ₹60 or ₹600 for 10 grams from where it’s trading now. The price of 22K gold ended Thursday’s trade at ₹14,075 per gram or ₹1,40,750 for 10 grams, which is ₹55 per gram higher than today’s rate of ₹14,020. Prices for 18K gold ended at ₹11,516 per gram or ₹1,15,160 for 10 grams on Thursday, and have slipped by another ₹45 since then to ₹11,471.

Prices City-Wise

Chennai continues to be the most expensive city for gold in India as usual. Here, 10 grams of 24K gold costs ₹1,53,820 while 22 karat and 18 karat gold cost ₹1,41,000 and ₹1,17,600 respectively. Traders in Mumbai, Kolkata, Bangalore, Hyderabad, Kerala and Pune quote an identical price of ₹1,52,950 for 24K gold, ₹1,40,200 for 22K and ₹1,14,710 for 18K gold per 10 grams. Delhi’s prices are ₹1,53,100 for 24K gold, ₹1,40,350 for 22K gold and ₹1,14,860 for 18 karat gold – all slightly higher than the rest of these cities but still lower than Chennai. In Ahmedabad and Vadodara, 10 grams of 24K gold costs ₹1,53,000. 22K costs ₹1,40,250 and 18K comes for ₹1,14,760 – just a hair above prices in Mumbai-Kolkata etc.

Oil & Gold Prices

Oil prices will likely continue to lead gold prices higher or lower in the near-term as investors monitor crude prices as both an inflation indicator and a proxy for geopolitical risk. Oil prices soared past $100 a barrel on Wednesday, settling around $101.76 on Thursday. A spike in crude oil prices fuels fears of higher inflation and higher interest rates, sending investors towards gold. Conversely, falling oil prices encourages traders to book profits from gold. Trump yesterday said any new trade deal with Iran would have to happen quickly or else Iran would be “closed down,” by the U.S. via military action. Softer oil prices on Thursday was likely why gold came under pressure too. Today, gold prices will likely continue to follow oil prices. If crude spikes higher again towards $104–105, gold could reverse a good chunk of this week’s sharp decline.

Middle East Conflict

Tensions between Iran and Israel are dominating markets at the moment and driving traders towards safe-havens like gold. Iran on Friday announced that it seized control of Strait of Hormuz, saying it would “guarantee the security of navigation” through the waterway. Iran released a video on Friday purporting to show commandos rappelling down the side of a cargo ship. US President Donald Trump didn’t take kindly to Iran’s threat but said that if Iran doesn’t make a deal then “we will have no choice but to solve the problem…”with military action. Israel Defence Minister Israel Katz told Army Radio on Friday that Israel could attack Iran again if given the OK by the US. Iran said it will not open Strait of Hormuz until US ends its blockade on Iranian shipping, but the US has rejected those demands. Trump has indefinitely prolonged ceasefire between Lebanon and Israel. Peace talks are expected to continue but rockets have been fired from southern Lebanon after the ceasefire was announced by Trump.

Gold Prices Across Indian Cities

Source:

• goodreturns.in