Gold Edges Higher on Monday as Iran Peace Proposal Lifts Sentiment

Mumbai, April 27: Gold prices rose on Monday in India, building on Friday’s modest recovery after Thursday’s sharp single-day crash, as fresh hopes of a diplomatic breakthrough in the Iran-US conflict lifted bullion sentiment globally.

The national benchmark for 24-karat gold (99.9% purity) rose ₹147 per gram to ₹15,442 per gram or ₹1,54,420 for 10 grams compared to ₹15,295 per gram (₹1,52,950 for 10 grams) on Friday. The 22-karat rate (91.6% purity) climbed ₹135 per gram to ₹14,155 per gram, or ₹1,41,550 for 10 grams, against Friday’s ₹14,020 per gram (₹1,40,200 for 10 grams). The 18-karat rate (75% purity) rose ₹111 per gram to ₹11,582 per gram, or ₹1,15,820 for 10 grams, up from ₹11,471 per gram (₹1,14,710 for 10 grams) on Friday.

The day’s gains reverse a part of last week’s steep decline and are broadly in line with the global move, with spot gold up 0.4% at $4,726.62 per ounce as of early morning trading, supported by a softer dollar and renewed optimism after reports that Iran, through Pakistani mediators, sent a new proposal to the US on reopening the Strait of Hormuz and ending the war.

City-Wise Gold Prices – South and East

Chennai, as is customary, commands the highest gold rates in the country. On Monday, 10 grams of 24K gold in the southern city costs ₹1,55,240, while 22K and 18K gold are priced at ₹1,42,300 and ₹1,18,700 respectively a premium of ₹820 over the national benchmark for 24K gold. Hyderabad and Kerala match each other at ₹1,54,420 for 24K, ₹1,41,550 for 22K and ₹1,15,820 for 18K gold per 10 grams. Mumbai, Kolkata, Bangalore and Pune all trade at the national benchmark ₹1,54,420 for 24K, ₹1,41,550 for 22K and ₹1,15,820 for 18K gold per 10 grams.

City-Wise Gold Prices – North and West

Delhi trades slightly above the benchmark at ₹1,54,570 for 24K gold, ₹1,41,700 for 22K and ₹1,15,870 for 18K gold per 10 grams. Ahmedabad and Vadodara are priced identically at ₹1,54,470 for 24K, ₹1,41,600 for 22K and ₹1,15,870 for 18K gold per 10 grams a slim premium of ₹50 over Mumbai and Kolkata for the 24K rate, likely reflecting local tax and logistics differentials.

Global Gold Prices

Global bullion found its footing on Monday, with spot gold rising 0.4% to $4,726.62 per ounce in early Asian trade, while US gold futures for June delivery held steady at $4,742 even after last week’s 2.5% decline snapped a four-week winning streak. The catalyst was a report that Iran had handed the US a new proposal through Pakistani mediators on reopening the Strait of Hormuz and ending the two-month-old war, raising hopes of de-escalation and softening the dollar. Any sustained progress in peace talks could cap gold’s upside, but with the ceasefire status still fragile and the Strait partially disrupted, the path of least resistance for bullion in the near term remains higher.

Source:

• https://www.goodreturns.in/gold-rates/#google_vignette