Gold prices are lower in India on June 24, 2024 compared with prices in the international market

Gold prices in India dropped on June 24, 2024, with 24-carat gold priced at Rs 72,370 per 10 grams. Prices varied across cities, reflecting market dynamics and cultural factors. The dip may present opportunities for investors and consumers.

This was occasioned by a major market event of Monday June 24, 2024 whereby the price of gold in India was brought down. The metal that has been a most favourite investment tool among the Indians for several years is now being sold for about Rs 72,000 per 10 gm of 24 carat gold.

According to the current rates of gold in the market, one can purchase a 10-gram pure 24-carat gold for Rs 72,370 and 22-carat gold for Rs 66,340. This is a drop from recent figures, may be suggesting entry point for the buyer in gold investment.

This volatility is not only limited to gold but also with other assets and it appears that its price has followed the trend. Silver has also had its fair share of decline and at the moment its price is at Rs 91,900 kgs.

City-wise Gold Rates

Here, the gold prices vary city by city in India. In Delhi, 22-carat gold has been priced at Rs 66,490 for 10 gm, in Mumbai Rs 66,340 and in Kolkata Rs 66,340. For the same, Chennai shows slightly higher price and the price of 22 carat gold is Rs.  66940.

Market Dynamics

The Multi Commodity Exchange (MCX) said that gold futures contracts experienced significant trading volume. More precisely, the contracts, which will expire on August 5, 2024, are at Rs 71,683 per 10 grams as of June 20, 2024. The price of silver futures that will be evaluated on July 5, 2024, was at 89,006 rupees per contract.

It is also worth noting that the Indian market relies significantly on imported gold, and thus the domestic prices are aligned with the international ones. Similarly, by continuing the culture of wearing gold ornaments especially during festivals and marriages in India also aids in demand generation.

Other stakeholders include the consumers and investors, who are also affected by the consequences of information asymmetry.

This could be considered as the proper time to buy gold to either the common or the institutional buyer due to the lowering of the price of gold. However, according to professionals, one should not turn a blind eye to fundamental economics and political factors that can influence gold prices in the short run.

Of course, the potential consumers are urged to research the topic further and based on their investing goals, they should turn to gold or other precious metals.

Also Read: Gold Rate Today Falls In India: Ask how much the 22 carat is today in your town on June 22

Gold market is still remains its position as one of the significant indicators for the sentiment of the economy in India and such changes will be closely monitored by investors, traders and policy makers in the days to come.