Prices of gold have reduced and the prices of silver have also slightly reduced

Gold prices dipped slightly on July 10, 2024, with 24-carat gold falling Rs 10 to Rs 73,190 per 10 grams. Silver also declined by Rs 100 to Rs 95,400 per kg. Regional variations were observed across major Indian cities, while global markets awaited US inflation data.

The trading on Wednesday, 10th July 2024 was relatively volatile; the gold and silver prices dropped during the initial trading session. It was further confirmed through the GoodReturns website that the cost of the 24-carat gold has gone down by Rs 10 to Rs 73,190 for ten grams. Likewise, the price of silver declined by Rs 100 and was at Rs 95400 per kilogram.

Likewise, the market of 22-carat gold has also come down and prices have been reduced by Rs 10 to Rs 67,090 for ten grams.

The price of gold: regional differences

- Mumbai, Kolkata, and Hyderabad: Real gold that has a 24 carat and costs Rs 73,190 for ten grams.

- Delhi: Rs 73,340

- Bengaluru: Rs 73,190

- Chennai: Rs 74,840

For 22-carat gold:

- Mumbai, Kolkata, and Hyderabad: Rs 67,090 per ten grams

- Delhi: Rs 67,240

- Bengaluru: Rs 67,090

- Chennai: Rs 67,690

Silver Market

The prices of silver were also arrived at Rs 94,400 per kg in both Delhi and Mumbai. However, the price of silver was comparatively higher in Chennai at Rs 98,900 per kilogram. ”

Global Gold Market

Gold prices fluctuated in the international market as investors await key inflation data in the US that may affect the Fed rate. LME spot gold was at $2365. 09 per ounce and the U.   S. 2% to $2,372. 60.

Federal Reserve Outlook

Notably, Powell, the chair of the Federal Reserve, observed inflation rising in the recent months but did not mention when the central bank would make more rate decisions. The current day experts estimate that the probability of a rate cut in September stands at 73% based on the CME Group’s FedWatch Tool.

Also Read: Gold prices hold a steady position in spite of the expectation of the rate cut by the Federal Open Market Committee

This market is sensitive to macroeconomic variables and expectations regarding the monetary policy. In the week ahead, the investors and market spectators will be keen on more details on business cycles.