Gold Rate Today: Prices Plunge Sharply, Drops by ₹660

Today the price of 24 carat gold has fallen by Rs 660 to Rs 97,600 per 10 grams. Read more on Dynamite News

New Delhi: A big drop in gold prices has been registered in the Indian bullion market today, Wednesday. Today, the price of 24-carat gold has become cheaper by Rs 660 as compared to Tuesday and has reached Rs 97,600 per 10 grams.

At the same time, the price of 22-carat gold is trading at Rs 89,300 per 10 grams. Along with this, the price of silver also remains stable, and it remains at Rs 100,000 per kg. A decrease in gold prices has also been observed in major cities of the country.

According to the Dynamite News correspondent, the main reason for this fall in gold prices is the decrease in demand in the international market. Globally, the price of gold has come down from $3,350 per ounce to $3,296.92 per ounce.

The reason for this is believed to be the acceleration in trade talks between the US and the European Union (EU) and the pressure exerted by Brussels. Due to this, investors have lost interest in buying gold as a 'safe haven.' Due to this, the demand for gold in the global market weakened, which also affected the Indian market.

Many factors also affected gold prices in the domestic market. The fluctuation in the value of the rupee against the dollar and the US decision to extend the deadline for EU tariffs also affected the demand. Apart from this, due to the reduction in geopolitical tensions, investors are now turning to other asset classes.

Pressure was also seen in gold prices on the Multi Commodity Exchange (MCX). Experts estimate that gold prices may remain between Rs 94,500 and Rs 96,750 per 10 grams in the coming days.

Gold and silver prices in major cities

Gold prices have seen a decline in major cities of the country. In Delhi, the price of 22-carat gold fell by Rs 600 to Rs 89,500, and the price of 24-carat gold fell by Rs 650 to Rs 97,630 per 10 grams.

In Mumbai, 22-carat gold was trading at Rs 89,350 and 24-carat gold at Rs 97,480 per 10 grams. A similar trend in prices was seen in other cities as well. Below are the prices of 22- and 24-carat gold in major cities:

• Delhi: 22 carat—Rs 89,500 and 24 carat—Rs 97,630
• Mumbai: 22 carat—Rs 89,350 and 24 carat—Rs 97,480
• Chennai: 22 carat—Rs 89,350 and 24 carat—Rs 97,480
• Kolkata: 22 carat—Rs 89,950 and 24 carat—Rs 97,480
• Jaipur: 22 carat—Rs 89,500 and 24 carat—Rs 97,630
• Noida: 22 carat—Rs 89,500 and 24 carat—Rs 97,630
• Ghaziabad: 22 carat—Rs 89,500 and 24 carat—Rs 97,630
• Lucknow: 22 carat—Rs 89,500 and 24 carat—Rs 97,630
• Bengaluru: 22 carat—Rs 89,350 and 24 carat—Rs 97,480
• Patna: 22 carat—Rs 89,350 and 24 carat—Rs 97,480

Today, silver prices remained stable at Rs 100,000 per kg.