Gold prices opened on the Multi Commodity Exchange (MCX) on Thursday at Rs 65,800 per 10 grams and hit an intraday low of Rs 65,771. In the international market, prices hovered around $2,159.19 per ounce.
Meanwhile, silver opened at Rs 75,349 per kg and hit an intraday low of Rs 75,210 on the MCX. In the international market, the price hovered around $24.09 per ounce.
Gold rate today in India: Retail gold price on March 14
The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 65,830.
In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 65,980, Rs 65,830, and Rs 66,640, respectively.
In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 60,340.
In Delhi, Bengaluru, and Chennai, the price of ten grams of 22-carat gold stood at Rs 60,490, 60,340, and 61,090, respectively.
Check gold rates today in different cities on March 14, 2024; (In Rs/10 grams)
Retail Cost of Gold
The retail price of gold in India, often referred to as the gold rate, is the final cost per unit weight that customers pay when purchasing gold. This price is influenced by several factors beyond the inherent value of the metal itself.
Gold is highly important in India because of its cultural significance, its value for investment, and its traditional role in weddings and festivals.
2024 Outlook
Anuj Gupta, Chief of Commodity and Currency at HDFC Securities, said, “Yesterday, gold prices increased by 0.7% and closed at 65897 levels. Recently, gold made a new high of 66356 levels. Silver prices increased sharply by 1.79% and closed at 75170 levels.”
“Gold and silver prices increased sharply due to the weakness in the Dollar and safe-haven demand caused by geopolitical tension between Russia and Ukraine. Silver is trading at three-month high levels, and gold is trading near lifetime high levels.”
COMEX Gold prices rose almost 0.7% on Wednesday as investors likely ignored the recent uptick in US inflation numbers for February, based on the expectation that the labour market slowdown might prompt the Fed to cut rates in June. Data released this week showed that the headline CPI unexpectedly rose to 3.2% y/y (0.4% m/m) in February compared with 3.1% in January. Meanwhile, geopolitical tensions remain high with Ukraine drone attacks on Russia and stalled Israel peace talks, per Kotak Securities Research Report.
Robust central bank buying has been supporting prices at a time when ETFs have been witnessing continuous outflows. Today, the focus will be on US weekly jobless claims, PPI, and retail sales data to provide more clues on the Fed’s policy path. The producer price index reading, due later today, will be the final inflation report before next week’s Fed rate decision. According to the Kotak Securities Research Report, policymakers are expected to hold borrowing costs steady for a fifth straight meeting, with swaps markets anticipating a cut in June.
Comments
0 comment