Gold Rate Falls On Strong US GDP Data, Profit Booking; Check Prices In Your City! News24 –

New Delhi: Gold rate today in India (22 carat) fell to Rs 70,940 per 10 gram (gm), according to “Good Returns .” While, 24 carat gold rate was quoted at Rs 77,390 per 10 gm. As far as yellow metal prices of 18 carat purity is concerned, its prices traded at Rs 58,040 per 10 gm.  While, silver price today was also down Rs 100 per kg to Rs 94,900 per kg.

MCX Gold & Silver Rate

In futures trade, gold contracts for October delivery traded 0.10% higher at Rs 74,930 per 10 gm on the Multi Commodity Exchange (MCX) at the time of writing this article. While, silver contracts for December delivery traded in green at Rs 91,400 per 1 kg.

Gold And Silver Prices Today In Different Cities In India:

Gold Rate Fall Reason:

Gold Rate Fall Reasons could be the following:
1. Strong US GDP Data:
The Bureau of Economic Analysis (BEA) of the US reported that the country’s Gross Domestic Product (GDP) growth rate increased to 3% in the second quarter of the current calendar year from 1.6% in the first quarter. Improvement in US economy paves way for stock market surge and not gold rate hike as investors bet more on the markets than commodities when economy does well.

2. Profit Booking

Another gold rate fall reason is profit booking. Prices of the yellow metal had risen to all time high of around Rs 78,000 per 10 gm in New Delhi on Thursday, September 26, 2024. After interest rate cut cycle kick-off by western central banks, gold rates have surged, recently. In last one week, prices are up close to 2%, while, in last one month, the oldest commodity known to mankind has become costlier by more than 5%.