Saturday, 20 April 2024
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EconomyIndia

On April 10, Gold Prices Exhibit Signs of Slowing Down

On Monday, April 10, as the market started for trade in the new week, gold‘s price declined and it remained the most expensive metal in Chennai out of all the country’s major cities.

Gold futures on the Multi Commodity Exchange (MCX) in India fell by 0.65% at 10:21 AM to trade at Rs 60,119. The price of silver futures decreased by 0.26 percent to trade at Rs 74,378 and demonstrated negative movement as well.

Gold Price in India

Gold’s movement in India was influenced by what happened on the global market, where it lost around 1% and dropped below $2000.

Following job data that indicated a tight labor market and increased expectations of another rate hike by the US Federal Reserve next month, the global economy slowed down.

  • Gold futures on the MCX in India fell by 0.65% at 10:21 AM to trade at Rs 60,119.
  • Price in the Indian retail market dropped by Rs 390 to Rs 55,400 for 10g of 22-carat gold.
  • Silver retailed for Rs 76,300 per kg, down Rs 300 from the previous level.

As of 04:02 GMT, spot gold was down 0.9% at $1,990.69 per ounce, while U.S. gold futures were down 1% at $2,006.30.

For 10 grams of 22-carat gold, the price in the Indian retail market dropped by Rs 390 to Rs 55,400.

Similar amounts of the higher 24-carat gold were being sold for Rs 48,344, which is a decrease of Rs 344 from the previous level. Silver retailed for Rs 76,300 per kg, down Rs 300 from the previous level.

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