Gold Price Today: 24K Gold Drops to Rs 1.57 Lakh in Delhi, Mumbai

Gold price today continued its downward trajectory on Tuesday, with prices in the futures market retreating to the Rs 1.57 lakh mark per 10 grams. This decline follows a period of volatility, primarily driven by profit-booking among investors and a strengthening US Dollar, which has dampened the appeal of the yellow metal in domestic markets.

MCX Trends and Market Sentiments

On the Multi Commodity Exchange (MCX), gold for April delivery witnessed a sharp contraction. The precious metal eased by Rs 677, or 0.43%, reaching Rs 1,57,389 per 10 grams. This correction comes immediately after a 1.7% gain in the previous session, suggesting that the market is currently undergoing a healthy consolidation phase.

Market analysts point toward global cues as the primary catalyst for this slide. The US Dollar Index (DXY) rose marginally by 0.09% to 96.90. Historically, a stronger dollar makes gold more expensive for holders of other currencies, leading to a natural cap on bullion prices. In the absence of strong global triggers, domestic traders opted to secure profits at higher levels.

City-wise Gold Price Today Breakdown

Retail gold prices vary across Indian cities due to local taxes, octroi, and making charges. While major metros like Mumbai and Kolkata share similar pricing structures, Delhi and Chennai often see variations due to logistical costs and regional demand.

In the national capital, gold remains slightly higher than the national average. Meanwhile, southern markets like Bangalore and Hyderabad continue to mirror the base prices seen in Mumbai.

Understanding Purity: 18K vs 22K vs 24K

For buyers, understanding the difference in purity is essential. 24K gold is considered 99.9% pure but is typically too soft for intricate jewelry. Most Indian households prefer 22K gold (91.6% purity) for ornaments, while 18K gold is increasingly popular for diamond-studded jewelry due to its durability.

24K and 22K Gold Price Today in Major Metros

The following rates reflect the retail market prices as of Tuesday:

City	24K Gold (per gram)	22K Gold (per gram)	18K Gold (per gram)
Delhi	Rs 15,806	Rs 14,490	Rs 11,859
Mumbai	Rs 15,791	Rs 14,475	Rs 11,844
Ahmedabad	Rs 15,796	Rs 14,480	Rs 11,849
Chennai	Rs 15,906	Rs 14,580	Rs 12,530
Bangalore	Rs 15,791	Rs 14,475	Rs 11,844

Factors Influencing Gold Rates in India

Several factors beyond the US Dollar influence the gold price today. These include:

Import Duties: Any fluctuation in government tax policy directly impacts the landing cost.
Central Bank Reserves: Actions by the RBI in terms of gold reserves signal market confidence.
Wedding Season Demand: India’s seasonal demand often keeps premiums high even when global prices fall.

Investors are advised to keep a close eye on the Federal Reserve’s upcoming commentary, as any hint regarding interest rates could further sway the dollar index and, consequently, gold prices.

To learn more, follow Shabdsanchi’s social media pages today and stay updated.