Gold Prices in India Decline Due to Profit-Taking
Today, gold prices in India took a downward turn following the release of lower-than-expected U.S. producer price data. Analysts believe that profit-taking played a significant role in this decline.
22k Gold Prices
The price of 22k gold dropped by Rs 250 to Rs 65,900 per 10 grams. Similarly, the price of 100 grams of 22 carat gold fell by Rs 2,500 to Rs 6,59,000 on June 14, 2024.
24K Gold Prices
24k gold prices also witnessed a decline, slipping by Rs 270 to Rs 71,890. The price for 100 grams of 24 carat gold dipped by Rs 2,700 to Rs 7,18,900 on the same day.
18k Gold Prices
In addition, 18k gold prices in India saw a decrease of Rs 200, settling at Rs 53,920. The price for 100 grams of 18 carat gold fell by Rs 2,000 to Rs 5,39,200.
U.S. Federal Reserve’s Decision
Earlier in the week, the U.S. Federal Reserve decided to keep rates unchanged and projected only one rate cut for 2024. This decision came despite some progress in inflation, as indicators for growth and unemployment remained at levels considered sustainable by the central bank.
Impact on Spot Gold
Spot gold experienced a decline of more than 1%, reaching $2,299.61 per ounce, while U.S. gold futures slipped by 1.7% to $2,315.40. Additionally, spot silver dropped by 2.8% to $28.88 per ounce, platinum slipped by 1.3% to $951.30, and palladium fell by 2.1% to $887.50.
Expert Analysis
Tai Wong, an independent metals trader based in New York, noted that gold’s inability to sustain rallies despite bullish data suggests widespread profit-taking. He also mentioned uncertainty regarding Chinese buying interests, speculating that they might resume at lower price levels.
Silver Prices in India
Silver prices in India followed a similar downward trend, slipping by Rs 200 to Rs 90,500 per kilogram, with 100 grams of silver dropping by Rs 20 to Rs 9,050 on June 14.
Recent Price Movements
Looking back at the last 10 days, gold prices fluctuated, with declines and occasional increases. Similarly, silver prices displayed a volatile pattern over the same period, reflecting changing market sentiments and economic factors.