Gold prices in India experienced a slight decline on October 14, 2024, influenced by a stronger US dollar and market anticipation surrounding the Federal Reserve’s monetary policy. Here’s a summary of the key points:
Current Gold Prices
- 22k Gold:
- ₹71,150 per 10 grams (down ₹50)
- ₹7,115 per gram
- 24k Gold:
- ₹77,620 per 10 grams (down ₹50)
- ₹7,762 per gram
- 18k Gold:
- ₹58,220 per 10 grams (down ₹40)
- ₹5,822 per gram
- Silver:
- ₹97,000 per kg (unchanged)
Market Insights
Analysts from Motilal Oswal forecast a 5-7% correction in gold prices, advising traders to consider buying on dips. They anticipate that gold prices could reach ₹86,000 per 10 grams within the next two years, driven by robust demand during the ongoing festive season.
Global Influences
The strengthening of the US dollar and expectations of interest rate cuts by the Federal Reserve are contributing to the downward pressure on gold prices. Spot gold fell 0.4% to $2,646.75 per ounce, while spot silver decreased by 1% to $31.21 per ounce.
Price Trends
In the past 10 days, 22k gold prices in India have shown fluctuations, with small increases and decreases leading up to today’s rates.
Overall, while there is a cautious outlook on gold prices due to potential corrections, the festive season’s demand could provide a significant boost in the longer term.
Leave a Reply