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Gold Rate Today (May 17, 2024): Rates Across Major Indian Cities

Gold Rate Today (May 17, 2024): Rates Across Major Indian Cities
On Friday, there was a noticeable decrease in gold rates across India. In Delhi, the current price for 10 grams of 24-carat gold stands at ₹73,900. Meanwhile, on the MCX, gold contracts for June delivery experienced a drop of ₹270, settling at ₹73,750 per 10 grams. The decline in gold prices today is believed to be influenced by the uncertainties over interest rate cuts later this year and currency value fluctuations.

Here is an extensive daily list to give you the most recent information on gold prices in India's key cities.

Check gold rates in different cities on 17th May 2024

City
22-Carat
24-Carat
Delhi
₹67,750
₹73,900
Mumbai
₹67,600
₹73,750
Kolkata
₹67,600
₹73,750
Chennai
₹67,700
₹73,850
Bengaluru
₹67,600
₹ 73,750
Hyderabad
₹67,600
₹ 73,750
Ahmedabad
₹67,650
₹ 73,800
Pune
₹67,600
₹73,750
Surat
₹67,650
₹73,800
Nagpur
₹67,600
₹73,750
Kerala
₹67,600
₹73,750
Vijayawada
₹67,600
₹73,750

Click to view the details of the gold rate on May 16th, 2024

Markets remain tense as US and European futures make modest gains ahead of the anticipated US CPI data release. Federal Reserve Chair Jerome Powell's recent remarks have highlighted persistent inflation concerns, contributing to the uneasy atmosphere. The Consumer Price Index (CPI) is projected to show a year-over-year increase of 5.0%, maintaining the same rate as the previous month. This data will be closely scrutinized, as it could influence the Federal Reserve's stance on interest rates and future monetary policy decisions.

“COMEX Gold prices fell 0.4% on Thursday as hawkish comments by a few Fed officials tempered optimism regarding rate cuts. Federal Reserve Bank of Richmond President Thomas Barkin and his New York John Williams reiterated that the US central bank needs to keep borrowing costs elevated for longer to lower inflation to its 2% target, hinting that just one softer inflation reading won’t be enough to prompt rate cuts. Investors now look ahead to speeches by Fed officials today as more hawkish remarks may push traders to recalibrate rate cut bets,” says Kaynat Chainwala, Senior Manager – Commodity Research at Kotak Securities.

COMEX gold prices are fluctuating around $2,380 per troy ounce, while spot gold prices are hovering near $2,377 per ounce. This marginal difference indicates a stable gold market, with both COMEX and spot prices showing a slight increase from the previous day's closing prices. The steadiness in the gold market is influenced by a weakened dollar and lower US Treasury yields, which have bolstered investor confidence. Additionally, the anticipation of a potential Federal Reserve interest rate cut continued to support gold prices earlier this week.

“Gold surged to a near one-month high on Wednesday, supported by a weaker dollar and lower Treasury yields after U.S. consumer prices rose less than expected in April, increasing the likelihood of a Federal Reserve interest rate cut. The 0.3% CPI rise in April, down from previous months, suggests a continued downward trend in inflation, bolstering market expectations for a September rate cut. Gold prices are likely to stay afloat, driven by a weaker dollar and lower Treasury yields amid growing expectations of a Federal Reserve rate cut,” says Saish Sandeep Sawant Dessai, Analyst, base metals, Angel One.

Gold rates experience daily fluctuations due to a myriad of short- and long-term factors. These include considerations such as shifts in supply and demand, economic indicators, geopolitical developments, currency movements, investor sentiment, and more. Given the dynamic nature of the precious metals market, effective monitoring and analysis of pricing data are crucial for investors and traders to make informed investment decisions.

While these data points offer valuable insights into market trends and factors driving price movements, investors are advised to perform their own due diligence before making any investment decisions. As the day progresses, it is important for investors to remain vigilant and monitor gold rates closely for any emerging trends or market developments. By staying informed about these daily price fluctuations, investors can identify potential trading opportunities and make well-informed investment decisions.

For daily updates and in-depth analysis of gold rates, continue following our coverage on Business Insider India.

Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. Rates are subject to change from time to time and across multiple geographical locations. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.

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