Gold Price Update (May 16, 2024): Rates in Mumbai, Delhi, Kolkata, Bengaluru, Chennai, and other Indian cities
May 16, 2024, 11:48 IST
On Thursday, gold rates saw a subtle increase across India. In Delhi, 10 grams of 24-carat gold would cost you ₹74,170 today. Meanwhile, on the MCX, gold contracts for June delivery traded higher by ₹10, settling at ₹ 73,260 per 10 grams. The rising gold prices this week reflect increased investor interest amid global economic uncertainties and fluctuating currency values, driving demand for this precious metal.
Here is an extensive daily list to give you the most recent information on gold prices in India's key cities.
Click to view the details of the gold rate on May 15th, 2024
In the context of the enduring appeal of gold as a symbol of wealth and stability, its recent performance stands out, having surpassed the Nifty 50 with an impressive 18% compound annual growth rate (CAGR) over a five-year period. This trend coincides with central banks globally increasing their gold reserves amidst prevailing economic uncertainties and concerns surrounding currency devaluation. Investment advisors often recommend allocating funds to gold, particularly through vehicles like gold ETFs and Sovereign Gold Bonds, as a means of diversifying portfolios and securing stable returns, especially during economic downturns.
“COMEX Gold prices rose more than 1% on Wednesday and is only 2% shy off an all-time high of $2448.8 per troy ounce notched in April 2024. The yellow metal was buoyed by a weaker dollar and lower US benchmark treasury yields, after the inflation numbers indicated a cool down, strengthening expectations of an interest rate cut by the Federal Reserve. Investors now look ahead to weekly jobless claims data and the Philadelphia Fed manufacturing index later today,” says Kaynat Chainwala, Senior Manager – Commodities Research at Kotak Securities.
The recent market dynamics were influenced by remarks made on Wednesday by the Federal Reserve Chair regarding unexpectedly high Producer Price Index (PPI) data, which were termed "mixed." Consequently, gold prices experienced a surge not only in Delhi and other parts of India but also on a global scale. This upswing in gold prices reflects investors' apprehensions regarding potential inflationary pressures and the broader uncertainty in the economic landscape.
“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. Traders are now pricing in a 74% chance of a rate cut in September,” said Saish Sandeep Sawant Dessai, Analyst, base metals at Angel One Ltd.
Gold's status as a reliable hedge against inflation is well-established, attributed to its historical tendency to either maintain or increase in value during periods of inflationary pressure. Consequently, investors seeking to safeguard their wealth from the adverse effects of inflation find gold an attractive investment option.
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 to assist investors in navigating the gold market effectively, investors are advised to perform their own due diligence before making any investment decisions. As the day progresses, we encourage 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.
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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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 16th May 2024
| City | 22-Carat | 24-Carat |
| Delhi | 68,000 | 74,170 |
| Mumbai | 67,850 | 74,020 |
| Kolkata | 67,850 | 74,020 |
| Chennai | 67,950 | 74,130 |
| Bengaluru | 67,850 | 74,020 |
| Hyderabad | 67,850 | 74,020 |
| Ahmedabad | 67,900 | 74,070 |
| Pune | 67,850 | 74,020 |
| Surat | 67,900 | 74,070 |
| Nagpur | 67,850 | 74,020 |
| Kerala | 67,850 | 74,020 |
| Vijayawada | 67,850 | 74,020 |
Click to view the details of the gold rate on May 15th, 2024
In the context of the enduring appeal of gold as a symbol of wealth and stability, its recent performance stands out, having surpassed the Nifty 50 with an impressive 18% compound annual growth rate (CAGR) over a five-year period. This trend coincides with central banks globally increasing their gold reserves amidst prevailing economic uncertainties and concerns surrounding currency devaluation. Investment advisors often recommend allocating funds to gold, particularly through vehicles like gold ETFs and Sovereign Gold Bonds, as a means of diversifying portfolios and securing stable returns, especially during economic downturns.
“COMEX Gold prices rose more than 1% on Wednesday and is only 2% shy off an all-time high of $2448.8 per troy ounce notched in April 2024. The yellow metal was buoyed by a weaker dollar and lower US benchmark treasury yields, after the inflation numbers indicated a cool down, strengthening expectations of an interest rate cut by the Federal Reserve. Investors now look ahead to weekly jobless claims data and the Philadelphia Fed manufacturing index later today,” says Kaynat Chainwala, Senior Manager – Commodities Research at Kotak Securities.
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“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. Traders are now pricing in a 74% chance of a rate cut in September,” said Saish Sandeep Sawant Dessai, Analyst, base metals at Angel One Ltd.
Gold's status as a reliable hedge against inflation is well-established, attributed to its historical tendency to either maintain or increase in value during periods of inflationary pressure. Consequently, investors seeking to safeguard their wealth from the adverse effects of inflation find gold an attractive investment option.
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 to assist investors in navigating the gold market effectively, investors are advised to perform their own due diligence before making any investment decisions. As the day progresses, we encourage 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.
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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.