Gold Rate Today (May 23, 2024): Prices in Major Indian Cities
May 23, 2024, 15:54 IST
On Thursday, there was a noticeable decrease in gold rates across India. In Delhi, the current price for 10 grams of 24-carat gold stands at ₹ 73,570. Meanwhile, on the MCX, gold contracts for June delivery experienced a drop of ₹1,090 settling at ₹ 73,420 per 10 grams. The shrink 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.
COMEX gold prices saw a decline of 0.3%, settling at $2,370.74 per ounce as of 0335 GMT, following a drop of over 1% in the preceding session. The precious metal had reached an all-time high of $2,449.89 on Monday. Concurrently, U.S. gold futures witnessed a decrease of 0.8%, trading at $2,373.00. The dip in prices reflects ongoing fluctuations in the global market sentiment and investor behavior towards safe-haven assets.
The day began positively for the Nifty index, but sustained buying was lacking, leading to a consolidation phase within a 100-point range. A surge of optimism in the final hour pushed prices near 22600, ending with a modest 0.31% gain. Despite extending gains for the fifth consecutive session, bullish momentum slowed, noticeable from small body candles near a significant resistance level. Caution is advised amid approaching election results, with profit booking suggested and aggressive long positions cautioned against.
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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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 23rd May 2024
| City | 22-Carat | 24-Carat |
| Delhi | ₹ 67,450 | ₹ 73,570 |
| Mumbai | ₹ 67,300 | ₹ 73,420 |
| Kolkata | ₹ 67,300 | ₹ 73,420 |
| Chennai | ₹ 67,500 | ₹ 73,640 |
| Bengaluru | ₹ 67,300 | ₹ 73,420 |
| Hyderabad | ₹ 67,300 | ₹ 73,420 |
| Ahmedabad | ₹ 67,350 | ₹ 73,470 |
| Pune | ₹ 67,300 | ₹ 73,420 |
| Surat | ₹ 67,350 | ₹ 73,470 |
| Nagpur | ₹ 67,300 | ₹ 73,420 |
| Kerala | ₹ 67,300 | ₹ 73,420 |
| Vijayawada | ₹ 67,300 | ₹ 73,420 |
COMEX gold prices saw a decline of 0.3%, settling at $2,370.74 per ounce as of 0335 GMT, following a drop of over 1% in the preceding session. The precious metal had reached an all-time high of $2,449.89 on Monday. Concurrently, U.S. gold futures witnessed a decrease of 0.8%, trading at $2,373.00. The dip in prices reflects ongoing fluctuations in the global market sentiment and investor behavior towards safe-haven assets.
The day began positively for the Nifty index, but sustained buying was lacking, leading to a consolidation phase within a 100-point range. A surge of optimism in the final hour pushed prices near 22600, ending with a modest 0.31% gain. Despite extending gains for the fifth consecutive session, bullish momentum slowed, noticeable from small body candles near a significant resistance level. Caution is advised amid approaching election results, with profit booking suggested and aggressive long positions cautioned against.
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.
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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.