Subdued domestic demand led to significant price reductions across Indian retail centers and commodity exchanges on Friday. On the Multi Commodity Exchange, December gold contracts dropped 1.51 per cent to close at Rs 1,41,917 per 10 grams over 2,152 lots. This local decline aligned with overseas trends, where New York gold futures similarly dropped 0.94 per cent to trade at $4,049.43 per ounce. Retail outlets in major cities consequently adjusted rates lower across 24K, 22K, and 18K purity categories.
Key points
Muted spot demand directly triggered broad market drops across both domestic exchanges an…: Muted spot demand directly triggered broad market drops across both domestic exchanges and metropolitan retail counters.
Overseas markets mirrored the domestic downward trend with New York gold futures declinin…: Overseas markets mirrored the domestic downward trend with New York gold futures declining by nearly one per cent.
Uniform price reductions were tracked nationwide across all primary purity tiers, includi…: Uniform price reductions were tracked nationwide across all primary purity tiers, including 24K, 22K, and 18K gold.
Sources checked by our analysis pipeline: 1
Gold prices declined sharply in futures trade on Friday amid weak spot demand, with retail rates also falling across major Indian cities.
Prices of 24K, 22K and 18K also gold recorded declines.
On the Multi Commodity Exchange (MCX), gold contracts for December delivery fell by Rs 2,178, or 1.51 per cent, to Rs 1,41,917 per 10 grams in a business turnover of 2,152 lots.
Analysts attributed the decline in precious metal prices to weaker spot demand, according to news agency PTI.
In the international market, gold futures declined by 0.94 per cent to $4,049.43 per ounce in New York.
City-wise gold rates today
Gold rate in Bengaluru today:
Gold prices in Bengaluru have declined. The 24K gold rate stands at Rs 14,346 per gram, while 22K gold is priced at Rs 13,150 and 18K at Rs 10,759 per gram. All three categories have fallen from their previous rates.
Gold rate in Delhi today:
In Delhi, the 24K gold rate is Rs 14,361 per gram, while 22K gold stands at Rs 13,165 and 18K at Rs 10,764. Prices across all three…
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