Gold Futures Experience Decline Amidst Falling Spot Demand
On Thursday, gold prices in the futures market witnessed a notable decline, primarily driven by a reduction in spot demand. According to market data, gold contracts for April delivery on the Multi-Commodity Exchange (MCX) fell by Rs 539, or 0.33 per cent, settling at Rs 1,60,606 per 10 grams. The business turnover for these contracts was recorded at 647 lots, indicating subdued trading activity.
Analysts Attribute Fall to Weak Global Cues
Analysts, as reported by news agency PTI, have attributed this decline to weak global cues, despite gains observed in international markets. In a contrasting trend, gold futures in New York rose by 0.59 per cent to $5,196.38 per ounce. This divergence highlights the complex interplay between local demand factors and global market movements influencing gold prices in India.
City-Wise Gold Rates Show Widespread Declines
Across major Indian cities, gold rates for various karats experienced declines compared to the previous day. Here is a detailed breakdown:
- Bengaluru: 24K gold stands at Rs 16,102 per gram (down Rs 87), 22K at Rs 14,760 (down Rs 80), and 18K at Rs 12,077 (down Rs 65).
- Delhi: 24K gold is priced at Rs 16,183 per gram (down Rs 21), 22K at Rs 14,835 (down Rs 20), and 18K at Rs 12,141 (down Rs 16).
- Mumbai: 24K gold rate is Rs 16,102 per gram (down Rs 87), 22K at Rs 14,760 (down Rs 80), and 18K at Rs 12,077 (down Rs 65).
- Chennai: 24K gold trades at Rs 16,277 per gram (down Rs 11), 22K at Rs 14,920 (down Rs 10), while 18K remained unchanged at Rs 12,765.
- Kolkata: 24K gold records Rs 16,102 per gram (down Rs 87), 22K at Rs 14,760 (down Rs 80), and 18K at Rs 12,077 (down Rs 65).
- Hyderabad: 24K gold sees Rs 16,102 per gram (down Rs 87), 22K at Rs 14,760 (down Rs 80), and 18K at Rs 12,077 (down Rs 65).
- Ahmedabad: 24K gold is priced at Rs 16,173 per gram (down Rs 21), 22K at Rs 14,825 (down Rs 20), and 18K at Rs 12,131 (down Rs 16).
- Jaipur: 24K gold rate stands at Rs 16,183 per gram (down Rs 21), 22K at Rs 14,835 (down Rs 20), and 18K at Rs 12,141 (down Rs 16).
- Bhubaneswar: 24K gold retails at Rs 16,102 per gram (down Rs 87), 22K at Rs 14,760 (down Rs 80), and 18K at Rs 12,077 (down Rs 65).
- Pune: 24K gold records Rs 16,102 per gram (down Rs 87), 22K at Rs 14,760 (down Rs 80), and 18K at Rs 12,077 (down Rs 65).
- Kanpur: 24K gold price is Rs 16,183 per gram (down Rs 21), 22K stands at Rs 14,835 (down Rs 20), and 18K at Rs 12,141 (down Rs 16).
This widespread decline in city-wise rates underscores the impact of reduced spot demand and global economic factors on the domestic gold market. Investors and consumers are advised to monitor these trends closely for informed decision-making.
