Gold Rate Today: 24K Near Rs 1.47 Lakh as Prices Stay Under Pressure

Gold prices remained under pressure today after a sharp decline in the previous session, as investors assessed the outlook for US interest rates, inflation and energy prices. Retail 24-carat gold was trading at around ₹1.47 lakh per 10 grams in several major Indian cities, while 22-carat gold was priced at around ₹1.35 lakh per 10 grams, according to the latest retail rates. The precious metal has also remained in focus ahead of the festive season, when demand for gold jewellery traditionally increases across India.

According to the latest city-wise rates, 24-carat gold was priced at ₹1,46,543 per 10 grams in Mumbai and ₹1,46,761 in Delhi. In Bengaluru, the rate stood at ₹1,46,189 per 10 grams, while Kolkata recorded ₹1,47,413 and Chennai ₹1,46,244. For 22-carat gold, Mumbai and Delhi were both at ₹1,34,233 per 10 grams. Bengaluru recorded ₹1,33,909, while Kolkata was at ₹1,35,031 and Chennai at ₹1,33,959. These figures are retail rates and can vary between jewellers and locations depending on local market conditions and other charges.

Internationally, spot gold was trading around $4,125 per ounce after falling to a more than seven-week low in the previous session. Gold prices have faced pressure from expectations that the US Federal Reserve could keep interest rates higher for longer, which can reduce the appeal of non-yielding assets such as gold. Concerns over elevated crude oil prices and inflation have also influenced market sentiment, with investors closely watching economic data from the United States for clues about the future path of monetary policy.

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Spot gold subsequently edged higher today, rising 0.4 per cent to around $4,130.58 an ounce by 0407 GMT, after touching its lowest level since August 5 during the previous session. US gold futures, however, declined 0.2 per cent to $4,162.20. The movements reflected continued uncertainty among investors as markets assessed whether inflationary pressures and energy costs could influence the Federal Reserve's approach to interest rates in the coming months.

Geopolitical developments are another factor being closely monitored by the gold market. Continued tensions can contribute to higher energy prices and bond yields, potentially affecting investor demand for the precious metal, while signs of meaningful de-escalation could reduce some of those pressures. Market strategist Christopher Tahir of Exness said geopolitical developments would remain important for gold, particularly because changes in tensions could influence energy prices and yields. Investors are also awaiting a series of US economic indicators that could provide further signals about the direction of interest rates.

For Indian consumers, the quoted rates should be treated as an indication of the prevailing retail price rather than the final amount payable for jewellery. The actual bill can be higher because jewellers may add making charges, applicable taxes and GST. Prices can also differ between cities and individual jewellers. With the festive season approaching, buyers are therefore likely to keep a close watch on daily gold rates before making purchases, particularly as international market movements continue to influence domestic prices.

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