Gold prices today: Metal down 0.5% on MCX, declines to $2,326/ounce in global market; check local rates

Gold prices continued to edge lower, with the yellow metal opening 0.5% down on India’s Multi Commodity Exchange (MCX) as compared to the last closing price. In the international market, the rates had declined by up to 0.3%.

At MCX, the metal was trading at Rs 71,333 per 10 gram at 10:45 am, marking a plunge of 0.46% as compared to the last closing price. In New York, gold was trading at $2,325.8 an ounce at 0520 hours GMT, down 0.31% as against the preceding day’s close.

Notably, gold had peaked to an all-time high on April 12, when the price touched $2,431.29 an ounce in anticipation of Iranian strikes on Israel. Tehran had vowed to carry out strikes in retaliation to a suspected Israeli attack on its Damascus consulate that killed 7 personnel.

Tehran’s attack on April 13 only caused a modest infrastructural damage with no loss of lives. On April 19, Israel reportedly carried out retaliatory aerial strikes in Iran, which failed to cause any major damage to lives or properties.

Since then, the two countries have not indicated any further escalation, which has eased the concerns in the commodities market.

Gold rates in Indian cities

• The per 10-gram of 24 karat gold was trading at a retail price of ₹73,748 in Mumbai, down 1.27% as against the previous day’s close.
• In New Delhi, the price decreased by 0.3% to ₹73,893.
• In Kolkata, the rate was down 0.7% at ₹74,255.
• In Chennai, gold gained by 0.4% to trade at ₹74,399 in the retail market.
• In Bengaluru, the rate climbed by 0.7% to ₹74,399.

Even as gold prices have edged lower since the past week, the metal’s bull run is expected to continue due to global macroeconomic uncertainties, say analysts. In a forecast released earlier this month, Citi Research, said gold could hit the $3,000 an ounce mark in the period of next six to 18 months. It sees the baseline at $2,350 per ounce in 2024, higher by 6.8% as compared to its previous forecast.

For 2025, Citi Research has increased the gold’s estimated baseline to $2,875 per ounce, marking an upward revision of 40%. The metal is likely to test and surpass the $2,500 mark several times in this calendar year, it projected.