Gold prices today: Metal flat on MCX, trades at $2,356 an ounce in global market; check rates in Indian cities

Gold futures traded flat on India's Multi Commodity Exchange (MCX) in the early trading hours of Wednesday, reflecting the stagnation in prices seen in the global market in recent days.

The per 10 gram of the yellow metal, for August 2024 delivery, was valued at ₹72,610 on the MCX at 11:04 am, up marginally by 0.03% as against the previous day's close.

Similarly, spot gold was trading at $2,357.7 an ounce in the international market at 0540 hours, down only 0.02% as against the last closing price.

Notably, gold prices have rallied since the outbreak of Covid-19 pandemic in March 2020, with the prices rising by around 43% in the last four-year period. In 2024 so far, the metal has gained by about 9%.

However, gold's momentum slowed down since mid-April, when it peaked to it all-time high of $2,429 an ounce owing to the heightened tensions between Iran and Israel. With the threat of a direct military confrontation between the two arch rivals ebbing, the prices began edging lower and dipped below the $2,300 an ounce-mark in early May.

The renewed tensions due to an impending Israeli offensive in Rafah, the southernmost Gaza enclave, pushed the prices back to around $2,350 level, analysts said.

What are the retail gold rates in Indian cities?

• As per the retail rates tracked by Upstox, the per 10 gram of 24 karat gold in Mumbai was trading at ₹73,492, down 0.64%.
• In New Delhi, the retail prices increased by 1.2% to ₹74,577.
• In Chennai, the rate rose by 0.73% to ₹74,433, and it increased by 1.82% in Bengaluru to ₹74,650.
• In Kolkata, the price declined marginally by 0.06% to ₹73,637.

Despite the recent stagnation in gold prices, analysts see the metal climbing an upward trajectory, due to the ongoing global uncertainties. Citi Research, a in a forecast released last month, said the metal is estimated to touch the $3,000 an ounce mark in the international market in the next 6 to 18 months.