Gold prices today: Metal flat at MCX; check retail rates in Indian cities ahead of Akshaya Tritiya 2024
Upstox
2 min read • Updated: May 9, 2024, 11:34 AM
Summary
In recent days, the prices have softened from the all-time highs clocked last month. In the global market, spot gold was trading at $2,316 an ounce at 0530 hours GMT, up 0.3% as against the previous day’s close.
Gold opened almost flat at India’s Multi Commodities Exchange (MCX) on Thursday, May 9, which is largely in line with the calm movement seen in the metal’s price over the past week.
The per 10 gram of the metal, for June delivery, was trading at ₹71,230 in the opening hour on MCX, up marginally by 0.1% as against the previous day’s close.
In the global market, spot gold was trading at $2,316 an ounce at 0530 hours GMT, up 0.3% as against the previous day’s close.
Also Read: Citi forecasts gold to touch $3,000 an ounce in 6-18 months
Notably, gold prices have cooled off from the all-time highs clocked last month. The spot gold rate had peaked to $2,429 an ounce – the highest-ever – on April 12 in anticipation of Iranian strikes on Israel.
Towards the end of April, Iran and Israel appeared to have climbed down the escalation ladder, analysts said, adding that this in turn eased the jittery commodities market.
In the first week of May, gold dropped below the $2,300 an ounce-mark – marking its lowest in over a month – as the threat of an Iran-Israel military face-off subsided and the US Federal Reserve sounded non-committal for rate cuts in this calendar year.
What are the retail gold rates in Indian cities?
In the Indian retail market, the demand for gold was expected to shoot up ahead of Akshaya Tritiya – a day considered as auspicious by the Hindu community for buying gold. The festival will be observed on Friday, May 10.
Ahead of Akshaya Tritiya 2024, here are the retail rates in major Indian cities, as tracked by Upstox:
- The per 10 gram of 24 karat gold in Mumbai was trading flat at ₹73,006
- In New Delhi, the retail prices fell by 0.7% to ₹73,293.
- In Chennai, the rate rose by 0.26% to ₹73,938, and it remained largely changed in Bengaluru at ₹73,006.
- In Kolkata, the price declined by 1.3% to ₹73,651.
Check gold rates in other Indian cities here
According to analysts, the global demand for gold is expected to remain strong in the medium-to-long term. The price could peak to $3,000 an ounce in the international market, as per a forecast released by Citi Research last month. The metal has already risen by around 43% since the outbreak of COVID-19 pandemic in March 2020.