Gold Rate Today In India: On June 14, the price of 10 grams of gold fell to below Rs 71,900. Pure 24-carat gold was priced at Rs 71,890 per 10 grams, while 22-carat gold remained at Rs 65,900 per 10 grams. However, the price of silver rose to Rs 90,500 per kilogram.
India’s reliance on imported gold largely influences domestic prices, which closely mirror global trends. Additionally, the cultural importance of gold in India, particularly during festivals and weddings, can impact demand levels.
Gold rate today in India: Retail gold price on June 14
Check gold rates today in different cities on June 14, 2024; (In Rs/10 grams)
Multi Commodity Exchange
On June 12, 2024, the Multi Commodity Exchange (MCX) saw active trading in gold futures contracts expiring on August 05, 2024, at Rs 71,358 per 10 grams. Silver futures contracts expiring on July 5, 2024, were quoted at Rs 88,338 on the MCX.
Rahul Kalantri, vice-president (commodities) at Mehta Equities Ltd, said, “Gold and silver prices slipped amid a rebound in the dollar index following hawkish comments from the US Federal Reserve on interest rate cuts. While US CPI inflation eased in May and PPI data released on Thursday indicated that inflation is easing, the Federal Reserve remains hawkish, surprising markets. However, US jobless claims surged once again last week to 242,000, compared to the expected 225,000, which could support gold and silver prices at lower levels.”
Gold has support at $2,288-$2,272, with resistance at $2,322-$2,340. Silver has support at $28.85-$28.65, with resistance at $29.28-$29.45, he said.
“In rupee terms, gold has support at Rs 70,890-70,680, with resistance at Rs 71,420-72,640. Silver has support at Rs 87,340-86,780, with resistance at Rs 88,720-89,450,” Kalantri added.
Retail Cost of Gold
The retail price of gold in India, which represents the final cost per unit weight for consumers, is influenced by various factors beyond the metal’s intrinsic value.
Gold carries significant cultural importance in India, acting as a major investment and playing a crucial role in traditional weddings and festivals.
Amid continuous market fluctuations, investors and traders closely watch these dynamics. Stay tuned for further updates on this evolving story.
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