Gold Rate Today, April 24: Why prices are falling this WEEK? Check city-wise rates in Delhi, Mumbai, Chennai, others

Gold Rate Today, April 24: Why prices are falling this WEEK? Check city-wise rates in Delhi, Mumbai, Chennai, others

Gold Rate Today, April 24: Gold prices traded nearly flat on Friday but remained on track for a weekly decline, snapping a four-session streak of weekly gains. The drop was largely weighed down by the strength of the US dollar, while investors closely monitored developments in the Middle East.

As of 5:15 AM, gold was up 0.1 per cent at USD 4,698.25. However, prices were down 1.9 per cent for the week so far, breaking the four-week rising trend. On the domestic front, gold futures for the June contract on the Multi-Commodity Exchange (MCX) settled 0.3 per cent higher, or Rs 381 up, at Rs 152,142.

Stronger dollar pressures gold

On the currency side, the US dollar, measured against a basket of six major currencies, was trading nearly flat at 98.83. However, it has gained 0.6 per cent so far this week. A stronger dollar puts pressure on gold prices, as it makes the yellow metal less attractive to foreign buyers.

Rising oil prices add to pressure

Bullion prices also faced pressure from rising oil prices. Both crude oil benchmarks, WTI and Brent, were on track for weekly gains. Higher oil prices can fuel inflation, which may reduce the likelihood of interest rate cuts. This creates a less favourable environment for gold.

Geopolitical developments in focus

Investors worldwide are closely watching developments in the Middle East, as updates on US-Iran relations could significantly impact gold’s outlook.

On the geopolitical front, US President Donald Trump announced a three-week extension of the ceasefire between Hezbollah and Israel after meeting Israeli and Lebanese envoys at the White House.

Additionally, Trump stated that he “could make a deal right now” with Iran but is willing to wait for an opportunity to secure a more “everlasting” agreement.

Focus shifts to FOMC meeting and inflation data

Market attention is now turning to the upcoming FOMC meeting scheduled for April 29, which is expected to provide insights into the health of the world’s largest economy. Investors will also closely monitor inflation data due next week.

City-wise 24K, 22K and 18K Gold rate (Per 10 Grams)

Gold prices across major Indian cities show minimal variation, indicating a largely uniform national pricing trend. Delhi and Lucknow have the highest rates, while Bengaluru, Mumbai, Kerala, Kolkata, and Hyderabad share similar lower levels. Chennai stands out with the highest 24k and 22k prices, reflecting slightly stronger regional demand or pricing factors.

Article source: etnownews.com