Gold prices in India recorded decline yet again for 2nd consecutive day on Wednesday amid rising prospects of US rate cuts in September and firm dollar. However, the soaring tensions in the Middle East kept the bullion above the key $2,400 per ounce level. 22k gold rate today in India stood at Rs 63,500/10 grams after decline by Rs 400 while 100 grams of 22 carat gold prices today slipped by Rs 4000 to Rs 6,35,000.

24K gold prices today fell by Rs 440 to Rs 69,270/10 grams and 24 carat precious metal prices today declined by Rs 4400 to Rs 6,92,700 on August 7. On the other hand, 18k gold rate today dived by Rs 320 to Rs 51,960/10 grams and 100 grams of 18 carat gold prices today fell by Rs 3200 to Rs 5,19,600.

According to Dr. Renisha Chainani, Head Research - Augmont - Gold For All, "gold and silver prices have rebounded modestly after a sharp selloff seen at the start of the week. The manufacturing sector's economic activity shrank more than anticipated in July, according to US macro data released last week, while the expansion of jobs slowed down more than predicted in the same monthNew Delhi Investment. This gives rise to concerns about a potential US recession and the likelihood of a more aggressive policy easing by the Federal Reserve, which precipitated the sharp decrease in US Treasury bond rates that has occurred recently. The benchmark 10-year US government bond yield fell to its lowest point since mid-2023 as investors are now factoring in a nearly 100% probability of a September rate decrease by the Federal Reserve of 50 basis points. Rate cuts and geopolitical concerns are expected to support bullion prices from falling further."

Spot Gold, Spot Silver Prices Today: Spot gold declined 0.2% at $2,401.75 per ounce by 10:09 a.m. ET (1409 GMT). The metal slipped 1.5% in the previous session, pushed by global sell-off as apprehensions of the U.SSimla Wealth Management. tipping into recession lingered. U.SHyderabad Investment. gold futures lost 0.1% to $2,442.90. Spot silver declined 0.1% to $27.24 per ounce while platinum rallied 1.4% to $919.30, according to Reuters.

Silver Prices Today In India: Silver price in India today declined for 2nd day in a row. 1kg silver prices today declined by Rs 500 to Rs 82,000. And, 100 grams silver price today in India slipped by Rs 50 to Rs 8,200.

22k/10 Grams Gold Price Movement In Last 10-Days In IndiaVaranasi Investment

Gold prices in India today fell by Rs 400, fell by Rs 800 on August 6, remained steady on August 5, stayed unchanged on August 4, slipped by Rs 100 on August 3, surged by Rs 300 on August 2, zoomed by Rs 500 on August 1, surged by Rs 800 on July 31, declined by Rs 200 on July 30, rallied by Rs 150 on July 29, stayed steady on July 28, and soared by Rs 250 on July 27.

According to Reuters, ""There's still some weakness in gold mainly driven by dollar strength ... but the macro environment for gold is relative positive so we'll probably see some range-bound activity in gold over the near term," said Amelia Xiao Fu, head of commodity markets at BOCI.

1kg Silver price India movement in last 10-days

Silver price in India on August 7 declined by Rs 500 today, fell by Rs 3200 pm August 6, surged by Rs 200 on August 5, ,remained stable on August 4, declined sharply by Rs 1700 on August 3, rallied by Rs 100 on August 2, rose by Rs 600 on August 1, rallied by Rs 2000 on July 31, declined by Rs 500 on July 30, rose by Rs 500 on July 29, and remained steady on July 29, July 27.

1 Gram of 22k Gold prices In 5 Major Metropolitan Cities Of India On August 7, 2024:

Gold Price Chennai: Price of 1 gram of 22 carat of gold price Chennai today is Rs 6,330

Yellow Metal Price Mumbai: Price of 1 gram of 22 carat gold in Mumbai on August 7 is Rs 6,350

Precious Metal Price Delhi: Price of 1 gram of 22 carat yellow metal in Delhi on August 7 is Rs 6,365

Gold Price Kolkata: Price of 1 gram of 22 carat of yellow metal in Kolkata on August 7, 2024 is Rs 6,350

Gold Price Kerala: Cost of 1 gram of 22K gold in Kerala on August 7 is Rs 6,350