Gold Futures Witness Sharp Decline on Thursday
Gold prices experienced a significant fall in futures trade on Thursday, primarily influenced by weak global cues and a strengthening US dollar. According to reports, this downturn reflects broader market pressures affecting the precious metal.
Domestic Market Performance
On the Multi Commodity Exchange (MCX), gold contracts for April delivery dropped by Rs 3,616, or 2.36 per cent, settling at Rs 1,49,409 per 10 grams. The trading activity involved a turnover of 7,387 lots, indicating heightened market volatility.
International Market Trends
In the international arena, Comex gold futures for April delivery declined by $120.84, or 2.47 per cent, to $4,775.36 per ounce in New York. This drop aligns with the domestic trend, underscoring global factors at play.
Analysts' Insights on the Decline
Market analysts attribute the pressure on gold to rising US Treasury bond yields and a firm US dollar, which have reduced the appeal of safe-haven assets. Additionally, stronger US producer inflation data and elevated bond yields continued to weigh on bullion prices, contributing to the downward momentum.
City-Wise Gold Rates Today
Across major Indian cities, gold rates showed notable declines compared to the previous day. Here is a detailed breakdown:
- Bengaluru: 24K gold at Rs 15,464 per gram (down Rs 311), 22K at Rs 14,175 (down Rs 285), 18K at Rs 11,598 (down Rs 233).
- Delhi: 24K gold at Rs 15,479 per gram (down Rs 311), 22K at Rs 14,190 (down Rs 285), 18K at Rs 11,613 (down Rs 233).
- Mumbai: 24K gold at Rs 15,464 per gram (down Rs 311), 22K at Rs 14,175 (down Rs 285), 18K at Rs 11,598 (down Rs 233).
- Chennai: 24K gold at Rs 15,894 per gram (down Rs 1), 22K at Rs 14,569 (down Rs 1), 18K at Rs 12,239 (down Rs 1).
- Kolkata: 24K gold at Rs 15,464 per gram (down Rs 311), 22K at Rs 14,175 (down Rs 285), 18K at Rs 11,598 (down Rs 233).
- Hyderabad: 24K gold at Rs 15,464 per gram (down Rs 311), 22K at Rs 14,175 (down Rs 285), 18K at Rs 11,598 (down Rs 233).
- Ahmedabad: 24K gold at Rs 15,469 per gram (down Rs 311), 22K at Rs 14,180 (down Rs 285), 18K at Rs 11,603 (down Rs 233).
- Jaipur: 24K gold at Rs 15,479 per gram (down Rs 311), 22K at Rs 14,190 (down Rs 285), 18K at Rs 11,613 (down Rs 233).
- Bhubaneswar: 24K gold at Rs 15,464 per gram (down Rs 311), 22K at Rs 14,175 (down Rs 285), 18K at Rs 11,598 (down Rs 233).
- Pune: 24K gold at Rs 15,464 per gram (down Rs 311), 22K at Rs 14,175 (down Rs 285), 18K at Rs 11,598 (down Rs 233).
- Kanpur: 24K gold at Rs 15,479 per gram (down Rs 311), 22K at Rs 14,190 (down Rs 285), 18K at Rs 11,613 (down Rs 233).
The consistent declines across most cities highlight the widespread impact of global economic factors on local gold markets. Investors and consumers are advised to monitor these trends closely as they navigate the volatile precious metals landscape.
