Gold Prices Rise in India
Gold prices in India saw a slight increase on Tuesday, May 7, 2024. The price of 24-carat gold climbed Rs 10 to Rs 72,060 per 10 grams, while 22-carat gold also rose by Rs 10 to Rs 66,060 per 10 grams.
The price of gold in Mumbai is on par with prices in Kolkata and Hyderabad, both at Rs 72,060 for 24-carat gold and Rs 66,060 for 22-carat gold. In Delhi, Bengaluru, and Chennai, the price of 24-carat gold stood at Rs 72,210, Rs 72,060, and Rs 72,120 respectively, while 22-carat gold was priced at Rs 66,210, Rs 66,060, and Rs 66,110 respectively.
Silver prices also saw a slight increase, with one kilogram of silver selling at Rs 84,100 in Mumbai, Kolkata, and Delhi. In Chennai, the price of silver stood at Rs 87,600.
The increase in gold prices is attributed to recent economic data in the US, which has boosted bets that the Federal Reserve will cut interest rates later this year. This has led to a rise in demand for gold as a safe-haven asset.