Gold rate today (May 15, 2024): Latest gold prices in Mumbai, Delhi, Kolkata, Bengaluru, Chennai and other Indian cities

On Wednesday, gold rates saw a sharp increase across India. In Delhi, 10 grams of 24-carat gold would cost you ₹73,400 today. Meanwhile, on the MCX, gold contracts for June delivery traded higher by ₹430, settling at ₹73,250 per 10 grams. The rising gold prices reflect increased investor interest amid global economic uncertainties and fluctuating currency values, driving demand for this precious metal.

“COMEX Gold prices gained almost 1% on Tuesday after the US producer prices data showed that core and headline prices were both ahead of expectations in April, but there were significant downward revisions to March, tempering concerns about sticky prices. Meanwhile, Fed Chair Powell reiterated that inflation is decreasing more slowly than anticipated, which will keep the central bank on hold for a prolonged period,” explains Kaynat Chainwala, Senior Manager, Commodities Research at Kotak Securities.

Here is an extensive daily list to give you the most recent information on gold prices in India’s key cities.

Check gold rates in different cities on 15th May 2024

City 22-Carat 24-Carat
Delhi 67,300 73,400
mumbai 67,150 73,250
kolkata 67,150 73,250
Chennai 67,250 73,360
Bengaluru 67,150 73,250
Hyderabad 67,150 73,250
Ahmedabad 67,200 73,300
Pune 67,150 73,250
Surat 67,200 73,300
nagpur 67,150 73,250
Kerala 67,150 73,250
Vijayawada 67,150 73,250

Click to view the details of the gold rate on May 14th, 2024

On Wednesday, the Fed Chair described the unexpectedly high PPI data as “mixed,” leading to a surge in gold prices both in Delhi and other parts of India, as well as globally. This rise in gold prices reflects investor concerns over potential inflationary pressures and the uncertain economic outlook.

“With traders revising expectations for a rate cut, gold, a traditional hedge against inflation, saw renewed interest despite the increased opportunity cost associated with higher interest rates. Gold is poised for volatility as the market awaits crucial US consumer price figures for insights into future Fed rate decisions,” says Saish Sandeep Sawant Dessai, Analyst at Angel One.

Gold is considered as a reliable hedge against inflation, and for good reason! This reputation stems from its tendency to either maintain or increase in value during periods of inflationary pressure. In fact, this very quality makes gold an attractive option for investors looking to safeguard their wealth from inflation’s detrimental effects.

Gold rates experience daily fluctuations due to a myriad of short- and long-term factors. These include considerations such as shifts in supply and demand, economic indicators, geopolitical developments, currency movements, investor sentiment, and more. Given the dynamic nature of the precious metals market, effective monitoring and analysis of pricing data are crucial for investors and traders to make informed investment decisions.

While these data points offer valuable insights into market trends and factors driving price movements to assist investors in navigating the gold market effectively, investors are advised to perform their own due diligence before making any investment decisions. As the day progresses, we encourage investors to remain vigilant and monitor gold rates closely for any emerging trends or market developments. By staying informed about these daily price fluctuations, investors can identify potential trading opportunities and make well-informed investment decisions.

For daily updates and in-depth analysis of gold rates, continue following our coverage on Business Insider India.

Disclaimer: The content on this website is for informational purposes only and should not be constructed as investment advice. Rates are subject to change from time to time and across multiple geographical locations. We recommend readers consult certified, qualified and registered advisors for professional and personalized financial advice.

 
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