Gold Price Jumps To Cross Rs 73,000 In India: Check 24 Carat Rate In Your City On April 16

Gold rate today in India on April 16, 2024: India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. (Representative image)

Gold Rate Today In India: On April 16, 2024, gold prices experienced a jump in India, as investors are putting their money in the safe haven metal amid the ongoing geopolitical crisis. The price for 10 grams remained close to Rs 73,160. A thorough analysis of the market revealed that the average price for 10 grams of 24-carat gold was approximately Rs 73,160, while 22-carat gold averaged around Rs 67,060.

At the same time, the silver market displayed an upward trend, reaching Rs 86,100 per kilogram.

Gold rate today in India: Retail gold price on April 16

Gold Rate Today In Delhi

As of April 16, 2024, in Delhi, the current price for 10 grams of 22-carat gold is approximately Rs 67,210, whereas 10 grams of 24-carat gold is priced at around Rs 73,310.

Gold Rate Today In Mumbai

Currently in Mumbai, the price of 10 grams of 22-carat gold stands at Rs 67,060, while the equivalent amount of 24-carat gold is valued at Rs 73,160.

Gold Rate Today In Ahmedabad

In Ahmedabad, the price for 10 grams of 22-carat gold is Rs 67,110, and for the same amount of 24-carat gold, it’s Rs 73,210.

Check gold rates today in different cities on April 16, 2024; (In Rs/10 grams)

Multi Commodity Exchange

On April 16, 2024 (Tuesday), the MCX saw active trading in gold futures contracts expiring on June 5, 2024. These contracts were priced at Rs 72,837 per 10 grams. Additionally, silver futures contracts expiring on May 3, 2024, were quoted at Rs 84,192 on the MCX.

Investors and traders kept a close eye on these developments amidst the continuing market fluctuations. Stay tuned for more updates on this unfolding narrative.

International Gold Prices

In the international market, gold prices were up 0.16 per cent at $2,386.8 an ounce in New York. However, silver prices were down by 0.21 per cent at $28.84 an ounce.

Current Situation of Israel-Iran Tensions?

The Israel-Iran tensions are rising even as Israel vows to retaliate after Iran’s recent strikes on the country. Iran recently launched around 300 drones and missiles at Israel after Israel hit Iran’s consulate in Syria. According to reports, a decision has now been made in Israel for a ‘clear and decisive’ response to Iran’s attack. However, Iran’s foreign minister has said its response will be “immediate, stronger and more extensive” if Israel retaliates.

Will Gold Prices Increase Amid Israel-Iran Tension?

Rahul Kalantri, vice-president (commodities) at Mehta Equities, said, “The prices of gold and silver underwent significant fluctuations and declines during the initial trading hours. However, escalating tensions in the Middle East sparked a surge in safe-haven demand for precious metals, leading gold and silver to rebound once again despite the dollar index showing strength.”

He added that heightened tensions between Israel and Iran instilled fear in global investors, prompting them to reduce positions in riskier assets and shift towards safe-haven assets.

“The negative sentiment in global equity markets further bolstered the appeal of gold and silver. Gold finds support at $2366-2348 with resistance at $2405-2422, while silver sees support at $28.40-28.20 and resistance at $28.90-29.12,” Kalantri said.

In rupee terms, gold has support levels at Rs 71,980 and Rs 71,750, with resistance at Rs 72,480 and Rs 72,710. Silver’s support is pegged at Rs 83,140-82,380, with resistance at Rs 84,640 and Rs 85,280, he added.

Retail Cost of Gold

The retail price of gold in India, often referred to as the gold rate, is the final cost per unit weight that customers pay when purchasing gold. This price is influenced by several factors beyond the inherent value of the metal itself.

Gold is highly important in India because of its cultural significance, its value for investment, and its traditional role in weddings and festivals.