Gold Prices Drop 60 Rupees as Yields Cool and Dollar Firms
24K gold in India fell to 15,284 rupees per gram on September 17. This represents a 60 rupee drop from the previous day's closing value.
The price of 22-carat gold decreased by 55 rupees to 14,010 per gram. 18-carat gold lost 45 rupees to reach 11,463 per gram. These figures were reported by GN auto markets/commodities: gold prices.
Spot gold traded near 4,290 dollars per ounce. This marked a 0.5 percent gain after three consecutive days of losses. Bond yields declined following a sharp spike earlier in the week.
Regional price variations persist
Chennai recorded the highest 24K price at 15,345 rupees. Delhi followed closely with a rate of 15,360 rupees per gram. Mumbai, Kolkata, and Bangalore all matched the national average of 15,284 rupees.
22-carat gold in Chennai cost 14,066 rupees. In Delhi, the price was 14,081 rupees. Other major cities maintained the lower baseline of 14,010 rupees.
Yields and dollar strength limit upside
Analysts describe the recent price movement as a relief rally. Elevated bond yields and a firmer dollar cap potential gains. The expected range for spot gold is 4,250 to 4,350 dollars.
Domestic prices on the MCX are projected between 1,49,500 and 1,52,500 rupees per 10 grams. Sustainable upside remains unlikely under current macroeconomic conditions.
Geopolitical tensions drive safe-haven demand
Investors turned to gold as a safe haven amid Middle East escalation. Tensions between the US and Iran disrupted the 60-day armistice. Fighting in Yemen and Gaza increased market volatility.
Energy market turbulence pushed investors toward bullion. Global spot trends and import duty policies influenced local valuations. The conflict has remained a key driver for precious metals.
