Indian Gold Prices Fluctuate Amid Rising Crude Oil Costs
Gold prices in India remained volatile on July 24 as domestic and international markets moved in different directions. While gold futures on the Multi Commodity Exchange (MCX) opened sharply lower, spot prices in the global market edged higher.
The MCX futures fell nearly 2% with a decline of Rs 2,884 to Rs 1,42,796 per 10 grams compared to the previous close of Rs 1,45,680. However, international spot gold climbed to $4,050.20 per ounce.
According to the Indian Bullion and Jewellers Association (IBJA), gold price stood at Rs 1,44,605 per 10 grams for 24-carat gold on Friday morning. Retail portal Goodreturns listed the price of 24-carat gold at Rs 1,47,420 per 10 grams.
Gold prices touched an all-time high in January and have been under pressure due to rising crude oil prices and global uncertainties. In Delhi's bullion market, 99.9% pure gold dropped by Rs 400 to Rs 1,49,200 per 10 grams.