On December 14, 2023, gold prices in major Indian cities such as Chennai, Mumbai, Kolkata, and Delhi experienced a massive drop, following a decline in international prices. The 24K gold price saw a significant reduction of Rs 9,800 per 100 grams and Rs 980 per 10 grams, with the price settling at Rs 7,78,900 for 100 grams and Rs 77,890 for 10 grams. Similarly, 22K and 18K gold prices also saw sharp declines, with the 22K gold price falling by Rs 9,000 per 100 grams and Rs 900 per 10 grams to Rs 7,14,000 and Rs 71,400, respectively. The price of 18K gold also plunged by Rs 7,400 per 100 grams to Rs 5,84,200, while the 10-gram rate dropped by Rs 740 to Rs 58,420.
This marks the second consecutive day of falling gold prices, following a notable increase earlier in the week. Prices had surged by Rs 1,600 on December 9, 2023, but have since reversed, driven by cautious investor sentiment amidst uncertainty regarding the US Federal Reserve's rate cut plans for the coming year. Silver also followed a similar trend, with a drop of Rs 1,000 per kilogram.
In Chennai, gold prices also saw a sharp decline, with 24K and 22K gold prices falling by Rs 9,800 and Rs 9,000, respectively. The price of 18K gold fell by Rs 7,500, highlighting a broad downward trend across various types of gold.
The volatility in gold prices reflects investor caution due to concerns over economic uncertainties, particularly around the US Federal Reserve's future actions on interest rates. This cautious stance is contributing to the fluctuation of both gold and silver prices globally, as well as domestically in India.
