Gold Rate Today 14th December 2024: There has been tremendous profit booking in gold at higher levels. The price of 24 carat gold in Delhi came down to Rs 79,500 per 10 grams.
Gold Rate Today 14th December 2024: On Friday, the last trading day of the week, there was a tremendous fall in the domestic spot prices of gold. In the bullion market of the national capital Delhi, gold with 99.9 percent purity fell by Rs 1,400 to Rs 79,500 per 10 grams on Friday. At the same time, the price of gold with 99.5 percent purity also fell by Rs 1,400 to Rs 79,100 per 10 grams. Along with gold, there was a tremendous fall in the prices of silver on Friday. The spot price of silver in the Delhi bullion market fell by Rs 4,200 to Rs 92,800 per kg. This is the biggest decline in the month of December.
Why did gold fall sharply?
Gold prices were rising for the past few days. The price of gold had reached a 5-week high. After this, gold registered a big fall on Friday. According to experts, this happened due to heavy selling by jewelers and stockists. In fact, gold witnessed a sharp sell-off as profit-booking intensified after a fall in the producer price index (PPI) in the US and an increase in weekly unemployment claims. The rise in the dollar and mixed macroeconomic data in the US prompted traders to book profits ahead of the Federal Reserve’s last policy meeting of the year.
Will the prices rise or fall?
Even though gold prices fell on Friday, they are expected to rise next week. This is expected to happen due to expectations of interest rate cuts in the US next week. There are 97% chances of a 0.25% rate cut in the US Fed meeting to be held on December 17-18.