Gold Price Today: Rates Fall in Delhi, Mumbai, Chennai

<p>Gold Prices declined on Monday, October 12, with the price of 24-karat gold falling to ₹1,50,720 per 10 grams from ₹1,51,480 per 10 grams on Sunday, October 11.</p> <p>The price dropped by ₹760 per 10 grams, marking a decline of approximately 0.5% in a single day. Gold rates varied across major Indian cities, with Chennai recording the highest price and Delhi reporting the lowest among the cities listed.</p> <p>The decline came as the Indian Rupee strengthened against the US dollar following a series of measures announced by the Reserve Bank of India (RBI) to curb volatility in the foreign exchange market.</p> <p>The rupee rebounded in early trade on Monday, opening at 95.61 against the US dollar before trading at 95.80. This represented a gain of 91 paise from its previous close.</p> <h2>Gold price today: City-Wise Rates on October 12</h2> <p>Gold prices differed across major Indian cities on Monday. The following rates show the reported prices for 24-karat and 22-karat gold per 10 grams.</p> <table> <thead> <tr> <th>City</th> <th>24-Karat Gold Price</th> <th>22-Karat Gold Price</th> </tr> </thead> <tbody> <tr> <td>Delhi</td> <td>₹1,50,601</td> <td>₹1,37,816.78</td> </tr> <tr> <td>Mumbai</td> <td>₹1,50,847.70</td> <td>₹1,37,926.17</td> </tr> <tr> <td>Chennai</td> <td>₹1,52,008.88</td> <td>₹1,39,056.21</td> </tr> <tr> <td>Kolkata</td> <td>₹1,51,865.28</td> <td>₹1,38,919.31</td> </tr> <tr> <td>Hyderabad</td> <td>₹1,50,930.26</td> <td>₹1,38,092.41</td> </tr> <tr> <td>Bengaluru</td> <td>₹1,50,629</td> <td>₹1,37,788.38</td> </tr> </tbody> </table> <p>Among the listed cities, Chennai recorded the highest 24-karat gold price at ₹1,52,008.88 per 10 grams. Delhi had the lowest rate at ₹1,50,601, followed closely by Bengaluru at ₹1,50,629.</p> <p>The difference between the highest and lowest reported 24-karat gold prices was approximately ₹1,407.88 per 10 grams.</p> <p>Gold rates can vary by location and seller. Buyers should confirm the prevailing rate, applicable taxes and jewellery-making charges with their jeweller before making a purchase.</p> <h2>Why Are Gold Prices Falling Today?</h2> <p>The decline in domestic gold prices coincided with a recovery in the Indian rupee. A stronger rupee can reduce the cost of importing gold when international prices and other market conditions remain unchanged, potentially easing pressure on domestic rates.</p> <p>The rupee had faced significant pressure in recent trading sessions, closing at 96.71 against the US dollar on Friday after recently touching a record low. However, the Indian currency strengthened on Monday following the RBI’s latest steps to curb speculative positions and reduce demand for dollars in the spot market.</p> <p>Currency movements are an important factor influencing domestic gold prices because India imports a substantial amount of the gold it consumes. However, international gold prices, import costs, taxes and local demand can also affect the rates consumers pay.</p> <h2>RBI Measures Support Rupee Recovery</h2> <p>The Reserve Bank of India announced several measures aimed at reducing volatility in the foreign exchange market and addressing pressure on the rupee.</p> <p>Among the steps, the central bank introduced a dedicated dollar window for three state-run oil marketing companies and tightened rules governing foreign exchange derivatives.</p> <p>The RBI also reduced the threshold for certain derivative transactions without an underlying exposure from $100 million to $5 million. The changes were intended to curb speculative activity in the foreign exchange market.</p> <p>In addition, the central bank introduced a Foreign Exchange Risk Reserve, requiring authorised dealers to maintain a cash reserve with the RBI for certain qualifying derivative contracts.</p> <p>The rupee’s recovery following these measures was an important factor in Monday’s domestic gold price movement. However, the direction of gold prices will also depend on developments in international bullion markets and broader economic conditions.</p> <h2>West Asia Crisis and Crude Oil Prices: What It Means for Gold</h2> <p>The ongoing crisis in West Asia continues to influence financial markets, including currencies, crude oil and precious metals. Geopolitical uncertainty can affect investor demand for gold, while movements in oil prices can influence inflation expectations and currency trends.</p> <p>Brent crude was trading at $103.11 per barrel, despite declining 1.54% in futures trade, according to the reported market data.</p> <p>Gold prices therefore need to be assessed alongside movements in the rupee, international bullion prices, crude oil and broader market uncertainty. While geopolitical tensions can support demand for gold as a safe-haven asset, a stronger domestic currency can help reduce imported gold costs.</p> <h2>Gold Price Outlook: What Should Buyers Watch?</h2> <p>Monday’s decline highlights how currency movements and central bank measures can influence domestic gold prices. The ₹760-per-10-gram fall in the reported national rate came alongside a recovery in the rupee following the RBI’s foreign exchange measures.</p> <p>For buyers, the next movement in gold prices will depend on several factors, including the rupee-dollar exchange rate, international gold prices, crude oil trends and geopolitical developments.</p> <p>Consumers planning to purchase gold should compare local rates and check the final price with their jeweller, as the listed rates may differ from the amount payable after applicable taxes and making charges.</p> <p><em>(With inputs from PTI)</em></p>