Gold, a conventional safe haven asset, has exhibited high volatility and declines in prices over the previous month. Understanding these trends can therefore be of great significance to both the investors as well as the buyers. This blog post guides you through today’s gold rate, monthly prediction and gold rate as per the cities to assist the investors and buyers.
| Date | Gold Rate /g | Carats |
| 28-07-2024 | ₹ 5,175 | 18K |
| 28-07-2024 | ₹ 6,325 | 22K |
| 28-07-2024 | ₹ 6,900 | 24K |
Gold Rate Resistance / Support
In this price action, the gold price is mentioned per gram.
| Resistance |
| Resistance | R1 | R2 | R3 |
| ₹7,000 | ₹7,200 | ₹7,300 | |
| Support | S1 | S2 | S3 |
| ₹6,800 | ₹7,000 | ₹7,200 |
| Support |
Gold Rate (24K) Prediction or Forecast for Next Week
For the upcoming week, the prediction of the gold rate stands at:
| Date | Gold Rate (Gram) (24K) | Price Change | Change% |
| 29-07-2024 | ₹ 6,916 | ₹ 16 | 0.23% |
| 28-07-2024 | ₹ 6,900 | – | – |
Monthly Gold Price Trends
July 2024 Forecast
The forecast made for July 2024 shows a small decrease in the price of gold. After the union budget of 2024–2025, the gold price decrease to 5%. For the year, the average price of a 10-gram gold bar is expected to be just over ₹62,860 with a minimum rate of ₹ 61,953. This is actually deceleration at a nominal rate of 0.22% in referencing to June, 2024.
Future Predictions
The anticipated trends for the upcoming months are as follows:
| Month | Average (For 10 gm gold) | Lowest | Change% (compared to last month) |
| Aug-24 | ₹ 62,920 | ₹ 62,023 | 0.10% |
| Sep-24 | ₹ 62,620 | ₹ 62,789 | -0.48% |
| Oct-24 | ₹ 62,780 | ₹ 62,830 | 0.26% |
Monthly Gold Price Prediction – Gold Rate Prediction for 2024
Below in the chart, the predicted gold rate in the upcoming months is also mentioned.
| Month | Average (For 10 gm gold) | Lowest | Change% (compared to last month) |
| Jul-24 | ₹ 62,860 | ₹ 61,953 | -0.22% |
| Aug-24 | ₹ 62,920 | ₹ 62,023 | 0.10% |
| Sep-24 | ₹ 62,620 | ₹ 62,789 | -0.48% |
| Oct-24 | ₹ 62,780 | ₹ 62,830 | 0.26% |
Monthly Overview
The estimated prices for gold for 10 grams for June 2024 are ₹62860 to ₹64435, and for July ₹61953, which infacts depicts only a very mild declining tendency. As compared to the month of June 2024, the percentage has decreased by 22%. This means that there is likely to be constant minor gold price reduction in the future.
Monthly Gold Price Forecast
| Month | Average (For 10 gm gold) | Lowest | Change% (compared to last month) |
| Jul-24 | ₹62,860 | ₹61,953 | -0.22% |
| Aug-24 | ₹62,920 | ₹62,023 | 0.10% |
| Sep-24 | ₹62,620 | ₹62,789 | -0.48% |
| Oct-24 | ₹62,780 | ₹62,830 | 0.26% |
City-Wise Gold Rates
Gold prices vary across different cities. Here’s a snapshot of today’s rates in various cities:
Delhi
| Carat | 1 Gram | 10 Grams | 100 Grams |
| 22K | ₹6,650 | ₹66,500 | ₹6,65,000 |
| 24K | ₹7,253 | ₹72,530 | ₹7,25,300 |
Bangalore
| Carat | 1 Gram | 10 Grams | 100 Grams |
| 22K | ₹6,635 | ₹66,350 | ₹6,63,500 |
| 24K | ₹7,238 | ₹72,380 | ₹7,23,800 |
Coimbatore
| Carat | 1 Gram | 10 Grams | 100 Grams |
| 22K | ₹6,695 | ₹66,950 | ₹6,69,500 |
| 24K | ₹7,304 | ₹73,040 | ₹7,30,400 |
Vijayawada
| Carat | 1 Gram | 10 Grams | 100 Grams |
| 22K | ₹6,635 | ₹66,350 | ₹6,63,500 |
| 24K | ₹7,238 | ₹72,380 | ₹7,23,800 |
Chennai
| Carat | 1 Gram | 10 Grams | 100 Grams |
| 22K | ₹6,695 | ₹66,950 | ₹6,69,500 |
| 24K | ₹7,304 | ₹73,040 | ₹7,30,400 |
There are various methods to become involved with gold investments:
- Investors have options to purchase physical gold in form of bars, coins as well as jewellery. This is to mean that when one owns the real gold he or she has full control over the good. Nevertheless, there are certain issues that conclude for storage and with security.
- ETFs and mutual funds are another questionable means of investing in gold. These investment instruments allow investor of gold coins or derivatives to purchase shares or units. They afford ease in contract, market extremity and favorable minimal subscription.
- More experienced investors can buy contracts for future gold and option contracts traded through current exchanges. They can be traded in with the hope of gaining a profit or to protect against a change in price. Such derivatives require greater understanding of the market and are typically most suitable for professional traders.
Conclusion
In July 2024, the gold prices have exhibiting a diminishing trend in the overall period with insignificant oscillations at daily basis. Moving on to the predictions for the future, there is a slightly lower level expected in the coming months; August will be one percent higher than the previous month. Market participants should be aware of these trends so as to make proper decisions regarding investment in gold.
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