Gold prices dropped yet again on September 14 after being at the same level for three consecutive days mostly due to high inflation. On September 14, the yellow metal was trading at Rs 46,730 per 10 gram for 22 carats, while 24-carat was available at Rs 50,980 per 10 gram. The silver price too dropped by over Rs 600 and was at Rs 56,400 in the early hours. On Tuesday, gold prices MCX gold futures fell 1% to a one-month low of Rs 50,135 per 10 gram while silver tumbled 1.4% to Rs 56,693 per kg. In the international market, the yellow metal was down by more than 1 per cent as the US dollar shot up after a higher-than-expected rise in US inflation, indicating hawkish measures by the US Federal Reserve.
| Gram | Price for 22-carat gold | Price for 24-carat gold |
| 1 gram | Rs 4,673 | Rs 5,098 |
| 10 grams | Rs 46,730 | Rs 50,980 |
Domestic price
In the national capital Delhi, the gold price for 24 carats (10 gram) is Rs 51,140 while 22 carat (10 gram) is available at Rs 46,880. In Kolkata, 24-carat gold (10 gram) is available for Rs 50,980, while 22 carat (10 gram) is Rs 46,730. On the other hand, the price of 24-carat gold (10 gram) in Mumbai is Rs 50,980, while 22-carat gold (10 gram) is Rs 46,730. In Chennai, 24-carat gold (10 gram) is available for Rs 51,550, and 22 carat (10 gram) is available for Rs 47,250.
Also read: Gold, silver rates today: Gold price remains flat at Rs 46,750, silver price inches up to Rs 57,000
| Cities | 22-Carat Gold Rates | 24-Carat Gold Rates |
| Chennai | Rs 47,250 | Rs 51,550 |
| Mumbai | Rs 46,730 | Rs 50,980 |
| Delhi | Rs 46,880 | Rs 51,140 |
| Kolkata | Rs 46,730 | Rs 50,980 |
| Bangalore | Rs 46,780 | Rs 51,030 |
| Hyderabad | Rs 46,730 | 50,980 |
Gold price forecast
In global markets, spot gold prices fell 1.1% to $1,705.94 per ounce. The US Labor Department's consumer price index (CPI) report showed monthly CPI gained 0.1% in August from July, against the speculation of a 0.1% dip. Gold is an international commodity, and is traded in US dollars. Therefore, its price is closely linked to the greenback (US dollar). A strong dollar makes gold cheaper and vice versa (expensive), which leads to a reduction in prices.
Analysts, who are strongly feeling that the US Fed may increase rates by 75 basis points on September 20-21, have said that gold may touch $1680 and $1630 in the near term due to the hawkish stance by Fed, strengthening the Dollar index.