Gold rate today: Yellow metal drops after sharp rally, check latest prices in your city on September 24

Gold prices dropped on September 24 after hitting fresh lifetime highs consecutively in the previous sessions. This comes as investors may have resorted to profit booking at elevated levels.

Gold futures on Multi Commodity Exchange (MCX) with October expiry opened at Rs 1,13,500 per 10 grams today. Let's check the latest prices of 10 grams of 22 carat and 24 carat gold in major cities of the country on September 24:

Why are gold prices falling today?

"Today, spot gold fell below $3,760 earlier as investors booked profits after the record high, though prices have since edged higher and currently trade above $3,770 as markets assess Powell’s cautious stance and await key U.S. inflation and jobs data," said Kaynat Chainwala, AVP Commodity Research, Kotak Securities.

Earlier yesterday, gold prices has soared to all time high levels. Ross Maxwell, Global Strategy Lead at VT Markets, said numerous bullish signals for gold persist. "The deceleration of U.S. economic growth, enduring risks associated with inflation, robust demand from central banks, and projections of additional rate cuts later this year collectively bolster gold's long-term prospects," he said.