Gold prices extended significant decline on August 12. Gold's October contracts on the Multi Commodity Exchange of India (MCX) opened at Rs 1,00,396 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 August 12:
| City | Price of 24k gold | Price of 22k gold |
| Delhi | Rs 1,01,550/10g | Rs 93,100/10g |
| Mumbai | Rs 1,01,400/10g | Rs 92,950/10g |
| Chennai | Rs 1,01,400/10g | Rs 92,950/10g |
| Kolkata | Rs 1,01,400/10g | Rs 92,950/10g |
| Bengaluru | Rs 1,01,400/10g | Rs 92,950/10g |
| Jaipur | Rs 1,01,550/10g | Rs 93,100/10g |
| Lucknow | Rs 1,01,550/10g | Rs 93,100/10g |
| Hyderabad | Rs 1,01,400/10g | Rs 92,950/10g |
| Ahmedabad | Rs 1,01,450/10g | Rs 93,000/10g |
Also read: Trump says Gold imports 'will not be tariffed' amid market turmoil
"Gold price started the week lower note continuing its decline from end of last week, amidst Russia Ukraine ceasefire possibilities and Swiss Gold tariff taking a backseat. U.S. Customs and Border Protection had posted a ruling saying that Washington might place gold bullion bars in US under country-specific import tariffs, which would have rocked the metal's global supply chains. US President Trump said he would not impose tariffs on gold, ending days of speculation that Gold could be caught up in the ongoing global trade spat. Meanwhile, in a meeting between US and Chinese officials, President Trump opened the door to Nvidia selling advanced chips to China for a fee. US and China also extended their tariff truce for more 90 days, avoiding triple digits tariffs once again," said Motilal Oswal Financial Services in its report.
"Optimism regarding ceasefire is also increasing between Russia and Ukraine, however, market will receive more clarity only after US and Russia meet later this week. CME fed watch tool report shows that market participants are pricing in an 85% probability for a rate cut in September meeting. Focus for the day will be on US CPI data which will provide clarity on Fed’s stance for policy meetings scheduled for this year ahead," the domestic brokerage added.
Also read: Ultra wealthy are piling into a centuries-old gold trade in Asia
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