Gold price in India today rallied once again, the fifth surge in the last six trading sessions, as demand for gold and silver jewellery has already reached massive levels in the market and is expected to rise further in the coming days, as Diwali is just a few days away.
In just five sessions, gold rate in India have surged by nearly Rs.55,000 per 100 grams of 24-carat gold, taking prices to a fresh lifetime high. With Diwali, Dhanteras & the wedding season However, the huge rise in prices has made it difficult for buyers to make big-ticket jewellery purchases, especially ahead of Diwali, Dhanteras, and the wedding season. Meanwhile, silver prices are also on the rise, inching closer to the Rs. 2 lakh per kg mark in India, mainly because of the festive season spike in demand.
On the global front, international spot gold prices touched a record high, crossing the $4000 per ounce level for the first time in history.
Gold rates in India today
On Thursday, October 9th, the 24-carat gold rate in India spiked once again by Rs. 220 per 10 grams to cost Rs. 124,150. While the 22-carat gold rate zoomed by Rs. 200 per 10 grams to retail at Rs. 113,800 per 10 grams. In a similar manner, the 18-carat gold rates in India increased by Rs. 160 to cost Rs. 93,150 per 10 grams.
Just like that, 100 g of 24-carat gold surged by Rs. 2200 to cost Rs. 12,41,500, and the 22-carat gold per 100 grams also saw a jump of Rs. 2000 to retail at Rs. 11,38,800. Similarly, 100 grams of 18-carat gold jumped by Rs. 1200 and now cost Rs. 769,500.
Silver prices in India today
Since the last four days, silver prices in India have jumped sharply by about Rs. 6000/kg, and currently 1 kg of silver costs Rs. 161,000 after rising Rs. 1000, and 100 grams of silver costs Rs. 16,100 after rising Rs. 100.
Gold prices city-wise:
The back-to-back sharp rally in gold prices in India was reported across major cities in Below are the gold rates in the major cities in India on October 9th.
Gold Price in Chennai
The current 24-carat gold price in Chennai is Rs. 124,150 per 10 grams, while the 22-carat gold price in Chennai stands at Rs. 113,800 per 10 grams.
Gold Price in Bangalore
As of today, the 22-carat gold rate in Bangalore stands at Rs. 113,800 per 10 grams, whereas the 24-carat gold rate in Bangalore is Rs. 124,150 per 10 grams.
Gold prices in Hyderabad
The 22K gold price in Hyderabad is Rs. 113,800 per 10 grams, while the 24K gold price in Hyderabad is Rs. 124,150 per 10 grams.
Gold Price in Mumbai
The 22-carat gold in Mumbai is Rs. 113,800 per 10 grams, whereas the 24-carat gold price in Mumbai stands at Rs. 124,150 per 10 grams.
Gold and Silver Futures Prices on the Multi Commodity Exchange
Gold prices on the MCX (Multi Commodity Exchange) are in the red zone today. Currently, gold futures prices due to mature on October 3rd are trading at Rs. 123,105 after slipping by 0.08%. Silver futures, which are set to mature on September 5th, rose today, trading 0.29% higher at Rs. 149,425.
Gold Price Outlook
“Gold prices are expected to rise. Traders can buy at 122500 with a stop loss of 122000 for the target at 123200-123800.” as per Nirmal Bang Securities.
Spot Gold Price and Silver Price Update
According to the latest Reuters report, “Spot gold was steady at $4,037.95 per ounce as of 0439 GMT, erasing a 0.5% drop in early trade. The metal touched a record high of $4,059.05 on Wednesday. U.S. gold futures for December delivery fell 0.3% to $4,056.80. Spot silver rose 0.2% to $48.98 per ounce.”