The ongoing rally in the commodity sector doesn’t seem to be stopping anytime soon, as the gold rate in India is creating fresh records every single day.
22K gold, also known as standard gold, has crossed Rs. 1 lakh per 10 grams for the first time ever in the history of bullion trading. Other varieties, including 24K and 18K gold, are also trading at record-high levels.
One of the biggest reasons behind this spike in the gold rate in India is the festive season, which traditionally raises the demand for jewellery and investment gold, pushing gold rates higher. Meanwhile, in the international gold market, spot gold prices are also rallying due to the expectations of a potential interest rate cut in the upcoming Federal Reserve meeting, keeping investors bullish on the yellow metal.
Gold Rate in India on Sep 9
On 9th September, the 24-carat gold rates in India spiked by Rs 1360 per 10 grams to cost Rs. 1,10,290, while the 22-carat gold jumped Rs 1250 to retail at Rs. 1,01,100. Meanwhile, the 18-carat gold rates in India also soared to Rs. 1020, currently at Rs. 82,720.
100 grams of 22-carat gold jumped remarkably. By Rs. 12,500, bringing the prices to Rs. 1,01,100. In a similar manner, the 24-carat gold per 100 grams surged Rs. 13,600 to retail at Rs. 11,02,900. Lastly, 18-carat gold rates rose to Rs. 10,200 per 100 grams, costing Rs. 8,27,200.
Silver Rate in India Today, September 9
Silver prices in India today saw a major jump this morning. As of now, 1 kg of silver in India is priced at Rs 1,30,000 which jumped by Rs 3000. While 100 g of silver rates in India cost Rs 13,000, which rose by 300.
Market Outlook for Gold Prices
“After a bit of a pullback, the price of 24-carat gold is now Rs. 1,10,290 per 10 g, which is still part of a wider upward trend, resulting from expectations of a U.S. Federal Reserve interest-rate cut and a weaker U.S. dollar. Analyst ratings are still recommending a “buy-on-dips” strategy, especially at any resistance level close to Rs. 1,09,000. There is potential for further upside where there are additional global risk factors influencing markets. Further, the Fed day would be an important event to see which side gold moves post rate cut.” said Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures
Market Outlook for Silver Prices
“The prevailing price of Rs. 1,24,413 per kilogram bears testimony to this persistent bullishness underpinned by structural supply deficits, diminishing inventories, and increasing usage across segments such as solar power, electric vehicles, and electronics. Even though already having risen considerably, with some benchmarks crossing ₹1,25,000 per kg, the momentum continues to be strong, with analysts setting targets even up to ₹1,35,000-1,50,000 in the near future. Interestingly, domestic silver has given one of the strongest year-to-date performances, even beating gold.” Aksha Kamboj further added.
MCX Gold and Silver Futures Update
Gold futures prices at the Multi Commodity Exchange, which are expected to mature on October 3rd, are currently trading at Rs. 1,09,230 per 10 grams after jumping 0.66%. Similarly, silver futures slated to mature on December 5th Jumped to an all-time high of 1,26,010 Rising 0.35%.
Spot Gold Prices + Spot Silver Price Today
Reuters, in its latest commodity report, cited, “Spot gold gained 0.5% to $3,651.96 per ounce as of 0430 GMT. U.S. gold futures for December delivery added 0.4% to $3,690.90. Spot silver rose 0.1% to $41.36 per ounce.”
Check City-Wise Gold Rates Today
Here’s the latest city-wise update on 22-carat and 24-carat gold rates on September 9th.
Chennai: The 24-carat gold rate in Chennai stands at Rs. 110,290 per 10 grams, while the 22-carat gold price in Chennai is Rs. 1,10,290 per 10 grams.
Bangalore: The gold rate in Bengaluru for 24-carat yellow metal is Rs. 1,01,100 per 10 grams, and the 22-carat gold price in Bangalore is Rs. 110,290 per 10 grams.
Hyderabad: The 24K gold price in Hyderabad is Rs. 1,01,100 per 10 grams, and the 22K gold rate in Hyderabad is Rs. 1,10,290 per 10 grams.
Mumbai: The 22-carat gold rate in Mumbai is Rs. 1,10,290 per 10 grams, while the 24-carat gold price in Mumbai remains at Rs. 1,01,100 per 10 grams.