In Delhi, Bengaluru, and Chennai, the price of ten grams of 22-carat gold stood at Rs 69,010, Rs 68,860, and Rs 68,860, respectively. | Credit: Bloomberg
Gold Price Today: The price of 24-carat gold climbed Rs 10 in early trade on Saturday, with ten grams of the precious metal trading at Rs 75,120 according to the GoodReturns website. The price of silver rose Rs 100, with one kilogram of the precious metal selling at Rs 92,600.
The price of 22-carat gold rose Rs 10, with ten grams of the yellow metal selling at Rs 68,860.
The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 75,120.
In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 75,270, Rs 75,120, and Rs 75,120, respectively.
In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 68,860.
In Delhi, Bengaluru, and Chennai, the price of ten grams of 22-carat gold stood at Rs 69,010, Rs 68,860, and Rs 68,860, respectively.
The price of one kilogram of silver in Delhi is in line with the price of silver in Kolkata and Mumbai at 92,600.
The price of one kilogram of silver in Chennai stood at Rs 97,600.
US gold soared above the $2,600 level on Friday for the first time, extending a rally boosted by bets for further US interest rate cuts, and rising tensions in the Middle East.
Spot gold was up 1.3 per cent at $2,620.63 per ounce by 1:43 p.m. ET (1743 GMT), while US gold futures settled 1.2 per cent higher to $2,646.20.
Bullion’s latest rally got a fillip after the Federal Reserve initiated an aggressive easing cycle on Wednesday with a half-percentage-point reduction, adding to the appeal for gold, which pays no interest.
Prices of the safe-haven asset have climbed 27% in 2024, their biggest annual rise since 2010, as investors also sought to hedge uncertainties spurred by prolonged conflicts in the Middle East and elsewhere.
The record rally could be poised for a correction, analysts said.
Some analysts, however, said gold could see more upward spikes.
“Geopolitical risks, such as ongoing conflicts in Gaza, Ukraine, and elsewhere, will ensure to sustain gold’s safe-haven demand,” Forex.com analyst Fawad Razaqzada said in a note.
Continued weakness in the dollar, which makes gold cheaper for holders of other currencies, offered additional tailwinds, analysts said.
Elsewhere, spot silver gained 1.2 per cent to $31.16. Platinum fell 1.1 per cent to $978.50 and palladium shed 0.5 per cent to $1,074.84.
(with inputs from Reuters)
First Published: Sep 21 2024 | 8:09 AM IST