Gold prices in major cities of India made a massive jump on Friday, October 25, 2024, as the joy of the Diwali festival returns this year. Ahead of the festival which practically lifts the mood for buying gold, the prices of 24K, 22K and 18K are near their all-time high and expensive. The positive trend in Indian gold prices is despite slight profit-booking witnessed in the international market.
Gold Prices In Bangalore:
22K gold price jumped by Rs 1,000 to Rs 7,29,500 in 100 grams, while 10 grams price is up by Rs 100 to Rs 79,950 on Friday. Further, the lowest gold price in 22K is of Rs 7,295 per 1 gram.
Meanwhile, in 24K gold, the price skyrocketed by Rs 1,100 per 100 grams to Rs 7,95,800. At the same time, 10 grams gold is up by Rs 110 to Rs 79,580. The cheapest gold of 24K is of 1 gram at Rs 7,958.
Further, gold prices in 18K soared by Rs 800 to Rs 5,96,900 in 100 grams, while 10-gram price here jumped by Rs 80 to Rs 59,690. Also, the cheapest gold of 18K is at Rs 5,969 in 1 gram.
These prices are similar in cities like Chennai, Mumbai, Kolkata, Pune, Hyderabad, and Kerala.
Gold Prices In Delhi:
Coming to the national capital of India, gold is much more expensive than compared to the cities mentioned above. 24K gold price in 100 grams is at Rs 7,97,300 per 100 grams, up by Rs 1,100, while 10 grams price jumped by Rs 110 to Rs 79,730 per 10 grams. The cheapest 24K is of Rs 7,973 per 1 gram.
Whereas in 22K gold, the 100 grams price climbed by Rs 1,000 to Rs 7,31,000. Additionally, the price of 10 grams gold is up by Rs 100 to Rs 73,100. The cheapest gold here is at Rs 7,310 per 1 gram.
Furthermore, in 18K gold, 100 grams price soared by Rs 800 to Rs 5,98,100 on Friday, while price was up by Rs 80 to Rs 59,810 per 10 grams. The cheapest gold here is at Rs 5,981 per 1 gram.
That being said, the costliest gold is of 100 grams in the above carats, while the cheapest gold is of 1 gram.
MCX Gold, Silver Prices:
At the time of writing, MCX gold futures dipped by Rs 257 or 0.33% to Rs 78,070 per 10 grams, and ranged between Rs 78,034 to Rs 78,244 per 10 grams.
Spot Gold, US Gold Futures:
Gold prices eased on Friday but was on track for a weekly gain, as investors sought the safe-haven metal amid rising geopolitical tensions, while palladium was poised for its strongest week in more than a month, as per Reuters report. Spot gold slipped 0.2% at $2,730.09 per ounce, as of 01:55 GMT. Prices hit a record high of $2,758.37 on Wednesday and gained 0.4% so far in the week.
On gold performance, Rahul Kalantri, VP Commodities, Mehta Equities said, "Gold and silver experienced profit-taking after reaching record highs, driven by strong gains in the dollar index and U.S. 10-year bond yields. Increased uncertainties surrounding the U.S. elections spurred safe-haven demand for the U.S. dollar and bonds. The dollar index hit a 3-month high, surpassing the 104 mark, while U.S. 10-year bond yields also exceeded 4.25%."
Kalantri further added, however, ongoing geopolitical tensions and the trend towards de-dollarization continue to lend support to precious metals. The Bank of Canada's decision to cut interest rates by 50 basis points on Wednesday also helped buoy gold and silver prices at lower levels.
Looking ahead, Kalantri said, Gold has support at $2,710-$2,688, with resistance at $2,740-$2,755. Silver has support at $33.40-$33.00, and resistance at $33.98-$34.25. In INR terms, gold has support at ₹77,550-₹77,340, with resistance at ₹78,060-₹78,240. Silver has support at ₹96,240-₹95,550, while resistance stands at ₹97,980-₹98,750."
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