Big Jump In India gold Rates Today; 24K Gold Now Rs.10,900 Costlier in 4 Days; Silver Rises by Rs.2,000

Gold prices in India have seen a significant increase today, making the precious metal more expensive for buyers. This marks the third price hike this week alone, pushing the cost of gold up by Rs. 10,900 per 100 grams. The sharp rise in prices can be due to the ongoing wedding season in India, which has sparked higher demand for gold. Additionally, international market trends are influencing domestic gold rates, contributing to the upward movement in prices.

Gold Rates in India Today

As of 16th January, gold rates in India for 22 carat, or standard, gold spiked by Rs. 500 per 10 grams to cost Rs. 73,900. Whereas the 24-carat gold rate in India is currently at Rs. 80,620 after spiking by Rs. 550 per 10 grams. Just like that, 18-carat gold rates also surged by Rs. 410 to retail at Rs. 60,470.
Similarly, the 100 grams of 24-carat gold is now costing Rs. 8,06,200 after surging Rs. 5,500, and the 22-carat gold per 100 grams is now at Rs. 73,400, which surged by Rs. 5,000. The cheaper variant, 18-carat gold, is now at Rs. 6,04,700.

Silver rates in India today

White metal rates in India observed a huge spike in price for the second day. Today 1 kg of silver costs Rs. 95,500 after rising by Rs. 2,000. Similarly, 100 grams of silver are also up by Rs. 200, which is now priced at Rs. 9550.

MCX Gold and Silver Futures Update

On the Multi Commodity Exchange (MCX), gold futures, scheduled to mature on February 5, 2025, continued to show positive momentum by gaining 0.29%, or 228 points, bringing the current trading value to Rs. 78,938.00. In a similar pattern, silver futures, set to expire on March 5, 2025, witnessed a rise during the session. The metal is currently trading at Rs. 93,006, after gaining 150 points, or 0.16%.

Market Insight on India Gold Price

According to a commodity research report from Way to Wealth, "International gold prices climbed to USD 2690 per ounce on Wednesday, hitting a one-month high amid easing US inflation and expectations of a less restrictive Fed policy. On the domestic front, MCX Gold closed above the critical 78700 level with the formation of a bullish candle on the daily chart. The commodity established a base around the 78,000 level and witnessed strong lower-level buying, indicating a continuation of the positive trend. Sustaining above the key supply zone of 78200-79000 could propel MCX Gold towards 79280/79800 levels in the near term. On the downside, support for the commodity is positioned at 78400/77950 levels. Traders are advised to use strict stop-losses, as volatility may remain elevated due to multiple macroeconomic data releases later this week and ongoing geopolitical tensions."

Spot Gold & Silver Prices in the International Market Today

Reuters, in its latest report, said that "Gold prices remained steady on Thursday, following a rise to their highest level in over a month. Softer U.S. core inflation data boosted hopes for potential interest rate cuts, though the announcement of a ceasefire agreement between Israel and Hamas limited further upward movement. As of 0301 GMT, spot gold was unchanged at $2,696.30 per ounce, after peaking earlier in the session at its highest level since December 12. U.S. gold futures saw a slight increase, up 0.3% to $2,725.20. In contrast, spot silver declined by 0.2%, trading at $30.61 per ounce."