Gold Price Continues To Rise In India, Oct 31: 22k/10 Grams Yellow Metal Hits New High, Buy?

Gold prices in India continue to rally amid safe-haven demand ahead of the upcoming US presidential election as traders are looking forward to US inflation report for more hints on Federal Reserve's rate path. 22k gold prices today jumped by Rs 150 to Rs 74,550/10 grams and 100 grams of 22 carat precious metal prices today rallied by Rs 1500 to Rs 7,45,500 on October 31 as the country is celebrating Diwali. 24k gold prices today zoomed by Rs 170 to Rs 81,330/10 grams and 100 grams of 24 carat yellow metal prices today surged by Rs 1700 to Rs 8,13,300.

Meanwhile, 18k gold prices on Diwali 2024 jumped by Rs 130 to Rs 61,000/10 grams and 100 grams of 18 carat yellow metal prices today rose by Rs 1300 to Rs 6,10,000.

1 gram gold rate today for 22k in India turned pricier by Rs 15 to Rs 7,455 and 1 gram gold rate today for 24k surged by Rs 17 to Rs 8133. 1 gram gold price today for 18 carat gold rallied by Rs 13 to Rs 6100.

Silver Prices Today In India: Silver price in India today remained steady after witnessing rally for 2-days. 1 kg silver prices today stood at Rs 100,000 while 100 grams silver prices today in India are retailing at Rs 10,000.

Spot Gold, Spot Silver Prices Today: Spot gold was flat at $2,783.75 per ounce, as of 0536 GMT, after hitting a record high of $2,790.15 earlier in the session. Prices have firmed nearly 6% for the month so far. Spot silver declined by 0.7% to $33.57 per ounce, platinum fell 0.5% to $1,003.17, and palladium declined 1.3% to $1,132.23. All three metals were on track for monthly gains, according to Reuters.

The Reuters report added, "traders want to buy gold whether it rises or falls and that has kept retracements small and consolidations tight. And its trend seems poised to continue higher should PCE inflation come in at 0.2% m/m or less," said Matt Simpson, senior analyst at City Index.

Traders see a 96% chance that the Fed will deliver a quarter-point reduction in short-term borrowing costs next week.

Should You Buy Gold As Prices Hover Near Record High? According to Dr. Renisha Chainani, Head Research - Augmont - Gold For All, "as gold and silver prices are trading at record high levels, it is advised to buy precious metal as an auspicious small token amount and not huge lumpsum this Dhanteras/Diwali in the form of physical gold/silver coin, a few units of Gold ETF or some token amount in Digital Gold/Digital Silver.

One should wait for the Gold and Silver prices to correct and retrace to about $2500(~ Rs 72000) and $31 (~Rs 88500) respectively in November/December and then accumulate precious metals at those levels. The best way to increase allocation into precious metal is to start the SIP or increase the amount in your Gold and Silver systematic purchases every month.

All the factors mentioned for the bullish rally in precious metals will continue ahead supporting the prices to continue their northward journey except the political uncertainty due to elections. Gold and Silver prices are expected to continue their uptrend in the next few months for the target of $3000(~Rs 85000) and $38(~Rs 115,000) respectively. So the strategy should be buying on dips at the mentioned levels for a 20% upside target in the next few months, added Renisha Chainani.

22k Gold Price Movement In Last 10-Days In India (1 gram)

22k gold price in India today surged by Rs 15, rose by Rs 71 on October 30, zoomed by Rs 60 on October 29, slipped by Rs 45 on October 28, remained stable on October 27, zoomed by Rs 65 on October 26, soared by Rs 10 on October 25, fell by Rs 55 on October 24, zoomed by Rs 40 on October 23, and remained steady on October 22.

1kg Silver price India movement in last 10-days

Silver prices in India today remained steady, rallied by Rs 1000 on October 30, zoomed by Rs 1000 on October 29, steadied on Oct 26, Oct 27, and Oct 28, declined by Rs 4000 on October 25, slipped by Rs 2000 on October 24, jumped by Rs 2000, and rose by Rs 100 on October 22.

1 Gram of 22k Gold prices In 6 Major Metropolitan Cities Of India On October 31, 2024:

City	22 Carat Gold Price Per Gram
Gold Price Chennai Today	1 gram of 22 carat gold rate is Rs 7455
Yellow Metal Price Mumbai Today	1 gram of 22 carat gold price is Rs 7455
Gold Price Delhi Today	1 gram of 22 carat yellow metal price is Rs 7470
Gold Price Kolkata Today	1 gram of 22 carat of gold price is Rs 7455
Gold Price Kerala Today	1 gram of 22K gold prices is Rs 7455
Yellow Metal Price Bangalore Today	1 gram of 22 carat gold rate is Rs 7455
Gold Prices Hyderabad Today	1 gram of 22 carat gold rate is Rs 7455