Gold Price Jumps In India, Sept 20: 22k/100 Grams Gold Prices Surge By Rs 6000, Silver Rises

Gold prices in India recorded sharp rally as US gold prices steadied near fresh record high on Friday and poised for a weekly jump after US Federal Reserve announced sharp interest rate cut and rising likelihood of more rate cuts. Silver prices In India too witnessed rally on September 20, 2024. 22k gold prices today soared by Rs 600 to Rs 68,850/10 grams and 100 grams of 22 carat yellow metal prices today rallied by Rs 6000 to settle at Rs 6,88,500. 24k gold prices today zoomed by Rs 660 to Rs 75,110/10 grams and 100 grams of 24k precious metal prices gained by Rs 6,600 to Rs 7,51,100. Earlier, gold prices witnessed decline for 3-days in a row thus offering slight temporary relief to gold buyers.

18k gold prices today turned dearer by Rs 490 to Rs 56,330/10 grams and 100 grams of 18 carat gold price today in India rose by Rs 4,900 to Rs 5,63,300.

On reasons why gold prices today registered rally, Renisha Chainani, Head Research - Augmont - Gold For All said, "The Federal Reserve's jumbo rate cut on Wednesday and expectation for another 50 basis points drop in borrowing costs by the end of this year has helped precious metals prices to continue high. Meanwhile, the Fed's excessive rate decrease increased fears about economic growth, which, along with persisting concerns about a downturn in China, aided the safe-haven gold market."

Furthermore, geopolitical tensions arising from Middle Eastern tensions and the Russia-Ukraine conflict operate as a tailwind for the precious metal as the US political landscape becomes more unclear ahead of the November presidential election. Aside from that, the fact that various Asian central banks and Russia are purchasing gold to decrease their dependency on the USD benefits optimistic traders and enhance possibilities for a further short-term appreciating advance, added Renisha Chainani.

1 gram gold rate today for 22k gold prices jumped by Rs 60 to 6,885 and 1 gram gold price today for 24k gold prices soared by Rs 66 to Rs 7,511. Meanwhile, 1 gram gold price today for 18k gold prices rallied by Rs 49 to 5,633.

Spot Gold, Spot Silver Prices Today: Spot gold continued to maintain its ground at $2,586.98 per ounce, as of 0028 GMT, and rose nearly 0.4% for the week till now. Spot silver steadied at $30.76 per ounce, platinum declined 0.4% to $984.90 and palladium fell 0.3% to $1,077.75, according to Reuters.

Silver Prices Today In India: Silver price in India today witnessed sharp rally. 1kg silver prices today stood at Rs 92,500. 100 grams silver prices today in India zoomed by Rs 150 to Rs 9,250.

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

22k gold price in India today surged by Rs 60, fell by Rs 25 on September 19, declined by Rs 15 on September 18, slipped by Rs 15 on September 17, surged by Rs 15 on September 16, jumped by Rs 40 on September 14, rose by Rs 120 on September 13, slipped by Rs 10 on September 12, and registered rally of Rs 38 on September 11.

1kg Silver price India movement in last 10-days

Silver price in India today gained by Rs 1500, stayed steady on September 19, declined by Rs 1000 on September 18, slipped by Rs 1000 on September 17, soared by Rs 1000 on September 16, zoomed by Rs 2500 on September 14, zoomed by Rs 3000 on September 13, stayed neutral on September 12, zoomed by Rs 500 on September 11, and stayed stable on September 10.

1 Gram of 22k Gold prices In 6 Major Metropolitan Cities Of India On September 20, 2024:

City	22 Carat Gold Price Per Gram
Gold Price Chennai Today	1 gram of 22 carat gold rate is Rs 6,885
Yellow Metal Price Mumbai Today	1 gram of 22 carat gold price is Rs 6,885
Gold Price Delhi Today	1 gram of 22 carat yellow metal price is Rs 6,900
Gold Price Kolkata Today	1 gram of 22 carat of gold price is Rs 6,885
Gold Price Kerala Today	1 gram of 22K gold prices is Rs 6,885
Yellow Metal Price Bangalore Today	1 gram of 22 carat gold rate is Rs 6,885
Gold Prices Hyderabad Today	1 gram of 22 carat gold rate is Rs 6,885

According to Reuters, "Gold surges to all-time highs but bond yields have also jumped higher. A 50 bps is good for gold," said Tai Wong, a New York-based independent metals trader.

"Gold is in a bull market; it is likely to move higher. The velocity of that move will depend on Powell's tone."