Gold Price Jumps, Silver Steady In India; Oct 2: 24k/100 Grams Yellow Metal Prices Rise By Rs 5400

Gold prices in India registered sharp surge on October 2, 2024 after the yellow metal witnessed decline in prices for 2-days in a row amid rising tensions in the Middle East. Meanwhile, investors are awaiting US data for more economic cues. 24k gold prices today rallied by Rs 540 to settle at Rs 77,450/10 grams and 100 grams of 24 carat gold price today inched higher by Rs 5400 to Rs 7,74,500. 22K gold prices today rallied by Rs 500 to Rs 71,000/10 grams and 100 grams of 22 carat precious metal prices rose by Rs 5000 to Rs 7,10,000 on Wednesday.

On the other hand, 18k gold prices today surged by Rs 410 to trade at Rs 58,090/10 grams and 100 grams of 18 carat yellow metal prices turned dearer by Rs 4100 to Rs 5,80,900.

22k of 1 gram gold rate today in India rose by Rs 50 to Rs 7,100 and 18k yellow metal prices on Wednesday surged by Rs 41 to Rs 5,809 per gram. If you are planning to buy 1 gram of 24k gold today, you will need to shell out Rs 7745 as prices gained by Rs 54.

According to Wayne Gordon, Giovanni Staunovo and Dominic Schnider of UBS, "We raise our gold forecasts to $2,750 per oz by end-2024 (from $2,600 per oz), $2,850 per oz by mid-2025 (from $2,700 per oz), and $2,900 per oz by end-3Q25 (from $2,750 per oz)."

Recently, the yellow metal touched an all-time high of $2,685.42 per ounce on September 27, pushed by persistent economic growth, geopolitical tensions, and a weakening US dollar alongside lower 10-year US bond yields, analysts said.

It is worth mentioning that the World Gold Council (WGC) stated gold ideally soars by approximately 10% within six months after the Federal Reserve's first rate cut.

Silver Prices Today In India: Silver price in India today remained steady for 2nd day today. 1kg silver prices today in India stood at Rs 95,000. Meanwhile, 100 grams silver prices today did not witness any changes and currently retailing at Rs 9,500.

Spot Gold, Spot Silver Prices Today: Spot gold continued to hold ground at $2,659.79 per ounce, as of 0325 GMT, after soaring over 1% in the previous session. U.S. gold futures slipped 0.4% to $2,680.90. Spot silver remained steady at $31.4 per ounce, platinum rose 1.2% to $997.30 and palladium jumped 1.6% to $1,010.35, according to Reuters.

22k Gold Price Movement In Last 10-Days In India (1 gram)
22k gold price in India today surged by Rs 50, declined by Rs 30 on October 1, slipped by Rs 15 on September 30, remained steady on September 29, fell by Rs 5 on September 28, rose by Rs 40 on September 27, stayed unchanged on September 26, jumped by Rs 60 on September 25, surged by Rs 20 on September 24, and jumped by Rs 20 on September 23.

1kg Silver price India movement in last 10-days
Silver price in India today stayed steady yet again, remained neutral on October 1, slipped by Rs 100 on September 30, stayed unchanged on September 29, fell by Rs 1000 on September 28, rose by Rs 1000 on September 27, jumped by Rs 2200 on September 26, fell by Rs 100 on September 25, fell by Rs 100 on September 24, and stayed unchanged on September 23.

1 Gram of 22k Gold prices In 6 Major Metropolitan Cities Of India On October 2, 2024:

City	22 Carat Gold Price Per Gram
Gold Price Chennai Today	1 gram of 22 carat gold rate is Rs 7100
Yellow Metal Price Mumbai Today	1 gram of 22 carat gold price is Rs 7100
Gold Price Delhi Today	1 gram of 22 carat yellow metal price is Rs 7115
Gold Price Kolkata Today	1 gram of 22 carat of gold price is Rs 7100
Gold Price Kerala Today	1 gram of 22K gold prices is Rs 7100
Yellow Metal Price Bangalore Today	1 gram of 22 carat gold rate is Rs 7100
Gold Prices Hyderabad Today	1 gram of 22 carat gold rate is Rs 7100

"We continue to recommend gold's hedging qualities as being attractive for the long term from a portfolio perspective. We reiterate our recommendation for a diversified USD-denominated portfolio to include a 5 per cent allocation to gold as a broad portfolio hedge," added the UBS analysts.