Gold Price Rally Continues In India, Sept 23: Yellow Metal Price Zooms To New High, Buy?

Gold prices in India continues to shine as yellow metal prices hit record high on Monday after momentum created by Federal Reserve's interest rate cut and ongoing Middle East tension. 1 gram of 22k gold price in India on January 1, 2024 stood at Rs 5855 and today the price climbed to unprecedented high of 6980, reflecting a sharp rise of 19.21%. 22k gold price today surged by Rs 200 to hit fresh high of Rs 69,800/10 grams and 100 grams of 22 carat yellow metal prices surged by Rs 2000 to Rs 6,98,000. 24k gold prices today soared by Rs 220 to Rs 76,150/10 grams and 100 grams of 24k precious metal prices today rose by Rs 2200 to settle at Rs 7,61,500 on September 23, 2024.

18k gold prices today witnessed new high of Rs 57,110/10 grams after gain of Rs 160 and 100 grams of 18 carat precious metal prices today zoomed by Rs 1600 to Rs 5,71,100.

Should you buy gold as prices soar to record high in India? According to Renisha Chainani, Head Research - Augmont - Gold For All, "if you're looking to diversify your portfolio or hedge against economic uncertainties, now might be a good time to invest in gold through SIP. If somebody wants to invest a lumpsum amount for long-term investment, one should wait for prices to correct to around Rs 73000 for better investment levels."

On factors that led rally in yellow metal prices today, Renisha Chainani stated, "the gold price touched a new high of $2656 (Rs 75100), aided by a weaker greenback. The forced liquidation of short positions has driven the gold price to record highs. At the same time, the US dollar maintains its position versus a basket of major currencies and rising bond rates create an adverse environment for gold. The commencement of the Federal Reserve's monetary easing cycle and expectations of further rate reduction this year have supported the gold price."

1 gram gold rate today for 24k gold prices rallied by Rs 22 to Rs 7,615. Meanwhile, 1 gram gold rate today for 18k gold prices recorded surge of Rs 16 to 5,711.

Spot Gold, Spot Silver Prices Today: Spot gold gained 0.2% to $2,628.28 per ounce, as of 0349 GMT, after scaling a new high of $2,630.93 earlier in the session. Non-yielding yellow metal gained more than 27% so far in 2024, heading for its biggest annual rise since 2010. Spot silver fell 0.1% to $31.07 per ounce, platinum declined 0.8% to $967.50 and palladium dipped approximately 1% to $1,057.38, according to Reuters.

Silver Prices Today In India: Silver price in India today stayed steady. 1kg silver prices today are retailing at Rs 93,000 after prices did not undergo any changes. 100 grams silver prices today in India remained unchanged too at Rs 9,300.

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

22k gold price in India today rose by Rs 20, remained neutral on September 22, soared by Rs 75 on September 21, rallied by Rs 60 on September 20, dipped by Rs 25 on September 19, fell by Rs 15 on September 18, declined by Rs 15 on September 17, surged by Rs 15 on September 16, and jumped by Rs 40 on September 14.

1kg Silver price India movement in last 10-days

Silver price in India today remained neutral, did not witness any changes on September 22, rallied by Rs 500, soared by Rs 1500 on September 20, remained unchanged on September 19, fell by Rs 1000 on September 18, declined by Rs 1000 on September 17, soared by Rs 1000 on September 16, and gained by Rs 2500 on September 14.

1 Gram of 22k Gold prices In 6 Major Metropolitan Cities Of India On September 23, 2024:

City	22 Carat Gold Price Per Gram
Gold Price Chennai Today	1 gram of 22 carat gold rate is Rs 6,980
Yellow Metal Price Mumbai Today	1 gram of 22 carat gold price is Rs 6,980
Gold Price Delhi Today	1 gram of 22 carat yellow metal price is Rs 6,995
Gold Price Kolkata Today	1 gram of 22 carat of gold price is Rs 6,980
Gold Price Kerala Today	1 gram of 22K gold prices is Rs 6,980
Yellow Metal Price Bangalore Today	1 gram of 22 carat gold rate is Rs 6,980
Gold Prices Hyderabad Today	1 gram of 22 carat gold rate is Rs 6,980

Furthermore, escalating geopolitical concerns in the Middle East have resulted in increased allocation to safe-haven assets such as gold. Hezbollah and Israel exchanged heavy fire on Sunday, with the Lebanese militant organization firing missiles deep into northern Israeli territory following some of the most intensive bombing in over a year of combat. The next psychological level of resistance for Gold is $2700 (~Rs 76000) and support is $2575 (~Rs 73500), added Renisha Chainani.

According to Reuters, "the current state of play in the global economy, which consists of declining interest rates, seemingly ever-present geopolitical risks and an upcoming U.S. election has suited gold to a tee," Tim Waterer, chief market analyst at KCM Trade, said.