Gold Price Soars To Record High In India, Sept 13: 24K/100 Grams Gold Prices Rise Rs 13,000

Gold prices in India today hit record high amid weakened dollar and soaring prospects of US interest rate cut next week in September. 22k gold prices today surged by Rs 1200 to Rs 68,250/10 grams while 100 grams of 22 carat precious metal prices today rose by Rs 12,000 to settle at Rs 6,82,500 on Friday in the country. 24k gold prices today rallied by Rs 1300 to Rs 74,450/10 grams and 100 grams of 24k yellow metal prices turned dearer by Rs 13,000 to Rs 7,44,500.

18k gold prices today surged by Rs 980 to Rs 55,840/10 grams and 100 grams of 18 carat gold price today stood at Rs 5,58,400 after rising by Rs 9,800 on September 13, 2024. 1 gram gold rate today for 22k gold prices is retailing at Rs 6,825 after gain of Rs 120 and 1 gram gold price today for 24k gold prices jumped by Rs 130 to Rs 7,445. 1 gram gold prices today for 18k gold stood at Rs 5,584 after rise of Rs 98 in India.

Spot Gold, Spot Silver Prices Today: Spot gold surged 0.2% at $2,565 per ounce, as of 0258 GMT, after touching new high of $2,567.93 earlier in the session. Bullion rose 2.7% for the week so far. U.S. gold futures rallied 0.5% to $2,593.40. Spot silver jumped 0.1% to $29.93 per ounce and platinum zoomed nearly 1% to $986.60. Both the metals are headed for a weekly gain, according to Reuters.

On reasons why gold prices soared to new high today, Renisha Chainani, Head Research - Augmont - Gold For All said, "gold prices have risen beyond $2550 due to increasing rate cuts bets and heightened geopolitical tensions, indicating a potential for further rise. The Federal Reserve has a quandary in lowering interest rates when it meets next week, according to Nick Timiraos of the Wall Street Journal, since the decision comes despite a softening job market and recent hints of sticky inflation."

The central bank is expected to convene next week, with markets divided on a 25 or 50 basis point drop. According to CME Fedwatch, recent inflation data suggests a 25 basis point reduction in interest. Markets anticipate the Fed will lower rates by more than 100 basis points this year, with any. After Gold has cleared the $2550 (Rs 72500) resistance, the next resistance is $2600 (Rs 75000), added Renisha Chainani.

Silver Prices Today In India: Silver price in India today witnessed sharp rally. 1kg silver prices today rallied by Rs 3000 to Rs 89,500. 100 grams silver price today in India jumped by Rs 300 to Rs 8,950.

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

22k gold price in India today jumped by Rs 120, slipped by Rs 10 on September 12, registered rally of Rs 38 on September 11, fell by Rs 3 on September 10, stayed neutral on September 9, steadied on September 8, slipped by Rs 40 on September 7, surged by Rs 55 on September 6, stayed steady on September 5, and dipped by Re 1 on September 4.

1kg Silver price India movement in last 10-days

Silver price in India today rallied by Rs 3000, stayed neutral on September 12, zoomed by Rs 500 on September 11, remained unchanged on September 10, rallied by Rs 500 on September 9, stayed stable on September 8, fell by Rs 2500, recorded steep surge of Rs 2000 on September 6, stayed steady on September 5, and fell by Rs 1000 on September 4.

1 Gram of 22k Gold prices In 5 Major Metropolitan Cities Of India On September 13, 2024:

Gold Price Chennai	1 gram of 22 carat gold rate is Rs 6,825
Yellow Metal Price Mumbai	1 gram of 22 carat gold price is Rs 6,825
Gold Price Delhi	1 gram of 22 carat yellow metal price is Rs 6,840
Gold Price Kolkata	1 gram of 22 carat of gold price is Rs 6,825
Gold Price Kerala	1 gram of 22K gold prices is Rs 6,825
Yellow Metal Price Bangalore	1 gram of 22 carat gold rate is Rs 6,825

According to Reuters, "gold has been building house following its latest foray higher. Gains have been steady in nature, and a period of consolidation wouldn't be surprising before gold perhaps takes a run at $2,600 should the dollar remain on the backfoot," said Tim Waterer, chief market analyst at KCM Trade.