Gold Price In Vadodara, Ahmedabad: Yellow Metal Shines, 22K/10 Grams Above Rs 64,000; 1Kg Silver Up By Rs 2K

Gold prices are glittering with 22K yellow metal in 10 grams crossing above the Rs 64,000 mark in north-west cities like Vadodara and Ahmedabad. The cheapest gold is currently at Rs 5,241, while the cheapest silver is at Rs 86.50. Broadly, across 22K, 24K, and 18K, gold prices jumped highest by Rs 6,600 to Rs 8,700 in 100 grams in the two cities. While 1 kg silver price sees a massive jump of Rs 2,000.

The reason why gold is shining is because investors are keenly hoping for a much more dovish tone from the US Federal Reserve in their meeting scheduled on July 31. Traders hope that the Fed would likely increase its expectations from a 1 rate cut in 2024, and would hint towards an early rate cut in the September 2024 policy. However, broadly, the majority of economists do not expect the Fed to cut rates for the first in 3 years, on July 31.

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, "US Fed's policy on Wednesday late night will support the prices as Dovish commentary expected from the chairperson Powell, due to supportive data in the past especially with respect to inflation & unemployment rising. along with non farm payroll dropping. Gold can be seen in the range of 68000-695000 in the short term."

Gold and silver prices are both similar in Vadodara and Ahmedabad. However, the prices are expensive compared to cities like Mumbai, Kerala, Kolkata, and Bangalore.

Gold Prices In Vadodara, Ahmedabad On July 24:

100 Grams Gold Prices: 24K Gold price in the two cities jumped by Rs 8,700 to Rs 6,98,700, while in 22K the price increased by Rs 8,000 to Rs 6,40,500, and in 18K the price is up by Rs 6,600 to Rs 5,24,100.

10 Grams Gold Prices: Here, 22K of 10 grams achieved above Rs 64,000 to Rs 64,050 up by Rs 800. While 10 grams in 24K is just Rs 130 away from hitting the Rs 70,000 mark. 24K/10 grams is currently up by Rs 870 to Rs 69,870. In 18K, the price of 10 grams surged from Rs 660 to Rs 52,410.

8 Grams Gold Prices: 22K of 8 grams made a sharp surge by Rs 640 to Rs 52,240 on July 31, while in 24K, the price advanced by Rs 696 to Rs 55,896. Lastly, in 18K, the price gained by Rs 528 to Rs 41,928.

1 Gram Gold Prices: This is the cheapest gold to buy currently in the two cities. 1 gram in 22K is up by Rs 80 to Rs 6,405, while in 24K, it is up by Rs 87 to Rs 6,987 nearing Rs 7,000 mark. Further, 1 gram of 18K edged higher by Rs 66 to Rs 5,241.

Silver Prices In Vadodara, Ahmedabad:

1Kg silver price skyrocketed by Rs 2,000 to Rs 86,500 in the cities, compared to the previous day's price of Rs 84,500. Further, 100 grams is up by Rs 200 to Rs 8,650, 10 grams is up by Rs 20 to Rs 865, and 8 grams is up by Rs 16 to Rs 676. Lastly, 1 gram is up by Rs 2 to Rs 86.50, the cheapest silver to buy.