Gold Prices Dearer In India, Oct 3: 22k/100 Grams Gold Soars By Rs 1K, Will Prices See More Rally?

Gold prices in India continue to maintain upward momentum on Thursday as traders gear up for key US economic data that could throw more light on the size of interest rate cut expected later this year by US Federal Reserve. 22k gold prices today zoomed by Rs 100 to Rs 71,100/10 grams and 100 grams of 22 carat gold price in India surged by Rs 1000 to settle at Rs 7,11,000.

On factors that pushed yellow metal prices up in India, Dr. Renisha Chainani, Head Research - Augmont - Gold For All said, "gold prices stand tall and sustain above $2600 (Rs 76000) on the mixed fundamental backdrop. One should warrant some caution before placing aggressive directional bets as the market awaits the Nonfarm Payrolls report on Friday. The Federal Reserve Chair Jerome Powell's more hawkish comments on Monday and the upcoming improved US job market statistics help the US dollar maintain its rebound from its lowest point since July 2023."

Meanwhile, 24k gold prices today surged by Rs 110 to Rs 77,560/10 grams and 100 grams of 24 carat precious metal prices soared by Rs 1100 to Rs 7,75,000 on Thursday. 18k gold prices today rose by Rs 80 to Rs 58,170/10 grams and 100 grams of 18 carat yellow metal prices today rallied by Rs 800 to Rs 5,81,700.

"On the geopolitical front, Iran launched more than 180 ballistic missiles toward Israel on Tuesday, increasing the possibility of a full-scale Middle East conflict. This prompted an Israeli assault on central Beirut, Lebanon, early on Thursday. Gold prices are well supported around $2650 (Rs 75400) levels, due to geopolitical concerns, since ceasefire negotiations are unlikely to take place anytime soon," Renisha Chainani added.

Meanwhile, 1 gram gold rate today for 22k rose by Rs 10 to Rs 7,110 and 24k/1 gram gold price today inched higher by Rs 11 to end at Rs 7,756. 18k/1 gram gold prices today surged by Rs 8 to Rs 5817.

Silver Prices Today In India: Silver price in India today steadied yet again for 3rd consecutive day. 1kg silver prices today in India are retailing at Rs 95,000. On the other hand, 100 grams silver prices today stood at Rs 9,500.

Spot Gold, Spot Silver Prices Today: Spot gold stayed flat at $2,655.03 per ounce by 0333 GMT. Prices touched a record high of $2,685.42 on September 26. Spot silver declined 0.9% to $31.58, platinum fell 0.5% to $997.90 and palladium fell 1.3% to $1,001.80, according to Reuters.

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

22k gold price in India today rallied by Rs 10, soared by Rs 50 on October 2, fell by Rs 30 on October 1, declined by Rs 15 on September 30, steadied on September 29, slipped 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, and surged by Rs 20 on September 24.

1kg Silver price India movement in last 10-days

Silver price in India today remained unchanged, stayed steady on October 2, 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, and fell by Rs 100 on September 24.

1 Gram of 22k Gold prices In 6 Major Metropolitan Cities Of India On October 3, 2024:

City	22 Carat Gold Price Per Gram
Gold Price Chennai Today	1 gram of 22 carat gold rate is Rs 7110
Yellow Metal Price Mumbai Today	1 gram of 22 carat gold price is Rs 7110
Gold Price Delhi Today	1 gram of 22 carat yellow metal price is Rs 7125
Gold Price Kolkata Today	1 gram of 22 carat of gold price is Rs 7110
Gold Price Kerala Today	1 gram of 22K gold prices is Rs 7110
Yellow Metal Price Bangalore Today	1 gram of 22 carat gold rate is Rs 7110
Gold Prices Hyderabad Today	1 gram of 22 carat gold rate is Rs 7110

According to Reuters, gold is consolidating at this point of time but expect prices will retest the all-time high of $2,685 as charts show persistent strong upward trends, said Brian Lan at Singapore-based dealer GoldSilver Central.

"Middle East tensions and U.S. elections will continue supporting bullion in the longer term... In the short-tem, some funds might shift to oil from gold since oil is doing better," Lan added.