Gold Prices Hit New High In India: Big Jump In Yellow Metal Price, Touches 70K In This City

Gold prices witnessed a sharp rally in India today thus hitting its new record high amid softer US inflation report paving way for reports that Federal Reserve likely to announce its first interest rate cut of 2024 in June. The price of 10 grams of 22 carat gold in India today is Rs 63,600, up by Rs 850 and cost of 100 grams of 22 carat yellow metal in the country on Monday is Rs 6,36,000 after the jump of Rs 8500.

Meanwhile, cost of 10 grams of 24K yellow metal is Rs 69,380 after the jump of Rs 930 and price of 100 grams of 24K yellow metal in India is Rs 6,93,800 after the surge of Rs 9300.

Spot gold surged 1.2% at $2,258.71 per ounce, as of 0328 GMT, after soaring an all-time high of $2,259.49 earlier in the session. US gold futures rose 1.8% to $2,279.10. The new US inflation data is "along the lines of what we would like to see," commented Fed Chair Jerome Powell, highlighting that a June interest rate cut was likely.

Spot silver surged 0.7% to $25.15 per ounce, platinum was up 0.6% at $913.65 and palladium climbed 0.8 per cent to $1.022.70.

Anuj Gupta, Chief of Commodity and Currency at HDFC Securities, said, "Bullish momentum will continue in gold until Diwali festival. Comex gold can rally towards $2250 and $2320 until it holds above the $2145 level. The Comex silver trend is moderately bullish, with a strong supply zone of $25.80-$26.25 and a demand zone of 23.80 to $23.50."

Yellow metal prices In key Indian cities on April 1, 2024:

Gold Price Chennai: 10 grams of 22 carat gold price in Chennai on April 1, 2024 is Rs 64,550 and price of 10 grams of 24 carat gold is Rs 70,420.

Yellow Metal Price Mumbai: 10 grams of 22 carat gold price in Mumbai on April 1 is Rs 63,600 and price of 10 grams of 24 carat yellow metal is Rs 69,380.

Gold Prices Delhi: Price of 10 grams of 22 carat yellow metal in national capital on April 1 is Rs 63,750 and cost of 10 grams of 24 carat gold is Rs 69,530.

Gold Price Kolkata: Price of 10 grams of 22 carat of yellow metal in Kolkata on April 1, 2024 is Rs 63,600 and cost of 24 carat of 10 grams gold is Rs 69,380.

Meanwhile, silver prices India also surged in India by Rs 600 to Rs 78,600/kg on Monday.