Gold Prices In India, Aug 1: 24K/100 Grams Gold Soars By Rs 5.4K As Fed Likely To Slash Rates

Gold prices in India on Thursday zoomed as US Federal Reserve Chair Jerome Powell signaled enough hints that the rate cut cycle likely to begin as early as September. 22K gold price today in India surged by Rs 500 to Rs 64,500/10 grams and 100 grams of 22 carat yellow metal prices soared by Rs 5000 to Rs 6,45,000 on August 1, 2024. Meanwhile, 24k gold price today in India zoomed by Rs 540 to Rs 70,360/10 grams and 100 grams of 24 carat precious metal prices surged by Rs 5400 to Rs 7,03,600 on Thursday.

On the other hand, 18k gold prices today in India rose by Rs 410 to Rs 52,780/10 grams and 100 grams of 18 carat gold price in the country rallied by Rs 4,100 to Rs 5,27,800.

Spot Gold, Spot Silver Prices Today: In the global commodity market, spot gold remained unchanged at $2,448.38 per ounce, as of 0217 GMT, after touching its highest level since July 18 earlier in the session. Prices were just about $35 shy of the record high of $2483.60 scaled on July 17. U.S. gold futures firmed 0.8% to $2,492.50. Spot silver fell 0.3% to $28.94 per ounce, platinum lost 0.3% to $973.65 and palladium was flat at $925.16, according to Reuters.

Silver Prices Today In India: Silver prices in India today surged yet again by Rs 600 to settle at Rs 87,100/kg. Meanwhile, 100 grams silver prices today surged by Rs 60 to Rs 8710.

22k/10 Grams Gold Price Movement In Last 10-Days In India
Gold prices in India today zoomed by Rs 500, surged by Rs 800 on July 31, declined by Rs 200 on July 30, rallied by Rs 150 on July 29, stayed steady on July 28, soared by Rs 250 on July 27, slipped by Rs 1000 on July 26, fell sharply by Rs 950 on July 25, remained stable on July 24, fell steeply by Rs 2750 on July 23, and fell by Rs 100 on July 22.

Amid rising yellow metal prices globally, Dr. Renisha Chainani, Head Research - Augmont - Gold For All said, Gold prices have reached new highs above $2500 in international markets as investors are fleeing to safety as tensions between Iran and Israel escalate. Iranian Supreme Leader Ali Khamenei ordered an immediate strike on Israel after Hamas chief Haniyeh was killed. Bank of Japan also surprised markets by hiking interest rates by 15-basis points yesterday, which triggered a huge sell-off in the USD/JPY pair and supporting gold prices. Furthermore, the Fed ended its meeting yesterday with the fed funds rate remaining between 5.25% and 5.5%. Fed Powell acknowledged that inflation is still somewhat elevated despite the easing and the interest rate path ahead will depend on the way how the economy evolves. We are likely to see some profit booking towards $2460 (~Rs 69000) before prices move ahead."

1kg Silver price India movement in last 10-days
Silver price in India today rose by Rs 600, rallied by Rs 2000 on July 31, declined by Rs 500 on July 30, rose by Rs 500 on July 29, remained steady on July 29, July 27, and July 26, witnessed sharp fall of Rs 3000 on July 25, declined by Rs 500 on July 24, fell by Rs 3,500 on July 23, remained steady on July 22, and stayed unchanged on July 21.

According to Reuters, "Gold bulls couldn't resist the urge to buy more gold after the Fed effectively signalled the beginning of its rate-cut cycle. But gold bugs may want to warrant some caution above $2,500, given gold's reluctance to hold on to gains around these levels," City Index senior analyst Matt Simpson said.

1 Gram of 22k Gold Rate In 5 Major Metropolitan Cities Of India On Aug 1, 2024:

Gold Price Chennai: Price of 1 gram of 22 carat of gold price Chennai today is Rs 6,430

Gold Price Kolkata: Price of 1 gram of 22 carat of yellow metal in Kolkata on August 1, 2024 is Rs 6,450

Yellow Metal Price Bangalore: Price of 1 gram of 22 carat gold in Bangalore on August 1 is Rs 6,450.