Gold Prices Jump In India For 2nd Day, Oct 17: Yellow Metal Hovers Below Record Level

Gold prices in India surged for 2nd consecutive day today as traders awaited US economic data for more cues of Federal Reserve's monetary easing path. 22K gold price today jumped by Rs 200 to Rs 71,600/10 grams and 100 grams of 22 carat precious metal prices today rose by Rs 2000 to Rs 7,16,000. 24k gold price today soared by Rs 220 to Rs 78,110/10 grams and 100 grams of 24 carat yellow metal prices today rose by Rs 2200 to Rs 7,81,100.

Meanwhile, 18k gold prices today jumped by Rs 160 to Rs 58,580/10 grams and 100 grams of 18 carat precious metal prices today soared by Rs 1600 to Rs 5,85,800.

Why Gold Prices Jumped Today In India? According to Renisha Chainani, Head Research - Augmont - Gold For All, "The price of gold is testing its all-time high and receiving assistance from several sources. The anticipated reduction in interest rates by significant central banks, in conjunction with geopolitical uncertainties arising from the continuous wars in the Middle East, are pivotal elements propelling investments towards the yellow metal. This Thursday marks the third interest rate decrease of the year for the European Central Bank, and a strong decline in UK inflation reinforced expectations of a November rate cut by the Bank of England. The latest surge in the USD to its greatest level since August appears to have had little impact on bulls. Moreover, according to a person with knowledge of the situation, Israel is prepared to counter Iran's October 1 strike."

This might lead to a further escalation of geopolitical tensions and a full-scale conflict in the Middle East. Gold prices have sustained above the resistance of $2685, the next target is $2700 (~Rs 77000) and $2750 (~Rs 78500). Silver is moving towards the higher side of the range towards $32.5 (~Rs 93500). If prices sustain above this resistance, the next target is $33 (~Rs 95000), added Renisha Chainani.

On the other hand, 1 gram gold rate today for 22k jumped by Rs 20 to Rs 7160. 24k gold price for 1 gram soared by Rs 22 to Rs 7,811. 18k per gram gold price today in India rose by Rs 16 to Rs 5858.

Silver Prices Today In India: Silver price in India today steadied. 1 kg silver prices today in India remained steady at Rs 97,000. 100 grams silver prices in India remained unchanged at Rs 9,700.

Spot Gold, Spot Silver Prices Today: Spot gold remained little changed at $2,674.96 per ounce, as of 0025 GMT. Prices zoomed to a session high of $2,685.16 on Wednesday, shy of the record $2,685.42 hit on September 26. Spot silver surged 0.2% to $31.74 per ounce. Platinum gained 0.8% to $1,001.40 and palladium firmed 0.3% to $1,026.09, according to Reuters.

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

22k gold price in India today zoomed by Rs 20, surged by Rs 45 on October 16, fell by Rs 20 on October 15, slipped by Rs 5 on October 14, remained steady on October 13, rose by Rs 25 on October 12, rallied by Rs 70 on October 11, slipped by Rs 5 on October 10, declined by Rs 70 on October 9, and stayed steady on October 8.

1kg Silver price India movement in last 10-days

Silver price in India today stayed steady, rose by Rs 100, fell by Rs 100, steadied on Oct 14 and Oct 13, soared by Rs 1000 on Oct 12, rose by Rs 2000 on October 11, remained flat on October 10, fell by Rs 2000 on October 9, declined by Rs 900 on Oct 8, dipped by Rs 100 on Oct 7, and remained steady on October 6.

1 Gram of 22k Gold prices In 6 Major Metropolitan Cities Of India On October 17, 2024:

City	22 Carat Gold Price Per Gram
Gold Price Chennai Today	1 gram of 22 carat gold rate is Rs 7160
Yellow Metal Price Mumbai Today	1 gram of 22 carat gold price is Rs 7160
Gold Price Delhi Today	1 gram of 22 carat yellow metal price is Rs 7175
Gold Price Kolkata Today	1 gram of 22 carat of gold price is Rs 7160
Gold Price Kerala Today	1 gram of 22K gold prices is Rs 7160
Yellow Metal Price Bangalore Today	1 gram of 22 carat gold rate is Rs 7160
Gold Prices Hyderabad Today	1 gram of 22 carat gold rate is Rs 7160

According to Reuters, "Investors are seeking safe-haven gold as a hedge amid uncertainty over the U.S. elections. A Trump presidency should support gold as it might raise trade tensions and widen the budget deficit," said Kelvin Wong, OANDA's senior market analyst for Asia Pacific.