Gold Prices Rise In India, Aug 2: 22k/100 Grams Gold Dearer By Rs 3000, Check Latest Gold Price

Gold prices in India on Friday witnessed rally for third consecutive day amid expectations of September interest rate cuts and soaring tensions in the Middle-East. US gold prices surged higher and set for weekly gain. Meanwhile, focus has been shifted to US non-farm payrolls data scheduled to be declared on Friday. 22k gold price today in India surged by Rs 300 to Rs 64,800/10 grams and 100 grams of 22 carat yellow metal prices today rose by Rs 3000 to settle at Rs 6,48,000 on August 2, 2024. On the other hand, 24k yellow metal prices today gained by Rs 330 to Rs 70,690/10 grams and 100 grams of 24 carat gold price today gained by Rs 3300 to Rs 7,06,900.

18k gold prices today gained by Rs 240 to Rs 53,020/10 grams and 100 grams of 18 carat precious metal prices witnessed rally of 2400 to Rs 5,30,200.

Spot Gold, Spot Silver Prices Today: Spot gold surged 0.2% to $2,450.09 per ounce by 0046 GMT and surged over 2% for the week. US gold futures rallied nearly 0.6% to $2,494.40. Spot silver slipped 0.3% to $28.47 per ounce, platinum steadied at $959.05 and palladium edged 0.8% lower to $897.70, according to Reuters.

Silver Prices Today In India: Silver prices in India today rallied by Rs 100 to Rs 87,200/kg. Meanwhile, 100 grams silver prices today soared by Rs 10 to Rs 8720.

22k/10 Grams Gold Price Movement In Last 10-Days In India

Gold prices in India today rose by Rs 300, zoomed by Rs 500 on August 1, 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, and fell steeply by Rs 2750 on July 23.

On soaring gold prices in India, Dr. Renisha Chainani, Head Research - Augmont - Gold For All said, "gold prices continue to scale higher and higher above $2500 on fresh hints of a September rate cut, with significant geopolitical factors supporting safe-haven bullion, including wider political uncertainty and increased concerns of an escalation in the Middle East conflict. Furthermore, strong fundamentals and technical support the prices in the medium term.The first determinant has been the extremely strong central bank buying by emerging market central banks of Asia. The second determinant has been the rising interest in gold through ETFs, the physical market, or even the future COMEX, which has seen a rise in those positions supporting gold prices. The third determinant has been rising tensions in the Middle East, Russia, and Ukraine, which have also supported gold prices. As gold has crossed all resistance trading above $2500, the sky is the limit. The next resistance could be psychological levels of $2525 (~ Rs 71000) and $2550 (~Rs 71700)."

1kg Silver price India movement in last 10-days

Silver price in India today rallied by Rs 100, rose by Rs 600 on August 1, 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, "The market is fully of the view that we will get a cut in September and there are people in the market who are discussing the possibility of 50 basis points cut from the Federal Reserve," said Bart Melek, head of commodity strategies at TD Securities.

1 Gram of 22k Gold Rate In 5 Major Metropolitan Cities Of India On Aug 2, 2024:

Gold Price Chennai: Price of 1 gram of 22 carat of gold price Chennai today is Rs 6,460

Yellow Metal Price Mumbai: Price of 1 gram of 22 carat gold in Mumbai on August 2 is Rs 6,480

Precious Metal Price Delhi: Price of 1 gram of 22 carat yellow metal in Delhi on August 2 is Rs 6,495

Gold Price Kolkata: Price of 1 gram of 22 carat of yellow metal in Kolkata on August 2, 2024 is Rs 6,480

Gold Price Kerala: Cost of 1 gram of 22K gold in Kerala on August 2 is Rs 6,480

Yellow Metal Price Bangalore: Price of 1 gram of 22 carat gold in Bangalore on August 2 is Rs 6,480.