Gold Prices Rise In India, Aug 9: 24k/100 Grams Gold Jumps By Rs 8,200, Silver Rallies Too

Gold prices in India recorded sharp jump on August 9, 2024 amid soaring prospects of interest rate cut from US Federal Reserve in September and rising safe-haven demand of the yellow metal. 22k gold prices today jumped by Rs 750 to Rs 64,250/10 grams and 100 grams of 22 carat yellow metal prices today rallied by Rs 7500 to Rs 6,42,500 in India on August 9, 2024. 24k gold prices today in the country rose by Rs 820 to Rs 70,090/10 grams and 100 grams of 24 carat precious metal prices today surged by Rs 8,200 to Rs 7,00,900. On the other hand, 18k gold price today stood at Rs 52,570/10 grams after the surge by Rs 610 and 100 grams of 18 carat yellow metal prices gained by Rs 6,100 to Rs 5,25,700.

Spot Gold, Spot Silver Prices Today: Spot gold surged 1.8% to $2,423.25 per ounce by 1758 GMT, breaking the five-session losing streak. U.S. gold futures settled 1.3% higher at $2,463.3. Meanwhile, spot silver jumped more than 3.4% to $27.49 per ounce, platinum jumped 1.4% at $932.75 and palladium rose 4.1% to $918.75, according to Reuters.

According to Reuters, ""What gold is benefiting from is just providing more stability and more investors are seeing that ... it's just migration from risk assets to more of a safe-haven asset," said Alex Ebkarian, chief operating officer at Allegiance Gold.

Silver Prices Today In India: Silver price in India today jumped after falling for 3-session. 1kg silver prices today rose by Rs 1500 to Rs 83,000. And, 100 grams silver price today jumped by Rs 150 to Rs 8,300.

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

Gold prices in India today surged by Rs 750, remained steady on August 8, fell by Rs 400 on August 7, declined by Rs 800 on August 6, remained steady on August 5, stayed unchanged on August 4, slipped by Rs 100 on August 3, surged by Rs 300 on August 2, zoomed by Rs 500 on August 1, surged by Rs 800 on July 31, and declined by Rs 200 on July 30.

According to Dr. Renisha Chainani, Head Research - Augmont - Gold For All, "Thursday's positive US labour market report reduced fears of a recession and increased investor confidence, leading to a risk-on sentiment. However, investors are still concerned about the risk of escalating geopolitical tensions in the Middle East, which could dampen market optimism. The markets have fully priced in the Federal Reserve's September rate cut."

The markets have fully priced in a 25-basis-point rate drop by the Federal Reserve in September and are betting on a 50-bps rate decrease, which would bolster the gold and silver prices. Silver prices have traded in a downward-slopping channel for the last three months after hitting a record high in May. $26.5 (~Rs 78000) is very strong support, which Silver prices is maintaining, which is required to maintain an uptrend, added Renisha Chainani.

1kg Silver price India movement in last 10-days

Silver price in India today surged by Rs 1500, dived by Rs 500 on August 8, declined by Rs 500 on August 7, fell by Rs 3200 pm August 6, surged by Rs 200 on August 5, remained stable on August 4, declined sharply by Rs 1700 on August 3, rallied by Rs 100 on August 2, rose by Rs 600 on August 1, rallied by Rs 2000 on July 31, and declined by Rs 500 on July 30.

1 Gram of 22k Gold prices In 5 Major Metropolitan Cities Of India On August 9, 2024:

Gold Price Chennai: Price of 1 gram of 22 carat of gold price Chennai today is Rs 6,425

Yellow Metal Price Mumbai: Price of 1 gram of 22 carat gold in Mumbai on August 9 is Rs 6,425

Precious Metal Price Delhi: Price of 1 gram of 22 carat yellow metal in Delhi on August 9 is Rs 6,440

Gold Price Kolkata: Price of 1 gram of 22 carat of yellow metal in Kolkata on August 9, 2024 is Rs 6,425

Gold Price Kerala: Cost of 1 gram of 22K gold in Kerala on August 9 is Rs 6,425

Yellow Metal Price Bangalore: Price of 1 gram of 22 carat gold in Bangalore on August 9 is Rs 6,425.