Gold Prices Shine In India, Oct 16: Check Latest 18k, 22k, 24k Gold Prices After Rise

Gold prices in India jumped on September 16, 2024 as traders are waiting for more US economic data to get more cues on interest rate cut by Federal Reserve. 22k gold price today in India surged by Rs 450 to Rs 71,400/10 grams and 100 grams of 22 carat yellow metal prices today zoomed by Rs 4500 to Rs 7,14,000. 24K gold prices today rose by Rs 490 to Rs 77,890/10 grams and 100 grams of 24k precious metal prices today zoomed by Rs 4900 to Rs 7,78,900.

Meanwhile, 18k gold prices today zoomed by Rs 370 to Rs 58,420/10 grams and 100 grams of 18 carat precious metal prices turned dearer by Rs 3700 to Rs 5,84,200.

Why Gold Prices Jumped Today In India? According to Renisha Chainani, Head Research - Augmont - Gold For All, "amidst the Middle East tensions and a risk-off sentiment, safe-haven flows are drawn to gold prices. Any significant USD corrective slide should be constrained by growing bets on a regular 25 bps rate decrease in November and firming views for a less aggressive policy easing by the Federal Reserve. Also, a shift in the global risk attitude toward precious metals is causing some haven flows in the face of ongoing geopolitical threats, as seen by a softer tone in the world's equities markets."

The Biden administration has sent a warning to Israel, stating that failure to move quickly to let additional humanitarian supplies into Gaza might result in penalties, including the suspension of US arms transfers. Gold is moving towards the higher side of the range towards $2685 (~Rs 76500). If prices sustain above this resistance, the next target is $2700 (~Rs 77000) and $2750 (~Rs 78500), added Renisha Chainani.

Meanwhile, 1 gram gold rate today for 22k turned expensive by Rs 45 to Rs 7140. 24k gold price for 1 gram became dearer by Rs 49 to Rs 7,789. 18k per gram gold price today in India zoomed by Rs 37 to Rs 5842.

Silver Prices Today In India: Silver price in India today recorded slight surge. 1 kg silver prices today in India jumped by Rs 100 to Rs 97,000. 100 grams silver prices in India today rose by Rs 10 at Rs 9,700.

Spot Gold, Spot Silver Prices Today: Spot gold traded steady at $2,660.36 per ounce by 0036 GMT. US gold futures slipped 0.1% at $2,676.50. Spot silver remained flat at $31.45 per ounce. Platinum zoomed 0.4% at $987.60 and palladium fell 0.2% to $1,006.98, according to Reuters.

22k Gold Price Movement In Last 10-Days In India (1 gram)
22k gold price in India today surged by Rs 45, dipped by Rs 20 on October 15, declined by Rs 5 on October 14, steadied on October 13, surged 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, stayed steady on October 8, and dived by Rs 20 on Oct 7.

1kg Silver price India movement in last 10-days
Silver price in India today jumped by Rs 100, slipped by Rs 100, remained flat 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 16, 2024:

City	22 Carat Gold Price Per Gram
Gold Price Chennai Today	1 gram of 22 carat gold rate is Rs 7140
Yellow Metal Price Mumbai Today	1 gram of 22 carat gold price is Rs 7140
Gold Price Delhi Today	1 gram of 22 carat yellow metal price is Rs 7155
Gold Price Kolkata Today	1 gram of 22 carat of gold price is Rs 7140
Gold Price Kerala Today	1 gram of 22K gold prices is Rs 7140
Yellow Metal Price Bangalore Today	1 gram of 22 carat gold rate is Rs 7140
Gold Prices Hyderabad Today	1 gram of 22 carat gold rate is Rs 7140

According to Reuters, ""The game changer in gold prices is the U.S. monetary policy easing as it sets the stage for investment demand," said ANZ commodity strategist Soni Kumari.

"The uncertainly surrounding US elections and geopolitical tensions will also support gold going forward."