Gold Rate In India Goes Wild, Sept 3: Rs. 50000/100g Surge in Just 8 days Stuns Market; Check Latest Prices

Gold prices in India Today underwent a massive jump for the 8th consecutive day, continuing their bullish streak. On the previous day, all purities of gold surged to a new all-time high.

This spectacular sprint in gold rate in India is mainly because of the intensifying global trade tensions, especially the escalating trade war, which shows no signs of easing. The US Dollar Index is rapidly declining, adding further pressure to global markets and boosting demand for bullion.

Meanwhile, the domestic market is also looking forward to the 56th GST Council meeting that begins today in New Delhi. Finance Minister Nirmala Sitharaman is expected to announce key tax restructuring, including possible rationalisation of GST slabs. Any reform could have a significant impact on businesses, consumers, and overall market.

Gold Rate in India Today

On Wednesday, the 24-carat gold rates in India zoomed by Rs. 880 per 10 grams to cost Rs. 1,06,970. While the 22-carat gold price in India spiked greatly by Rs.800 per 10 grams, to cost Rs. 98,050. Following the trend, the 18-carat gold rates jumped by Rs.660 to retail at Rs. 80,230 per 10 grams.

In a similar manner, 100 grams of 24-carat gold now retail at Rs 10,69,700, and the 22-carat gold rates per 100 grams now cost Rs 9,80,500.

A report from Nirmal Bang Securities says, "Gold prices are expected to rise. One can buy at 105400 with a stop loss of 105000 for the target at 105800-106100"

"Gold and silver prices are trading mix today on the international bourses. We expect precious metals prices on Indian bourses to trade higher for the day; as gold prices extended a six-day rally to print a fresh all-time high, as the prospect of US interest-rate cuts boosted the metal's appeal and traders sought safety following a selloff in equity and bond markets." The report further stated.

Silver prices in India today

Silver rates in India today also rose slightly. 1 kg of silver in India costs Rs. 1,27,000 after gaining Rs. 100. While 100g of silver rates in India retails at Rs 12,700, which jumped by Rs 10.

City-Wise Gold Rates: Latest 22-Carat & 24-Carat Prices Across India

The latest gold prices for 22-carat and 24-carat gold in major Indian cities are similar to national gold prices today.

Gold Price in Chennai

Gold Price in Bangalore

Gold in Price in Hyderabad

Gold Price in Mumbai

Spot Gold Price and Spot Silver Rate

As per Reuters, " Spot gold was up 0.1% at $3,537.76 per ounce, as of 0448 GMT, after hitting an all-time of $3,546.99 earlier in the session. U.S. gold futures for December delivery gained 0.3% to $3,603.50. Elsewhere, spot silver eased 0.4% to $40.74 per ounce

"Spot Gold is likely to rise further towards $3560 level buoyed by U.S. Federal Reserve rate cut bets. Further, demand for safe haven may increase on escalating geopolitical tension and concerns over soaring global fiscal deficits. Furthermore, political uncertainty in France and concerns about independence of U.S Federal Reserve will be supportive for the prices."According to the ICICI commodity outlook report,

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