Gold Rate in India Hits Dangerous High! 24K Up Rs 27,000 Since Aug; Rally To Continue Today? 15 Oct Outlook

Gold Rate in India: For gold prices, the sky seems to be the limit as the precious metal keeps shattering records, touching historic highs almost three to four times a week since August. On Tuesday, October 14, gold prices in India hit a new all-time high for the second consecutive day.

With escalating geopolitical tensions, persistent US-China trade concerns, and the prolonged US government shutdown weighing on investor sentiment, all eyes now turn to gold and silver price movements on Wednesday, October 15.

Continuous rise in gold rates in India mirrors the sharp surge in international gold rates as investors continue to hoard the precious metal amid escalating US-China trade tensions and expectations of US Fed rate cut.

Gold Rate in India

The price of 24 karat gold in India increased by Rs 295 per gram to Rs 12,835 per gram. Likewise, the price of 22 karat gold in India surged by Rs 270 per gram to Rs 11,765 per gram. The price of 18 karat gold in Indai increased by Rs 221 per gram to Rs 9,626 per gram.

Silver Rate in India

The price of silver in India increased significantly on Tuesday. Silver rate increased to Rs 189 per gram and to Rs 1,89,000 per kilogram. Silver price rally has come against the backdrop of strong industrial demand and supply side crunch.

Silver, Gold MCX Rate

Gold futures with December expiry saw some consolidation on Tuesday and closed lower at Rs 1,24,629 per 10 gram. Whereas, gold futures with November expiry closed at Rs 1,23,964 per 10 gram. Silver futures with December expiry also saw some price consolidation and closed at Rs 154645.00 per kilogram.

Gold, Silver Outlook

Gold rates in India continued to hit record high marks despite easing geopolitical tensions. Stronger US dollar and easing concerns around US-China tensions have failed to convince investors to shift their sentiment. Gold and silver prices are likely to stay elevated for near term.

"Despite these developments, markets remain cautious because these issues are still fragile. As a result, many investors are playing it safe and continuing to invest in gold. Prices are likely to stay elevated as long as central banks keep buying gold and inflows into gold-backed ETFs remain strong. For investors who have already made significant gains, it may be a good time to consider taking some profits at these high levels," noted Darshan Desai, CEO - Aspect Bullion & Refinery.

"Gold prices climbed to a record high as renewed U.S.-China trade tensions exacerbated broader uncertainty, bolstering safe-haven demand, while the prospects of U.S. rate cuts lent support, with silver also reaching an all-time peak. Safe-haven gold has surged ~60% YTD, surpassing the crucial $4,100 milestone for the first time at the start of this week, bolstered by geopolitical and economic uncertainties, rate-cut expectations, strong central bank buying, and strong ETF inflows," explained Manav Modi, Analyst, Precious Metal, Motilal Oswal Financial Services Ltd.

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