Gold Rate in India Rallies Big Time! 24K, 22K, 18K Gold & Silver Touch Lifetime High on Sept 1st

Gold prices in India jumped again on the first day of September, continuing the strong momentum seen in August. During the last 10 days of August alone, the gold rate in India surged by more than Rs. 30,000 per 100 g, marking one of the sharpest rallies in recent months. The rise in gold prices is mainly due to the festive demand, as more people look forward to buying gold and silver ahead of the upcoming season. With festivals like Dussehra and Diwali approaching, experts predict that gold prices in India may surge to unprecedented levels due to the rise in consumer demand.

Meanwhile, in the international market, spot gold prices also jumped significantly, hitting highs as expectations for rate cuts are high this month. Spot silver also touched a lifetime high of $40 per ounce in this rally.

What is the gold rate in India today, on September 1st?

The pure 24-carat gold rate today surged by Rs. 930 per 10 grams to cost Rs. 105,880 per 10 grams. While the standard gold or the 22-carat gold prices today jumped by Rs. 850 per 10 grams to cost Rs. 97,050 per 10 grams. Similarly, the 18-carat gold rate today also increased by Rs 700 per 10 grams, and it currently retails for Rs 79,410 per 10 grams.

And just like that, the 100 grams of 22-carat gold cost Rs 970,500 after surging Rs 9300. The 24-carat gold price in India per 100 grams is now retailing at Rs 1,058,800 after registering a rise of Rs 9,300 per 100 grams.

Silver Rate in India Today

Silver prices in India today have also surged to record levels as September begins. The current silver rate in India is at Rs 1,26,00 after rising Rs. 1000 per kilogram. While 100 g of silver costs Rs. 12,60,,0 which rose by Rs. 100.

MCX Gold and Silver Futures Update

Gold futures prices at the Multi-Commodity Exchange, which are expected to mature on October 3rd, are currently trading at Rs. 104,952 per 10 grams. Similarly, silver futures slated to mature on September 5th jumped to an all-time high of 122,679, rising 1.09%.

"MCX Gold October is expected to rise towards Rs. 104,800. A move above the Rs. 104,800 level would open the doors towards Rs. 105,500. Support holds near Rs. 102,800. While MCX Silver Dec is expected to rise towards Rs. 124,000 as long as it holds above the Rs. 119,000 level. Only a move below Rs. 119,000 would make it weaker," according to the ICICI Commodity Report.

Spot Gold and Spot Silver Price Update

According to Reuters, "By 0238 GMT, spot gold rose 0.7% to $3,470.69 per ounce, hitting its highest since April 23. U.S. gold futures for December delivery gained 0.8% to $3,543.70. Spot silver rose 1.6% to $40.31 per ounce, the highest since September 2011."

City-Wise Gold Rates Today

Gold rates in several major metropolitan cities in India, such as Chennai, Mumbai, Bangalore, and Hyderabad, observed a massive jump. Here's the latest city-wise update on 22-carat and 24-carat gold rates as of 1st September.

Gold Rates in Chennai

Gold Rates in Bangalore

Gold Rates in Hyderabad

Gold Rates in Mumbai

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