Gold Rate in India SURGES to Record High on Aug 30: Check Latest 24K, 22K, 18K Price City-Wise Silver Up Too

Gold prices in India today saw the biggest jump of the week, with gold rates reaching record high levels on Saturday. The 22-carat gold price today stands above Rs. 96,000, while the 24-carat gold rate will be near the Rs. 1,05,000 level very soon if this rally continues. This is the fifth day of a rise in yellow metal rates, as the demand for gold has jumped because of the ongoing festival, due to which gold prices are surging massively.

In the international market, gold prices are also climbing as optimism grows over a possible US Federal Reserve rate cut in September. Spot gold closed with strong gains above $3,400 per ounce.

Gold Rate In India Today

On 30th August, 24-carat gold rates in India jumped by Rs. 1640 per 10 grams to cost Rs. 1,04,900. While the 22-carat gold price stands at Rs. 96,200 per 10 grams after a rise of Rs. 1500. The cheaper variant, 18-carat gold price spiked by Rs. 1234 to retail at Rs. 78,710 per 10 grams.

The bigger weight variants were seen at the same spike. 100 grams of 24-carat gold rates now retail at Rs.9,62,000, and the 22-carat gold rates per 100 grams now cost Rs. 10,49,500.

Silver prices in India today

Silver rates in India today also saw a big jump, with prices rising to Rs. 1100 per kg. Currently, 1 kg of silver costs Rs. 1,21,000 with an increase of Rs. 1100, and 100 grams of silver costs Rs. 12,100, which jumps to Rs. 110.

Gold prices city-wise

The back-to-back sharp rally in gold prices in India was reported across major cities in Below are the gold rates in Chennai, Bengaluru, Hyderabad & Mumbai on August 30th.

Gold Price in Chennai

Gold Price in Bangalore

Gold Price in Hyderabad

Gold Price in Mumbai

Gold and Silver Futures Prices on the Multi-Commodity Exchange

Gold prices on the MCX Closed in red at the end of the trading session on Friday. Currently, gold futures prices due to mature on October 3rd are standing at Rs. 1,03,780 after slipping by 0.04%. Silver futures, which are set to mature on September 5th, also ended in red, down by 0.10% higher at Rs. 120,250.

Spot Gold and Spot Silver Price Update

According to Reuters, bullion is set for its second consecutive weekly gain, rising 2.5% so far. Spot gold was up 0.8% at $3,443.19 per ounce as of 1:53 p.m. ET (1753 GMT), its highest level since July 17. Bullion has gained 4.7% in August. U.S. gold futures for December delivery settled 1.2% higher at $3,516.1. Spot silver gained 1.7% to $39.77 per ounce."

"Spot Gold is likely to hold firm and move higher towards the $3450 per ounce mark on the growing probability of a 50 bps rate cut this year. Further, geopolitical uncertainty and delay in Russia-Ukraine peace talks would fuel the safe haven buying. In addition to this, US political uncertainty and concerns over Fed independence would provide support to the yellow metal. " As per the ICICI Commodity Report.

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