Gold Rate in India Today, June 13: 24K,22k,18k Gold Price Surges as Rally Continues; Silver Rate Holds Steady

Gold rate in India today made a comeback from a brief bearish phase this week, surging for the second consecutive day. The 24-karat gold price rose by Rs 500 per 10 grams today, taking the total two-day rebound to Rs 4,500 per 10 grams.

Earlier this week, gold rates had fallen sharply to a multi-month low, which led buyers to take advantage of the dip and make their purchases.

Domestic gold prices are following the movement in the global bullion market. According to Trading Economics, "gold was trading around $4,200 per ounce on Friday, as oil prices eased on growing optimism over a potential US-Iran peace deal. However, bullion remained on course for a second consecutive weekly decline amid expectations of higher interest rates. US President Donald Trump suggested a deal could be reached as early as this weekend, though Tehran indicated no final decision had been made."

All eyes are now on the FOMC meeting on June 16-17, where the U.S. Federal Reserve will decide the stance on interest rates.

Gold Rate Today In India, June 13

On June 13th, the 24-carat gold rate in India spiked once again by Rs. 500 to cost Rs. 1,49,080 per 10 grams. The 22-carat gold rate zoomed by Rs.450 per 10 grams to retail at Rs. 1,36,650 per 10 grams. In a similar manner, the 18-carat gold rates in India increased by Rs.370 to cost Rs.1,11,810 per 10 grams.

Just like that, 100 g of 24-carat gold surged by Rs. 5000 to cost Rs. 14,90,800, and the 22-carat gold per 100 grams also saw a jump of Rs. 4500 to retail at Rs. 13,66,500. Similarly, 100 grams of 18-carat gold jumped by Rs. 3700 and now cost Rs. 11,18,100.

Silver prices in India today

Silver prices in India saw no major gains today as 1 kg of silver now costs Rs. 2,60,000 after a rise of Rs. 10000 per kg yesterday and 100 grams of silver now cost Rs.26,000.

Gold and Silver Futures Prices on the Multi Commodity Exchange

MCX markets are closed on Saturday, so as at the end of Friday's closing gold futures were trading at Rs 1,50,675 per 10 grams on the Multi Commodity Exchange (MCX), up Rs 147 or 0.10%. Silver July futures settled at Rs 2,46,604 per kg, higher by Rs 418 or 0.17%.

Spot Gold Price and Silver Price Update

According to the latest FxStreet report, "After rising more than 3% on Thursday, Gold (XAU/USD) stabilised around the $4,200 mark in the American session on Friday."

Gold Price Outlook Ahead

As per the commodity report from ICICI Direct, Spot Gold prices ended the day on a positive note, gaining more than 3 % while Silver prices rose by 6 % amid weakness in the dollar and a decline in US Treasury yields. In the early part of the session. Spot Gold is likely to hold the support near the $4100 level and rise towards the $4270 level on a weak dollar and softening of US Treasury yields. Further, prices may rally on growing optimism over the peace deal between the US and Iran, easing fears about persistent inflation and a potential rate hike by the US Federal Reserve."

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