Gold Rate in India Today Rebounds After Rs.70,500/100g Fall; Check 24K, 22K, 18K Prices On Oct 24; Silver Down

Gold prices in India rebounded today after declining for six consecutive sessions. Over the last few days, gold had fallen about 7% from its record high but is now showing signs of recovery. Prices across major cities jumped today, disappointing retail buyers during the ongoing festive season. With strong demand for gold and silver during this period, experts believe gold rates in India could continue to rise in the near term.

Meanwhile, international gold prices fell on Friday and have fallen around 3% this entire week. The US dollar index also rose, putting pressure on precious metals. Spot gold is currently trading above $4100 per ounce.

Gold Rate in India Today

On October 24th, the 24-carat gold rate in India surged by Rs.380 per 10 grams to cost Rs.125,460 per 10 grams. While the 22-carat gold prices today climbed by Rs. 350 and cost Rs. 115,000 per 10 grams. Similarly, the 18-carat gold rate today also spiked by Rs 280 per 10 grams to cost Rs 94,090.

Just like that, the 100 grams of 22-carat gold stands at Rs 11,50,000 after rising to Rs 3500. While the 24-carat gold price in India per 100 grams is now retailing at Rs. 12,54,600 which jumped by Rs 3,800.

Silver Rate in India Today

Silver prices in India today slipped back-to-back in the last few days, falling about 17.8% from the record high. Currently, 1 kg of silver in India costs Rs 1,56,000, which declined by Rs 3000. While 100 g of silver rates in India cost Rs 15,600 after jumping Rs 300.

Market Outlook for Gold Prices

According to a report from Way to Wealth Brokers Pvt Ltd, "Gold prices rose to around $4,120 per ounce on Thursday, rebounding after a two-day decline as trade tensions, fresh US sanctions on Russia, and Fed rate-cut expectations boosted safe-haven demand. However, the metal remained about 6% below its recent peak amid profit-taking following repeated record highs."

"On the technical front, MCX Gold has seen a sharp correction from its all-time high levels. This pullback followed a strong rally that spanned more than a month. Since the formation of a bearish engulfing pattern, MCX Gold has experienced a notable decline. It is trading below the 10 DEMA line and has found good support at the 20 DEMA line. RSI has seen a sharp drop and remains below 57.70. Immediate resistance is placed at 124,600, while support is seen at 122,300. Bulls should remain cautious and wait for strong support levels to be established before initiating any fresh positions," the report further added.

MCX Gold and Silver Futures Update

Gold futures prices at the Multi Commodity Exchange slipped on Oct 24. Gold futures, which are expected to mature on December 5th, declined 0.61% and are currently trading at Rs. 123,353 per 10 grams. Similarly, silver futures slated to mature on December 5th slipped 1.22% to trade at Rs. 1,46,700.

Spot Gold Prices & Spot Silver Price Today

Reuters, in its latest commodity report, mentioned, "Spot gold was down 0.2% at $4,118.68 per ounce as of 0315 GMT. Bullion has fallen 3% so far this week, heading for its biggest weekly percentage drop since mid-May. U.S. gold futures for December delivery fell 0.3% to $4,133.40 per ounce. Spot silver fell 0.6% to $48.62 per ounce."

City-Wise Gold Rates Today

Major cities in India, including Chennai, Mumbai, Bangalore, and Hyderabad, also saw a spike in the gold rates today. Here's the latest city-wise update on 22-carat and 24-carat gold rates on October 24th.

Gold Rate In Chennai

Gold Rate in Bangalore

Gold Rate In Hyderabad

Gold Rate In Mumbai

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