Gold Rate in India Today, Sept 7: 24K, 22K, 18K Gold Prices Pause At Record High After Continuous Rally

Gold rate in India has been on a continuous rally over the last two weeks, with the yellow metal surging nearly 8%. The demand for gold has risen sharply as the festive season begins, taking prices to an all-time high range. 22K gold is already nearing Rs. 1 lakh per 10 grams, due to strong buying ahead of major festivals like Navratri, Dhanteras, and Diwali, which are expected to push gold prices in India even higher.

On the international front, gold prices also hit fresh records. Spot gold is near $3600 per ounce, touching an all-time high of $3,599.89 earlier in the session.

With both domestic and global factors, analysts believe gold could continue its upward trend in the coming months, all because of strong retail demand.

Gold Rate in India on Sep 7

Today, the 24-carat gold rate in India is stable at the previous day's level and costs Rs. 108,490 per 10 grams. While the 22-carat gold prices today cost Rs. 99,450 per 10 grams. And just like that, the 18-carat gold rate today currently stands at Rs 81,370 per 10 grams.

Meanwhile, the cost of 100 grams of 22-carat gold stands at Rs 994,500. The 24-carat gold price in India per 100 grams is now priced at Rs 1,084,900.

Silver Rate in India Today, September 7

Silver prices in India today are stable with no major movement. As of now, 1 kg of silver in India is priced at Rs 128,000. While 100 g of silver rates in India cost Rs 12,800.

Market Outlook for Gold Prices

"Spot Gold is likely to rise towards the $3580 level on a weak dollar and softening of U.S. Treasury yields across the curve. Further, weak job data cemented expectations of a rate cut by the US Fed in the upcoming meeting. As per the CME FedWatch tool, the market is pricing a 99.4% probability of a 25 bps rate cut in the upcoming meeting. Moreover, several Fed officials said labour market worries continue to strengthen their view that rate cuts lie ahead for the central bank, boosting expectations of an imminent rate cut. Additionally, investors will remain cautious ahead of non-farm payrolls data to get more insight on the economic health of the country and interest rate trajectory." According to the ICICI Commodity report.

MCX Gold and Silver Futures Update

On the Multi Commodity Exchange, trading is closed on Sunday, so gold futures, which are expected to mature on October 3rd, settled at Rs. 107,740 per 10 grams after surging 0.01%. Similarly, silver futures slated to mature on December 5th rose 0.02% to close at Rs 124,716 per kg

Spot Gold Prices + Spot Silver Price Today

Reuters, in its latest commodity report, cited, "Spot gold was up 1.4% at $3,596.55 per ounce as of 2:47 p.m. EDT (1847 GMT), having hit a record $3,599.89 earlier. U.S. gold futures for December delivery settled 1.3% higher at $3,653.30. Spot silver rose 0.8% to $40.98 per ounce."

City-Wise Gold Rates Today

Here's the latest city-wise update on 22-carat and 24-carat gold rates on September 7th.

Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.