Gold Rate In India Today Takes A Big Leap After Crash; Check 22K, 24K,18K Gold Price October 9

After recording a brief correction yesterday, gold prices in India have rebounded sharply this morning because of the surge in domestic demand as the festive season is beginning with Navratri in just 2 days.

The gold rate in India is also being impacted by the performance of the gold in the international bullion market where spot gold jumped for the second consecutive day and crossed $4200 per ounce.

The main reason behind the surge in gold is the falling crude prices which are currently near $102 per barrel.

"Meanwhile, US Treasury yields retreated from 24-year highs following strong demand at a 30-year bond auction, indicating that investors remained willing to buy long-dated government debt despite the recent selloff. On the monetary policy front, markets are pricing in roughly an 82% chance that the Federal Reserve will keep interest rates unchanged this month, while the probability of a rate hike in December stands at around 81%." as per data from Trading Economics.

Gold Rate in India Today

As of October 9th, the 24-carat gold rate in India jumped by Rs.1140 per 10 grams to retail at Rs.1,50,710. The 22-carat gold rate in India now costs Rs.1,38,150 per 10 grams, which surged by Rs. 1050. Likewise, the 18-carat gold rate in India spiked Rs.850 per 10 grams to retail at Rs.1,13,030.

In a similar light, the higher quantities of gold, the 100 grams of 24-carat gold rates, now retail at Rs. 13,81,500 which jumped by Rs. 11,400. The 22-carat gold art is priced at Rs. 15,07,100 per 100 grams, which surged by Rs. 10,500.

Silver prices in India today

Silver rates in India fell slightly today. 1 kg of silver in India costs Rs. 2,34,900 after falling by Rs. 100. While 100g of silver rates in India retails at Rs. 23,490.

Gold prices in Chennai, Bengaluru, and Hyderabad

Gold prices Surged across the country today. Below are the gold rates in the major cities of India:

10 grams of 24-carat gold prices in Chennai stand at Rs.1,50,710 per 10 grams, while the 22-carat gold prices in Chennai cost Rs.1,38,150 per 10 grams.

Likewise, gold rates in Bangalore for 22 carats are now at Rs.1,38,150 per 10 grams, while the 24-carat gold price in Bangalore is now at Rs.1,50,710 per 10 grams of yellow metal.

Gold prices in Hyderabad are also mirroring the gold rates in India today, where the price of 22-carat gold retails at Rs.1,38,150 per 10 grams. A 24-carat gold retails at Rs.1,50,7100 per 10 grams.

MCX Gold and Silver Futures Prices Today

Gold futures prices on the MCX set to mature on December 4th, jumped once again and are trading at Rs.1,51,277, surging by 1.11% at the time of writing. Similarly, silver futures prices set to mature on December 4th, traded higher at Rs. 2,24,470 after rising by 1.46%% at the time of writing.

MCX Gold December is expected to find support near Rs. 148,500 and rise towards Rs. 152,000 level. MCX Silver December is expected to move in a wide range between Rs. 220,000 and Rs. 228,000 level. Only a move above Rs. 228,000, it would rise towards the Rs. 230,000 level." according to the ICICI Direct Research report.

Spot Gold Price and Spot Silver Rate

As per a Reuters report, "Spot gold rose 1.1% to $4,177.44 per ounce by 0353 GMT after hitting ​a two-month low on Wednesday. US gold futures gained 1.1% to $4,202.00."

"Gold and silver have broken below key support at $4100 and $60, pressured by a dollar parked firmly at an 18-month high and rising bets on another Fed rate hike. CME's FedWatch tool now shows an 18% chance of a move this month, climbing to 80% for December. Fed minutes reveal policymakers split on the reasoning, with some focused on energy-driven price shocks and a hawkish core worried about demand-led inflation." said Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., President of India Bullion and Jewellers Association Ltd. and Chairman at Jain International Trade Organisation.

"The IMF has also flagged risks from high energy prices, record debt and the AI boom. Technically, gold now eyes $4000, while silver's head-and-shoulders breakdown points towards $57 next." he further added.