Gold Rate in India Touches Historic Peak: 24k Rates Surge Rs.5500/100g Amid Festive Buying On Sept 30

Gold prices in India today underwent a huge jump at the beginning of this week, with gold rates reaching record levels on the occasion of Durga Ashtami, which is the eighth day of the ongoing Navratri festival. Gold purchases during festival season are already surging at a very high pace, which is pushing the gold rate in India to record high levels.

On 30 September, 24-carat gold rates in India jumped by Rs. 550 per 10 grams to cost Rs. 1,17,440. While the 22-carat gold price stands at Rs. 1,07,650 per 10 grams after a rise of Rs. 500. The cheaper variant, 18-carat gold, spiked by Rs. 410 to retail at Rs. 88,080 per 10 grams.

The bigger weight variant was seen at the same spike. 100 grams of 24-carat gold rate now retail at Rs. 11,74,400 and the 22-carat gold rates per 100 grams now cost Rs. 10,76,500.

Silver prices in India today

Silver rates in India today also saw a big jump, with prices rising to Rs. 1000 per kg. Currently, 1 kg of silver costs Rs. 150,000 with an increase of Rs. 1000, and 100 grams of silver costs Rs. 15,000, which jumps to Rs. 100.

Gold prices City Wise: Chennai, Bengaluru, and Hyderabad

MCX Gold and Silver Futures

Gold prices on the MCX (Multi-Commodity Exchange) today traded flat. Gold futures due to mature on October 3rd were up by 0.02% to Rs. 1,15,476 per 10 grams

Silver futures, with an expiration date of December 5th, saw a drop this morning, trading 1.27% lower at Rs. 1,41,284.

Global Gold and Silver Price Update

According to Reuters, "Spot gold was up 0.9% at $3,866.90 per ounce as of 0501 GMT. Bullion has risen 12.1% so far in September and is on track for its best month since August 2011 if current momentum persists. Spot silver gained 0.3% to $47.05 per ounce."

As per the commodity report from ICICI Direct, "Spot gold prices rallied above $3825 per ounce, and spot silver went past the $47 per ounce mark amid a weaker dollar and lower global bond yields. Gold prices extended their gains and crossed the psychological mark at $3800 per ounce for the first time as investors seek safer assets on fears over the US government shutdown and escalating geopolitical tension."

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