Gold Rates In India Rises On October 31; Check 24K, 22K, 18K Gold Prices; Gold Ends Month With 3% Gains

Gold rates in India surged sharply on the last day of October, with 10 grams yellow metal staying above Rs 1,22,600 mark. On Friday, 24 carat, 22 carat and 18 carat gold prices climbed between Rs 90 to Rs 19,000. On the other hand, silver prices were unchanged. That being said, gold closes the month with 3% upside and silver ends muted.

Gold Rates In India:

24 Carat Gold Prices:

On October 31, 10 grams gold price climbed by Rs 1,200 to 1,22,680, while 100 grams gold climbed by Rs 12,000 to Rs 12,26,800. Further, 8 grams gold is up by Rs 960 to Rs 98,144 and 1 gram is up by Rs 120 to Rs 12,268.

22 Carat Gold Prices:

10 grams gold rate rose by Rs 1,100 to Rs 1,12,450 and 100 grams gold is higher by Rs 11,000 to Rs 11,24,500. Furthermore, 8 grams gold is up by Rs 880 to Rs 89,960 and 1 gram gold is up by Rs 110 to Rs 11,245.

18 Carat Gold Prices:

Under 18 carat, 10 grams gold jumped by Rs 900 to Rs 92,010 and 100 grams gold climbed by Rs 9,000 to Rs 9,20,100. Additionally, 8 grams gold rallied by Rs 720 to Rs 73,608 and 1 gram gold edged higher by Rs 90 to Rs 9,201.

Silver Rates In India:

Unlike gold, silver prices were unchanged. 1Kg silver stood at Rs 1,51,000, while 100 grams and 10 grams silver is available at Rs 15,100 and Rs 1,510. Also, 8 grams silver is at Rs 1,208 and 1 gram stood at Rs 151.

What Is Impacting Gold & Silver Prices?

"After a shaky start, gold and silver managed to recover and close higher on Thursday. Silver, in particular, posted impressive gains as both metals rebounded from early losses triggered by Fed Chairman Powell's unexpectedly hawkish comments late Wednesday night. The dollar index crossed 99 marks and trading at 3-month highs after Fed meeting outcomes," said Rahul Kalantri, VP Commodities, Mehta Equities.

Kalantri added, the ECB kept interest rates unchanged and could restrict gains of the dollar index and support gold and silver prices. A modest trade truce between the U.S. and China on minerals and soybeans brought temporary relief but failed to erase long-term uncertainty. Even so, gold held firm, set for monthly gains as central banks continued their heavy buying-220 tons in Q3, led by Kazakhstan and Brazil.

Looking ahead, the analyst said, "Gold has support at $3970-3940 while resistance at $4045-4075. Silver has support at $48.60-48.25 while resistance is at $49.55-50.00. In INR gold has support at Rs1,21,470-1,20,880 while resistance at Rs1,21,990-1,22,500. Silver has support at Rs1,47,450-1,46,750 while resistance at Rs1,49,740, 1,50880."

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