Gold, Silver Prices Rise In India, Oct 11: 24k/100 Grams Gold Price Jumps By Rs 7600, Buy?

Gold prices in India today witnessed sharp rally after 2-days of consecutive decline after latest data backed bets for US Federal Reserve rate cut in November. Silver prices in India too rose sharply today. Meanwhile, traders shifted their focus on US Producer Price Index (PPI) report for more cues on rate cute. 22k gold price today surged by Rs 700 to Rs 70,950/10 grams and 100 grams of 22 carat yellow metal prices turned costlier by Rs 7000 to Rs 7,09,500 in India on Friday.

24k gold prices today zoomed by Rs 760 to Rs 77,400 in India on October 11 and 100 grams of 24 carat precious metal prices turned dearer by Rs 7600 to settle at Rs 7,74,000. 18k gold prices today inched higher by Rs 570 to Rs 58,050/10 grams and 100 grams of 18 carat precious metal prices today turned expensive by Rs 5700 to Rs 5,80,500.

As gold prices playing hide and seek for the last few days often rising more than falling, should you buy the yellow metal?

Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited (RSBL) said, "Due to current market dynamics, a strategic approach to gold investment is essential this festive season. With gold prices hovering near all-time highs, driven by inflation concerns, geopolitical tensions, and expectations of central bank rate cuts, gold will continue its bull run. Gold can act as a hedge against inflation and market volatility, so diversifying your portfolio with a modest allocation to gold 15-20% could balance risk, especially with equity markets showing mixed signals."

Although gold prices are elevated, they tend to fluctuate. Investors can adopt a "buy on dips" strategy, looking for temporary price corrections to enter the market at more favourable rates. For those seeking liquidity and convenience, Gold ETFs are an excellent option. They eliminate the costs and risks associated with physical gold storage, making them ideal for short- to medium-term investors. Additionally, Gold ETFs offer price transparency and are aligned with global gold prices, added Prithviraj Kothari.

18k gold prices today turned cheaper by Rs 40 today to Rs 57,480/10 grams and 100 grams of 18 carat precious metal prices today fell by Rs 400 to Rs 5,74,800.

Meanwhile, Renisha Chainani, Head Research - Augmont - Gold For All spoke on the rally in gold prices today, "some follow-through buyers are drawn to the gold price for the second day in a row. US data released on Thursday revealed a spike in weekly unemployment claims and an annual growth in the headline US CPI of 2.4%, the lowest since February 2021."

FED rate reduction bets help to bolster gold and put the USD on the defensive. The mixed data indicates that the US central bank will keep lowering interest rates and supporting the gold price, given that it has refocused its efforts on achieving maximum sustainable employment.As we approach the weekend, traders will be watching for the publication of the US PPI report, which is expected to fuel USD demand and create short-term buying opportunities surrounding the precious metal. Gold has rebounded from the level of $2618 (~Rs 74750) and heading high towards of $2700 (~Rs 76400). Silver has rebounded from $30.35 (~Rs 8822), added Renisha Chainani.

1 gram gold rate today for 22k jumped by Rs 70 to Rs 7095. 24k gold price for 1 gram rose by Rs 76 to Rs 7,740. 18k per gram gold price surged by Rs 57 to retail at Rs 5805.

Silver Prices Today In India: Silver price in India today witnessed sharp surge after stayed steady yesterday. 1 kg silver prices today in India stood at Rs 96,000 after soaring by Rs 2000 and 100 grams silver prices today gained by Rs 200 to Rs 9,600.

Spot Gold, Spot Silver Prices Today: Spot gold jumped 0.3% to $2,636.13 per ounce by 0153 GMT but remained lower by 0.6% for the week. US gold futures rallied 0.5% to $2,653.40.

Spot silver surged 0.1% to $31.21 per ounce. Platinum rose 0.7% to $974.20, while palladium jumped 0.8% to $1,077.70., according to Reuters.

22k Gold Price Movement In Last 10-Days In India (1 gram)

22k gold price in India today surged by Rs 70, declined by Rs 5, fell by Rs 70 on October 9, stayed unchanged on October 8, dipped by Rs 20, steadied on October 6 and October 5, rose by Rs 10 on October 4, jumped by Rs 10 on October 3, and surged by Rs 50 on October 2.

1kg Silver price India movement in last 10-days

Silver price in India today jumped by Rs 2000, remained steady on October 10, dipped by Rs 2000 on October 9, fell by Rs 900, fell by Rs 100, remained steady on October 6, soared by Rs 2000 on October 5, stayed steady on October 4, remained unchanged on October 3, and steadied on October 2.

1 Gram of 22k Gold prices In 6 Major Metropolitan Cities Of India On October 11, 2024:

City	22 Carat Gold Price Per Gram
Gold Price Chennai Today	1 gram of 22 carat gold rate is Rs 7095
Yellow Metal Price Mumbai Today	1 gram of 22 carat gold price is Rs 7095
Gold Price Delhi Today	1 gram of 22 carat yellow metal price is Rs 7110
Gold Price Kolkata Today	1 gram of 22 carat of gold price is Rs 7095
Gold Price Kerala Today	1 gram of 22K gold prices is Rs 7095
Yellow Metal Price Bangalore Today	1 gram of 22 carat gold rate is Rs 7095
Gold Prices Hyderabad Today	1 gram of 22 carat gold rate is Rs 7095