24K Gold Price Rises By Rs 2020 In 3-Days: Yellow Metal Price Hits New High

Prices of gold have been witnessing upward rally since the beginning of March. The price of 22 carat yellow metal surged by Rs 1860/10 grams only in 3 days span and cost of 24 carat gold rallied by Rs 2020 from the beginning of the month. With the recent rally in the price, yellow metal scaled three-month peak amid increasing possibilities for June interest rate cut by US Federal Reserve. The price of 22 carat yellow metal is Rs 59,450/10 grams in India on Tuesday after the surge by Rs 700 and cost of 100 grams yellow metal is Rs 5,94,500 after the gain of Rs 7000.

Meanwhile, cost of 24 carat gold in India is Rs 64,850/10 grams after the surge by Rs 760 and price of 100 grams yellow metal is Rs 6,48,500 after prices soared by Rs 7,600.

Price of 18 carat gold in India is Rs 48,640/10 grams after rising by Rs 570 and cost of 100 grams of 18 carat gold is Rs 4,86,400 after the surge by Rs 5,700.

Spot gold surged 0.5% to $2,124.70 per ounce as of 1035 GMT, and was just $10 away from achieving a record high, after touching its current peak of $2,135.40 on December 4. US gold futures rose 0.4% to $2,133.90, according to Reuters.

Yellow metal prices In 4 leading metropolitan cities of India on March 5, 2024:

Gold Price Chennai: Price of 10 grams of 22 carat of gold price Chennai today is Rs 60,150 and cost of 10 grams of 24 carat gold is Rs 65,620.

Yellow Metal Price Mumbai: Price of 10 grams of 22 carat gold in Mumbai is Rs 59,450 and cost of 10 grams of 24 carat yellow metal is Rs 64,850.

Precious Metal Price Delhi: Price of 10 grams of 22 carat yellow metal in the national capital on March 5 is Rs 59,600 and cost of 10 grams of 24 carat gold is Rs 65,000.

Gold Price Kolkata: Price of 10 grams of 22 carat of yellow metal in Kolkata today is Rs 59,450 and cost of 24 carat of 10 grams gold is Rs 64,850.

Commenting on the soaring yellow metal price Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited (RSBL) said, "Gold trades at an all-time high price domestically. Gold prices have advanced nearly $70 in the last two trading days, breaking the range of $2000 to $2060, it traded in Jan and Feb. Prices got a boost from New York Community Bancorp (NYCB) shares collapsing last week, triggering the speculation of Banking crisis 2.0 in US. This week we are seeing follow-through buying and investors jumping into the gold market with FOMO fear. FED Hawkish stance, continued geopolitical tensions, and strong speculative and investment demand are the other factors supporting prices. Due to rupee depreciation, gold prices have touched record high prices in India. Prices are expected to continue their bullish momentum till $2150 (Rs 65500) in the short term. The long-term bullish view is still intact with a target of $2300 (Rs 70000) in Gold in 2024."

According to a Reuters report, "We are likely to see gold touching fresh all-time highs soon with potential easing of U.S. interest rate cuts, while global geopolitical uncertainty and apprehension over economic activity are likely to fuel the high demand for gold," said Ricardo Evangelista, senior analyst at ActivTrades.

Anuj Gupta, Head - Commodity & Currency at HDFC Securities, said, "Despite some US Fed officials dropping a hint that Jerome Powell may talk hawkish during testimony before the US Congress, MCX gold rate scaled to a new peak of ₹64,575 per 10 gm on Monday. This could happen on the buzz that US job data, non-pharm payroll data, etc., expected on Thursday and Friday this week may be disappointing. Thus, we witnessed some profit-booking in the currency and bond markets, which supported the gold prices."

Meanwhile, price of silver too surged by Rs 1100 for 1kg to Rs 74,700 in India today. Silver prices remained stable on March 4 and witnessed sharp decline by Rs 1400 on March 3, 2024.