Gold prices in India's capital, Delhi city, surged sharply on Wednesday, October 16, 2024, in the range of Rs 37 to Rs 4,900. However, prices of silver were unchanged in the city. The prices of precious metals witnessed buying due to lower bond yields, and a spike in global uncertainty. 10 grams of 24K has crossed Rs 78,000, making it the highest level of October and also a new record high.
Gold Prices In Delhi On October 16, 2024:
24K gold price in 100 grams surged by Rs 4,900 to Rs 7,80,400 on October 16, while 10 grams yellow metal soared by Rs 490 to Rs 78,040. Further, 8 grams and 1 gram of gold here is up by Rs 392 and Rs 49 to Rs 62,432 and Rs 7,804 respectively.
Meanwhile, 22K gold prices skyrocketed by Rs 4,500 in a single-day in 100 grams to Rs 7,15,500. The prices of 10 grams of gold climbed by Rs 450 to Rs 71,550, and that of 8 grams price up by Rs 360 to Rs 57,240. Lastly, 1 gram is up by Rs 45 to Rs 7,155.
Further, 18K yellow metal prices advanced by Rs 3,700 to Rs 5,85,400 in 100 grams. Moreover, the price of 10 grams soared by Rs 370 to Rs 58,540, and 8 grams of gold in 18K picked up by Rs 296 to Rs 46,832. Finally, 1 gram of 18K is at Rs 5,854 up by Rs 37, making it the cheapest gold price.
Silver Prices In Delhi On October 16:
1kg silver in Delhi is at Rs 97,000, the same as yesterday. Prices were unchanged in 100 grams and 10 grams as well to Rs 9,700 and Rs 970. Additionally, 8 grams of silver is at Rs 776, and 1 gram price is at Rs 97 which is the cheapest.
MCX Gold, Silver Prices:
MCX gold futures with December 2024 expiry, touched a new all-time high of Rs 76,671 per 10 grams before trading at Rs 76,658 per 10 grams which is up by Rs 298 or 0.4% on Wednesday, from the previous day.
Meanwhile, MCX silver price with December expiry, hit an intraday high of Rs 91,946 per 1 kg, which is near the Rs 92,000 mark. Currently, it is trading at Rs 91,936 per 1kg.
That being said, gold and silver prices have outperformed Nifty 50. YTD, gold prices have surged by 21.3% versus silver prices which outperformed gold as well with gains of 23.6%. Meanwhile, Nifty gained by 14.8% YTD.
Spot Gold, US Gold: As per a Reuters report, gold traded in a tight range on Wednesday as market participants awaited more U.S. economic data to determine the number of rate cuts the Federal Reserve is likely to deliver in the near term. Spot gold rose 0.2% to $2,667.01 per ounce by 0511 GMT and was $18 shy of a record high hit last month. U.S. gold futures gained 0.2% to $2,683.50.
What To Do?
Nirmal Bang on October 16, said, gold prices are expected to rise. One can buy at 76200 with a stop loss of 75950 for the target at 76500-76700.
Further, Nirmal Bang added that silver prices are expected to rise. One can buy at 91200 with a stop loss of 90500 for the target at 92000-92500.
Click it and Unblock the Notifications
Sign in with Google