Gold Glitters Again, Rises To Rs 75,110; Silver Too Up For Seventh Straight Day
New Delhi: Gold price today in India (22 carat) rose by Rs 60 per unit to Rs 68,850 per 10 gram (gm) on Friday, September 20, 2024. While, the price of 24 carat gold today stood at Rs 75,110 per 10 gm and that of 18 carat was at Rs 56,630 per 10 gm, according to “Good Returns.” On the other hand, silver price today rose for the seventh straight day by Rs 1,500 per kg to Rs 92,500 per kg.
MCX Gold Rate
Gold futures today with October 04, 2024 expiry date was also up by 0.56% to Rs 73,849 on the Multi Commodity Exchange (MCE). While, Silver futures today with December 05, 2024 expiry date shot up 0.28% to Rs 90,220.
Lets check out gold and silver prices in different cities in India:
Gold and Silver Price today
| City | Gold Price (22 carat in Rs/gm) | Silver Price (Rs/kg) |
| Delhi | 69,000 | 92,500 |
| Mumbai | 68,850 | 92,500 |
| Bengaluru | 68,850 | 85,000 |
| Chennai | 68,850 | 97,500 |
| Pune | 68,850 | 92,500 |
| Ahmadabad | 68,900 | 92,500 |
| Kolkata | 68,850 | 92,500 |
| Hyderabad | 68,850 | 97,500 |
Gold Price Increase Reason
The rise in yellow metal prices can be attributed to US Central Bank Federal Reserve’s decision to cut interest rates apart from pick-up in demand by local jewellers and retailers in India’s domestic markets.
The US Fed chair Jerome Powell had cut interest rates by 50 basis points to 4.75%-5.00% on Wednesday. Since then, both gold and silver prices have only risen. According to experts, interest rate cut is perceived favourable for commodities. As rate cut makes dollar weaker in comparison to other currencies. This in turn makes it cheaper for commodity trades of other countries to buy US gold. This particular factor has also led to increase in demand for the precious metal, leading to the price rise.
Also Read: Indian Economy Set for a Comeback-World Bank Predicts 7% Growth Amid Global Challenges
