Gold Price Holds Steady Above Rs 77,000 Mark; Silver Crosses Rs 1 Lakh Mark
New Delhi: Gold price today in India (22 carat) increased to Rs 70,610 per 10 gram (gm), according to “Good Returns .” While, price of 24 carat gold was quoted at Rs 77,030 per 10 gm. As far as 18 carat gold is concerned, its prices traded at Rs 57,780 per 10 gm. On the other hand, silver price today fell Rs 100 per kg to Rs 92,700 per kg.
MCX Gold & Silver Rate
In futures trade, both gold and silver contracts were down on Thursday, September 2024. While, gold contracts for October delivery traded at Rs 75,265 per 10 gm on the Multi Commodity Exchange (MCX) at the time of writing this article. Silver contracts for December delivery traded at Rs 92,041 per 1 kg.
Gold and Silver Prices today in different cities in India:
| City | Gold Price (22 carat in Rs/gm) | Silver Price (Rs/kg) |
| Delhi | 70,760 | 95,100 |
| Mumbai | 70,610 | 92,700 |
| Bengaluru | 70,610 | 90,100 |
| Chennai | 70,610 | 1,01,100 |
| Pune | 70,610 | 92,700 |
| Ahmadabad | 70,660 | 95,100 |
| Kolkata | 70,610 | 95,100 |
| Hyderabad | 70,610 | 1,01,100 |
Gold Price Increase Reason
In past few days, gold prices have repeatedly made new all time high levels in every subsequent session. On Wednesday, the metal prices made all time high levels of Rs 77,850 per 10 gm in New Delhi. Lets check out what are the most probable reasons:
Gold Price Increase Reasons are the following:
- Anticipation of More Rate Cuts by Central Banks
Commodity traders expect the central banks of different countries around the world to further cut interest rates. Historically, gold prices have increased during rate cut cycles. Currently, this is what is happening with the prices of the precious metal. Anticipation of more rate cuts has surged prices in last few days.
2. Robust demand from jewellers:
In anticipation of robust demand for jewellery items during the upcoming festive and wedding season in India, retailers have increased purchase of the metal to meet demand leading to price surge.
