Gold Price Rises Above 76,150; Silver Price Slips For Second Straight Day

New Delhi: Gold price continued its upward trajectory on Tuesday, September 24, 2024 as well. While, silver prices fell for second straight day after after continuous rallying in the preceding seven sessions. Gold price today in India (22 carat) rose to Rs 69,810 per 10 gram (gm) as quoted by “Good Returns .” While, 24 carat gold price today was quoted at Rs 76,160 per 10 gm. As far as 18 carat gold  is concerned, its prices traded at Rs 57,120 per 10 gm.  Silver price today fell by Rs 100 per kg to Rs 92,900 per kg.

MCX Gold & Silver Rate

In futures trade too,  silver contracts faced selling pressure on Tuesday. While, gold contracts for October delivery was buoyant and traded at Rs 74,296 per 10 gm on the Multi Commodity Exchange (MCX). And, silver contracts for December delivery was down and traded at Rs 89,230 per 1 kg.

Gold Price Increase Reason

Gold Price Increase Reasons are the following:

1. Global Rally
Prices of the yellow metal are on the surge globally. In international market, the precious metal prices were quoted to trade at higher levels.

2. Increased demand from Jewellers:
Ahead of the festive season in India, the shining metal is seeing increased demand from jewellers and retailers. Women households in the country purchase gold during festive times as they consider it auspicious to keep it at home. Retailers are stocking up jewellery and gold items in anticipation of rise in demand next month.

3. Fed’s rate cut
Last week, the US Central Bank, Federal Reserve cut its benchmark interest rate by 50 basis points to 4.75%-5.00% for the first time in last four years. Slashing of rates is considered positive for gold price. Consequently, yellow metal prices have only increased since the cut.

4. Geopolitical tensions
Ongoing war in the middle east and Russia’s invasion of Ukraine has also played its part in gold price surge at global levels. The oldest commodity known to mankind is perceived by the people as safe haven. Everytime there has been economic uncertainties or war, people have chosen to invest in the precious metal leading to surge in its prices. The same thing is happening currently with the yellow metal prices.