Gold Prices Increase On Safe Haven Bets Amidst Rising Middle East Tension; Check Rates In Your City
New Delhi: Gold price today in India (22 carat) was buoyant and traded at Rs 71,010 per 10 gram (gm), according to “Good Returns .” While, 24 carat gold price was quoted at Rs 77,460 per 10 gm. As far as yellow metal of 18 carat purity is concerned, its prices traded at Rs 58,100 per 10 gm on Thursday, October 03, 2024. While, silver rates today was down Rs 100 per kg to Rs 94,900 per kg. Gold prices had reached all time high level of Rs 78,300 per 10 gm last week in New Delhi.
MCX Gold & Silver Price
In futures trade, gold contracts for October delivery traded 0.06% lower at Rs 76,344 per 10 gm on the Multi Commodity Exchange (MCX) at the time of writing this article. While, silver contracts for December delivery traded in green at Rs 91,390 per 1 kg.
Gold And Silver Rates Today In Different Cities In India:
| City | Gold Price (22 carat in Rs/gm) | Silver Price (Rs/kg) |
| Delhi | 7,116 | 94,900 |
| Mumbai | 7,101 | 94,900 |
| Bengaluru | 7,101 | 89,900 |
| Chennai | 7,101 | 1,00,900 |
| Pune | 7,101 | 94,900 |
| Ahmadabad | 7,106 | 94,900 |
| Kolkata | 7,101 | 94,900 |
| Hyderabad | 7,101 | 1,00,900 |
Gold Price Increase Reason
Gold Price Increase Reason Could Be The Following:
1. Rising Middle East Tension
Iran jumping into the ongoing war between Israel and Lebanon in the middle east has raised fresh tension of further escalation. Such geopolitical tensions create negative sentiment in the minds of investors. They look for safer options like the yellow metal to put their hard earned money into. This had led to the gold’s price increase.
2. Anticipation Of More Rate Cuts By Central Banks
Commodity traders expect the western central banks to further cut interest rates. Historically, gold rates have generally increased everytime policymakers have slashed rates. Currently, this is what is happening with the prices of the precious metal currently. Anticipation of more rate cuts has surged rates in last few days.
