Gold Prices Surge by 2.52% in a Week

Gold prices rise in India

On September 16, the price of 24-carat gold in India stood at ₹73,690 for 10 grams, equating to ₹7,369 per gram. Meanwhile, 22-carat gold was priced at ₹67,549 for 10 grams. Over the past week, the price of 24-carat gold has seen a 2.52% increase, with a 2.87% rise over the last ten days. Silver is currently valued at ₹89,130 per kilogram.

Jateen Trivedi, VP Research Analyst for Commodity and Currency at LKP Securities, commented on the gold outlook, noting that prices increased by over ₹1,650, rising from ₹71,450 to ₹73,100 this week. This surge was largely fueled by expectations of an interest rate cut in the upcoming meeting on September 18, 2024, signaling the potential end of over two years of rate hikes, which began in March 2022.

Trivedi further mentioned that gold has support levels around ₹71,000-₹70,500, with resistance expected between ₹74,500 and ₹75,000. He suggested that a “buy on dip” strategy is advisable, as long as the Federal Reserve signals upcoming rate cuts and maintains a dovish approach toward future interest rate reductions.

In Mumbai, gold was priced at ₹73,690 per 10 grams on September 16. Just a few days earlier, on September 13, the price was ₹73,020 per 10 grams. A week ago, on September 8, gold was trading at ₹71,590 per 10 grams.

In Mumbai, silver was priced at ₹89,130 per kilogram on September 13. The previous day, it was selling for ₹86,860 per kilogram, and a week earlier, the price stood at ₹82,600 per kilogram.

With less than a month to go before Durga Puja, gold and silver prices are closely watched in Kolkata. On September 16, the price of 24-carat gold in Kolkata was ₹73,590 per 10 grams. The day before, it was ₹72,920 per 10 grams, and a week ago, it was ₹71,950 per 10 grams.

Today in Kolkata, silver is priced at ₹88,880 per kilogram. On September 12, the rate was ₹86,740 per kilogram, and a week ago, it was ₹82,500 per kilogram.

With Diwali just two months away, people in North India are gearing up for jewelry shopping during the winter festivities. On September 16, gold was priced at ₹73,560 per 10 grams. The day before, on September 12, it was quoted at ₹72,890 per 10 grams. A week ago, the price of 999 gold was ₹71,470 per 10 grams.

In Delhi, the price of silver was ₹88,860 per kilogram on September 13. The day before, on September 12, it was ₹86,710 per kilogram, and a week ago, it was ₹82,450 per kilogram.

In Chennai, the gold rate today, September 16, is ₹73,900 per 10 grams. This represents a ₹670 increase from yesterday, when the price was ₹73,230 per 10 grams. A week ago, on September 8, gold was priced at ₹71,800 per 10 grams in Chennai.

In Chennai, the silver rate today, September 16, is ₹89,270 per kilogram. On September 13, the price was ₹87,110 per kilogram, an increase of ₹790 from the day before. A week ago, silver was priced at ₹82,850 per kilogram.

The MCX futures contracts for gold, expiring in October 2024, were quoted at ₹73,510 per 10 grams, reflecting an increase of ₹686. Meanwhile, the futures contracts for silver, expiring in September 2024, were trading at ₹89,244 per kilogram, marking an increase of ₹2,149.