Gold rates in India: There would also be a little bit of precautionary buying from some gold buyers given concern regarding the forthcoming United States presidential election. Though, uncertainty would prevail till next Monday when the United States central bank, Federal Reserve is due to take an important rate decision.
Ten-gram 22-karatt gold priced today, October 31, was up by 150 Rupees at Rs 74, 550. Again, 100 grams of 22-carat gold witnessed an appreciation of Rs 1,500 and shut at Rs 7,45,500 with adequate profit due to the rush for the precious metals looking for the safe haven market.
It may be noted that 24-carat gold prices increased too. The rise saw 24k gold touching Rs 170; accordingly, the 10 gm would cost Rs 81,330 and the price for 100 gm of this precious metal stood at a whopping Rs 8,13,300. Commenting on this development, some market analysts pointed out how despite global uncertainties, in the Indian context, prices escalate because of the period in which Indians indulge in a lot of celebrations, not to forget investor sentiments, too.
The demand for 18-carat gold also surged upwards simultaneously and moved up by Rs 130 on Diwali to Rs 61,000 per 10 grams and Rs 1,300 per 100 grams. Increments reflect general trends in the precious metals market since many people mark the festival by buying gold.
Gold surges: How silver is performing in the country?
While gold rates are increasing in India, silver has not performed well since it posted consecutive gains the last two days. For now, it is static and trading at Rs 100,000 per kg. The cause of stability of silver as a commodity is quite distinct market behavior that isn’t observed on the ascending chart for gold. However, on Friday, the global market’s spot price for gold showed no gains with it continuing to stabilize at a flat $2,783.75 an ounce and reaffirming why so much investment prefers to use this metal.
Market analysts say that gold’s short-term upward momentum may continue with investor actions based on election and inflation data in the U.S. Ahead of the Federal Reserve’s rate decision, analysts expect gold prices to stay strong. Investment analysts recommend buyers to invest gradually through Gold ETFs or small units of digital gold as prices are near all-time highs.
The Indian gold prices, in the short term at least, are expected to continue rising, given long-term global economic conditions sustaining demand for precious metals.
Gold rates in India in major metropolitan cities
Gold prices in India’s major metropolitan cities were static on October 31, 2024. This is a city-wise report of 22-carat gold prices per gram for you:
- Chennai: Rs 7,455
- Mumbai: Rs 7,455
- Delhi: Rs 7,470
- Kolkata: Rs 7,455
- Kerala: Rs 7,455
- Bangalore: Rs 7,455
With Diwali celebrations on, demand for gold continues to have a hold on prices throughout the country, and the rates indicate the growing interest in precious metals during the festive season.
Also, see: Blinkit gold coin scam: Customers ordered 1g gold coin, recieved 0.5 coin instead