Gold Price In India Today: 24K Price Crosses Rs 10,200 Mark, 22K/100 Gms Up Rs 7,500; Silver Hits Rs 1.15 Lakh

Due to ongoing geopolitical concerns, anticipation of a rate cut by the US Federal Reserve, and a weaker dollar index, gold prices continued to rise today, with 24K gold surpassing the Rs 10,200 per gramme barrier and 22K gold approaching Rs 9,370 per gramme across key Indian cities. The metal's continued attractiveness as a safe-haven asset in the face of heightened global uncertainty is demonstrated by the second day of a straight gain.

Gold Rates In India Today

In India today, 24 carat gold costs Rs 10,222 per gram, 22 carat gold costs Rs 9,370 per gram, and 18 carat gold costs Rs 7,667 per gram. On Tuesday, the price of 24k of 10 grams of gold jumped by Rs 820 to Rs 1,02,220 from Rs 1,01,400 on Monday. Similarly, the price of 24k of 100 grams of gold in India jumped by Rs 8,200 from Rs 10,14,000 yesterday to Rs 10,22,200 today.

In India, the price of 22k of 10 grams of gold on Tuesday was Rs 93,700, up Rs 750 from yesterday's price of Rs 92,950. Similarly, the price of 22k of 100 grams of gold on Tuesday was Rs 9,37,000, up Rs 7,500 from yesterday's price of Rs 9,29,500.

While 18k of 100 gms of gold prices in India went up by Rs 6,200 on Tuesday from Rs 7,60,500 on Monday, 18k of 10 grams of gold would cost Rs 76,670 today compared to Rs 76,050 yesterday, reflecting a price hike of Rs 620.

"While short-term corrections may occur due to profit booking or shifts in macroeconomic indicators, the broader outlook for gold remains firmly bullish. Investors would be prudent to adopt a staggered accumulation strategy, using any significant price dips as an opportunity to strengthen holdings for portfolio diversification and long-term wealth preservation," said Aksha Kamboj, VP, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures.

Silver Rates In India Today

In India, the price of silver is Rs 115 per gram today and Rs 1,15,000 per kilogramme, compared to Rs 113 and Rs 1,13,000 yesterday.

"The current uptrend is supported by strong global momentum in green energy investments, particularly solar panel manufacturing, where silver plays an indispensable role. Growing demand from the electric vehicle and electronics sectors further reinforces its value proposition. In India, physical demand has risen on the back of the festive season and increasing retail interest, with silver offering an accessible alternative to gold," said Aksha Kamboj.

"A softer US dollar or potential interest rate cuts globally could provide additional upside. While silver tends to exhibit greater price volatility compared to gold, its long-term outlook remains promising. Medium- to long-term investors would be wise to consider silver as part of a diversified portfolio, benefiting from both its robust industrial applications and potential for capital appreciation," Aksha Kamboj further added.

MCX Gold Outlook Today

"On the technical front, MCX Gold has picked up momentum on the daily chart. It formed a bullish Marubozu in yesterday's session, indicating a continuation of bullish momentum. Currently, support is placed at 99,939 and resistance is seen at 102,500. However, since MCX Gold is trading well above its support levels, traders are advised to buy near the support area for a better risk-reward ratio, targeting 102,500," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

Gold & Silver Price Fundamental Outlook Today

"Gold and silver prices are trading slightly higher today on the international bourses. We expect precious metals prices on Indian bourses to trade range bound to slightly higher for the day; as gold prices held a small gain after traders became increasingly optimistic that the US Federal Reserve will cut rates at its next meeting in September," commented the research analysts of Nirmal Bang Securities.

Disclaimer

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