Gold Price India, May 7: 18K, 22K, 24K Yellow Metal Rises; 24K/100 Grams Up By Rs 6500

Gold prices continue to rally for 3rd consecutive day today in India. 18K, 22K, and 24k yellow metal surged for 3rd day in a row today amid weakning US Dollar and subdued US job data which sparked speculations of potential interest rate cut by US Federal Reserve. 10 gams of 18k yellow metal prices today rallied by Rs 250 to 54,290 while 100 grams of 18 carat gold soared by Rs 2500 to Rs 5,42,900. 22 carat yellow metal price is quoted at Rs 66,350/10 grams after the jump of Rs 300 and 100 grams of 22 carat gold price today is Rs 6,63,500 after the gain by Rs 3000.

On the other hand, 24 carat yellow metal prices got dearer by Rs 330 to Rs 72,380/10 grams and 100 grams of 24k gold price soared by Rs 3300 to Rs 7,23,800 in India today. 100 grams of 24k gold prices witnessed sharp rally of Rs 6500 in last 3-days only as prices jumped by Rs 1000 on May 4, rose by Rs 2200 on May 6, and soared by Rs 3,300 today.

Silver price India too surged in India today. 1kg silver price India today is quoted at Rs 85,000 after the gain by Rs 1000 while 100 gram silver price today is retailing at Rs 8500.

24k/10 Grams Gold Price Movement In Last 10-Days In India

Gold price today surged by Rs 330 today, rallied by Rs 220 on May 6, surged by Rs 100 on May 4, declined by Rs 540 on May 3, rose by Rs 760 on May 2, fell by Rs 1090 on May 1, remained stable on April 30, declined by Rs 330 on April 29, 2024, remained unchanged on April 28 (Sunday), jumped by Rs 220 on April 27, and soared by Rs 440 on April 26.

Spot gold soared 0.8% to $2,320.95 per ounce by 1503 GMT. And, U.S. gold futures for June delivery witnessed a rally of 0.9%, soaring $2,329.70 per ounce.

According to Reuters, "The downside that we've seen over the last few weeks might actually be running out of steam, opening (the) door for gold prices to resume their upward trajectory," Daniel Ghali, commodity strategist at TD Securities.

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, "Gold prices surged over 500 rupees in MCX to hit 71,200 due to renewed conflict in the Middle East and weak US jobs data. This data increased expectations of an earlier US interest rate cut, which is positive for gold prices. The forecast is for gold to trade in a range of 70,000 to 72,500 in the near future."

1kg Silver price India movement in last 10-days

Silver prices today rallied by Rs 1000 today, surged by Rs 1000 on May 6, declined by Rs 500, remained steady in India on May 3, jumped by Rs 500 on May 2, fell by Rs 500 on May 1, dived by Rs 500 on April 30, remained stable on April 29, April 28, fell by Rs 500 on April 27, and jumped sharply by Rs 2000 on April 26.

Gold prices In 5 Key Metropolitan Cities Of India On May 7, 2024:

Gold Price Chennai: Price of 10 grams of 22 carat of gold price Chennai today is Rs 66,400 and cost of 10 grams of 24 carat gold is Rs 72,430.

Yellow Metal Price Mumbai: Price of 10 grams of 22 carat gold in Mumbai on May 7 is Rs 66,350 and cost of 10 grams of 24 carat yellow metal is Rs 72,380.

Precious Metal Price Delhi: Price of 10 grams of 22 carat yellow metal in Delhi on May 7 is Rs 66,500 and cost of 10 grams of 24 carat gold is Rs 72,530.

Gold Price Kolkata: Price of 10 grams of 22 carat of yellow metal in Kolkata on May 7, 2024 is Rs 66,350 and cost of 24 carat of 10 grams gold is Rs 72,380.

Gold Price Kerala: Cost of 10 grams of 22K gold in Kerala on May 7 is Rs 66,350 and price of 24K yellow metal is Rs 72,380/10 grams.

Yellow Metal Price Bangalore: Price of 10 grams of 22 carat gold in Bangalore on May 7 is Rs 66,350 and cost of 10 grams of 24K yellow metal is Rs 72,380.