Gold Price India: Yellow Metal Makes Biggest Jump In April So Far; Up By Rs 3300

Gold prices India today witnessed sharpest rally in April so far. The prices of 22K yellow metal soared by Rs 1200 on April 6 to 65,350/10 grams while cost of 24K gold price surged by whopping Rs 1310 on Saturday to hit new high of Rs 71,290/10 grams. 22 carat gold prices witnessed huge rally by Rs 3300 in the month of April only while 24 carat yellow metal prices zoomed by Rs 3600 so far this month. Gold prices recorded yet another big rally on March 29 when 22 carat yellow metal zoomed by Rs 1300 and 24 carat yellow metal surged by Rs 1420 per 10 grams.

Key world gold prices too witnessing new records. Spot gold was steady at $2,300.49 per ounce as of 2:50 p.m. EDT (1850 GMT) after hitting a record high of $2,304.09 earlier in the day. U.S. gold futures settled 0.2% lower at $2,308.5. "It's a continuation of the idea... propagated by the Powell speech the other day that the Federal Reserve is getting set to cut rates," said Bart Melek, head of commodity strategies at TD Securities, according to Reuters. "That typically is a very accretive thing for gold, particularly since it looks like they (the Fed) are quite prepared to reduce interest rates at a time where inflation is going to be significantly above their 2% target."

Rahul Kalantri, VP Commodities, Mehta Equities Ltd said, "Gold and silver closed on a mixed note, after both precious metals hit fresh lifetime highs in the domestic market. Silver fell after reaching its highest level since June 2021, as investors awaited the important US employment data for fresh indications regarding the Fed's monetary easing. Gold and silver are also getting support due to escalating tensions in the middle-east. The dollar index also slipped below 104 marks amid Fed rate cut hopes which supported prices of precious metals."

Meanwhile, silver prices are also following trend of gold prices. Silver prices India witnessed sharp surge of Rs 1800 on Saturday. If you are planning to buy 1 kg of silver in India today, you need to pay Rs 83,500.

Yellow metal prices In key 4 metropolitan cities of India on April 6, 2024:

Gold Price Chennai: Price of 10 grams of 22 carat of gold price Chennai today is Rs 66,150 and cost of 10 grams of 24 carat gold is Rs 72,160.

Yellow Metal Price Mumbai: Price of 10 grams of 22 carat gold in Mumbai on April 6 is Rs 65,350 and cost of 10 grams of 24 carat yellow metal is Rs 71,290.

Precious Metal Price Delhi: Price of 10 grams of 22 carat yellow metal in Delhi on April 6 is Rs 65,500 and cost of 10 grams of 24 carat gold is Rs 71,440.

Gold Price Kolkata: Price of 10 grams of 22 carat of yellow metal in Kolkata on April 6, 2024 is Rs 65,350 and cost of 24 carat of 10 grams gold is Rs 71,290.