Gold Price Rallies In India, Oct 18: 22k/100 Grams Gold Jumps By Rs 8K, Bullish Momentum Continues

Gold prices in India jumped for 3rd consecutive day and witnessed sharpest rally in the month of October ahead of Diwali as U.S. election jitters and boiling Middle East tensions enhanced safe-haven demand. 22k gold prices today zoomed by Rs 800 to Rs 72,400/10 grams and 100 grams of 22 carat precious metal prices today rose by Rs 8000 to Rs 7,24,000 in India on Friday. Meanwhile, 24k gold prices today surged by Rs 870 to Rs 78,980/10 grams and 100 grams of 24 carat yellow metal prices today rose by Rs 8700 to Rs 7,89,800.

On the other hand, 18k gold prices today registered sharp rally of 660 to Rs 59,240/10 grams and 100 grams of 18 carat precious metal prices today rose by Rs 6,600 to Rs 5,92,400.

Why Gold Prices India Hit Record High On Friday? As per Renisha Chainani, Head Research - Augmont - Gold For All, "For the fourth straight day, the price of gold rises and reaches a new all-time high of $2727 (around Rs 77640). The yellow metal continues to gain from major central banks' rate-cutting policies. Political unpredictability in the US and tensions in the Middle East give the commodity a further boost. The European Central Bank decreased interest rates yesterday for the third time this year, the first time the rates have been lowered consecutively in 13 years."

Given the deteriorating economic outlook, additional rate cuts are expected. In the meantime, the close contest between Donald Trump and Kamala Harris creates further uncertainty, which raises the price of gold to a record high in conjunction with the possibility of more Middle East war escalation. Gold prices have sustained above the resistance of $2700 (~Rs 77000) the next target is $2750 (~Rs 78500), added Renisha Chainani.

1 gram gold rate today for 22k rallied by Rs 80 to Rs 7,240. 24k gold price for 1 gram surged by Rs 87 to Rs 7,898. And, 18k per gram gold prices today zoomed by Rs 66 to Rs 5924.

Silver Prices Today In India: Silver price in India also rallied sharply. 1 kg silver prices today in India jumped by Rs 2000 to Rs 99,000. Meanwhile, 100 grams silver prices in India surged by 200 to Rs 9,900.

Spot Gold, Spot Silver Prices Today: Spot gold surged 0.6% to $2,709.28 per ounce by 0430 GMT and jumped 2% this week. U.S. gold futures rallied 0.6% to $2,724.50. Spot silver jumped 0.9% to $31.97 and headed for a weekly gain. Platinum rose 0.6% to $997.80 and palladium jumped 0.6% to $1,048.55, according to Reuters.

22k Gold Price Movement In Last 10-Days In India (1 gram)

22k gold price in India today surged by Rs 80, rose by Rs 20 on October 17, surged by Rs 45 on October 16, fell by Rs 20 on October 15, slipped by Rs 5 on October 14, remained steady on October 13, rose by Rs 25 on October 12, rallied by Rs 70 on October 11, slipped by Rs 5 on October 10, and declined by Rs 70 on October 9.

1kg Silver price India movement in last 10-days

Silver price in India today jumped by Rs 2000, remained unchanged on October 17, jumped by Rs 100 on Oct 16, fell by Rs 100 on Oct 15, remained unchanged on Oct 14 and Oct 13, soared by Rs 1000 on Oct 12, rose by Rs 2000 on October 11, remained flat on October 10, and fell by Rs 2000 on October 9.

1 Gram of 22k Gold prices In 6 Major Metropolitan Cities Of India On October 18, 2024:

City	22 Carat Gold Price Per Gram
Gold Price Chennai Today	1 gram of 22 carat gold rate is Rs 7240
Yellow Metal Price Mumbai Today	1 gram of 22 carat gold price is Rs 7240
Gold Price Delhi Today	1 gram of 22 carat yellow metal price is Rs 7255
Gold Price Kolkata Today	1 gram of 22 carat of gold price is Rs 7240
Gold Price Kerala Today	1 gram of 22K gold prices is Rs 7240
Yellow Metal Price Bangalore Today	1 gram of 22 carat gold rate is Rs 7240
Gold Prices Hyderabad Today	1 gram of 22 carat gold rate is Rs 7240

According to Reuters, " "Gold has scoffed at a surging dollar and rallies at every chance it gets. It's just a bull market that shows no signs of exhaustion," said Tai Wong, a New York-based independent metals trader.