Gold Price Rally Continues On March 20; Check 24K, 22K, and 18K Gold Rates In Your City

Gold prices in India extended their gains for the third straight day this week after reaching record-high levels. Yesterday at the end of the FOMC meeting, the U.S. Federal Reserve decided to keep its benchmark interest rate steady at 4.25%-4.50%, a move that was widely anticipated by the markets. Additionally, policymakers indicated the possibility of two quarter-percentage-point rate cuts by the end of 2025. Despite the absence of significant domestic triggers, gold prices in India have surged by approximately 2% this week. Analysts suggest that if global market trends remain supportive, gold could continue its rally in the coming sessions.

Gold rates in India today

On March 20th, the 22-carat gold rate in India spiked once again by Rs. 200 to cost Rs. 83,100 per 10 grams. While the 24-carat gold rate zoomed by Rs. 220 per 10 grams to retail at Rs. 90,660 per 10 grams. In a similar manner, the 18-carat gold rates in India increased by Rs. 161 to cost Rs. 67,991 per 10 grams.

Just like that, 100 g of 24-carat gold surged by Rs. 2200 to cost Rs. 9,06,600, and the 22-carat gold per 100 grams also saw a jump of Rs. 2000 to retail at Rs. 8,31,000. Similarly, 100 grams of 18-carat gold jumped by Rs. 1610 and now cost Rs. 6,79,910.

Silver prices in India today

Silver prices in India today saw slight gains today as 1 kg of silver now costs Rs. 105,100 after a small rise of Rs. 100 per kg, and 100 grams of silver cost Rs. 10,510, which increased by Rs. 10 per 100 grams.

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Gold prices in Chennai, Bengaluru, and Hyderabad

A sharp surge in gold prices across major cities in India has been reported. Below are the gold rates in the major cities of India:

Gold Rates in Chennai:

24-carat gold: ₹90,660 per 10 grams
22-carat gold: ₹83,100 per 10 grams

Gold Rates in Bangalore:

24-carat gold: ₹90,660 per 10 grams
22-carat gold: ₹83,100 per 10 grams

Gold Rates in Hyderabad:

24-carat gold: ₹90,660 per 10 grams
22-carat gold: ₹83,100 per 10 grams

Gold and Silver Futures Prices on the Multi Commodity Exchange

Gold prices on the MCX (Multi Commodity Exchange) jumped once again. Currently, gold futures prices due to mature on April 4, 2025, are trading at Rs. 88,817 after rising 0.24%.

Silver futures, which are set to mature on May 5, 2025, rose today, trading 0.65% higher at Rs. 100,573.

Spot Gold Price and Silver Price Update

According to the latest Reuters report, spot gold rose 0.1% to $3,050.94 per ounce as of 05:20 GMT, after hitting a record high of $3,057.21 earlier in the session. Meanwhile, U.S. gold futures climbed 0.6% to $3,059.50, and spot silver edged up 0.15% to $33.84 per ounce.

Gold Price Outlook Ahead This Week

As per the commodity report from ICICI Direct, "Gold is expected to continue with its upward trend amid weakness in the dollar and softening of US treasury yields. Yields and the dollar may move further south as the US Federal Reserve signaled 2 rate cuts by the end of the year and sees slower economic growth and higher inflation. Moreover, demand for safe haven may increase on escalating geopolitical tension in the Middle East after the Israeli military resumed ground operations in the central and southern Gaza Strip. Additionally, the expectation of disappointing economic data from the US would be supportive for gold prices. • Spot gold is likely to rally further towards the $3080 level as long as it stays above the $3020 level. Only break below $3020 level prices may correct further towards $3000/$2980 levels."