Gold Prices Continue To Rally, 22K Precious Metal Dearer By Rs 1600

Gold prices in India have been witnessing a surge since October 7, 2023 and remained unchanged only on October 11. The prices continue to rise in the remaining days from October 7 To October 12. Price of 22 carat of 10 grams gold witnessed a surge of Rs 1600 from October 7 to October 12 while cost of 24 carat of 10 grams precious metal became dearer by Rs 1750.

Speaking on the rally in the gold prices India, Anuj Gupta, Head - Commodity & Currency at HDFC Securities said, "We have noticed that due to gropolitical tenion the safe haven demand has been seen in the bullions. Dollar Index is also correction from over bought zone which signalling support for the gold price. Dollar index is trading at 105.40 levels."

"The dollar index is also in correction from the overbought zone, which signalling support for gold. The dollar index is trading at 105.40 levels. Fund houses and central banks demand is shifting from Dollar to Gold. FOMC is expected to keep interest rate stable in the upcoming meeting," added Anuj Gupta.

Gold prices India for 10 grams of 22 carat yellow metal rallied by Rs 350 today to Rs 54,000 and surged by Rs 380 for 24 carat of 10 grams precious metal as Isreal-Hamas war continues to intensify.

Check gold prices in various cities today:

Gold Price Delhi: The price of 22 carat of 10 grams gold Delhi today is Rs 54,150 and price of 24 carat of 10 grams gold Delhi is Rs 59,060

Gold Price Mumbai: Cost of 22 carat of 10 grams gold in the financial capital of India is Rs 54,000 and price of 24 carat of 10 grams gold is Rs 58,910

Gold Price Chennai: 22 carat of 10 grams gold in Chennai is retailing for Rs 54,150 and 24 carat of 10 grams gold in Chennai is retailing for Rs 59,070

Gold Price Kolkata: In Kolkata, you have to shell out Rs 54,000 for buying 22 carat of 10 grams gold and for 24 carat of 10 grams gold, you need to pay Rs 58,910

Meanwhile, Sugandha Sachdeva, Executive Director and Chief Strategist at Acme Investment Advisors said, "Gold's outlook has recently brightened, driven by dovish signals from the US Fed officials hinting at the possibility of a rate pause during the Fed's upcoming meeting in November.

This has spurred a rally in the precious metal, with gold prices climbing in the past four consecutive trading sessions. The decline in the US dollar and treasury yields has further fuelled this upward momentum."