Gold Prices Soar Past 80k Mark, Oct 23: Gold Price Hits Fresh High, Records 29.8% Jump In 1-Yr

Gold prices in India continue to witness sharp rally for last couple of days before Diwali amid Middle East conflict and uncertainty hovering around US election that pushed demand for safe-haven assets. 22K gold prices today jumped by Rs 400 to Rs 73,400/10 grams and 100 grams of 22 carat yellow metal prices today surged by Rs 4000 to Rs 7,34,000. It is worth mentioning that 24k gold prices today crossed 80k mark as prices jumped to Rs 80,070/10 gram after the gain of Rs 430. 100 grams of 24 carat precious metal prices today rose by Rs 4300 to Rs 8,00,700 today. As per Drik Panchang, Diwali festival in India will be observed on October 31, 2024.

It is important to note that gold prices witnessed sharp growth since October 24, 2023 as prices of 22k gold prices jumped by Rs 29.8%. 1 gram gold rate of 22k was Rs 5655 on October 24, 2023 and today the price is quoting Rs 7340, indicating a jump of 29.8%.

18 carat gold prices today gained Rs 330 to Rs 60,060/10 grams and 100 grams of 18k gold price today jumped by Rs 3300 to Rs 6,00600.

Meanwhile, 1 gram gold price today for 22k in India today is Rs 7,340 after the jump of Rs 40. 1 gram gold rate today for 24k is Rs 8007 after the surge of Rs 43. 1 gram gold rate today for 18 carat is Rs 6006 after the rally of Rs 33.

According to Dr Renisha Chainani, Head Research - Augmont - Gold For All, "Gold reaches its highest point ever, surpassing $2760 (~Rs 78700), while Silver surpasses $35 (~Rs 1 lakh), driven by geopolitical concerns and anticipations of more Fed rate cuts. Despite rising US Treasury rates, demand for precious metals as a haven is driven by risk aversion and concerns about a Trump presidency. According to the previous president, he would restrict unauthorized immigration and levy taxes. The odds of a 25 basis point cut at the November meeting are 89.6%, and traders are pricing 42 basis points of rate cuts by year-end. Tensions in the Middle East are still high, though, as Israel gets ready to strike back against Iran for the 200-missile attack."

As suggested earlier, Silver prices are heading towards $35 (~Rs 1 lakh), and that target is achieved. We could see some profit booking before prices head to another psychological level of $36 (~Rs 103,000), stated Renisha Chainani.

Should You Buy Gold? Gold is likely to trade with a positive bias in the near-term. As gold prices are likely to be highly volatile, especially due to Brics headlines, buying the dips is the preferred strategy. The metal is likely to rise to $2,800 in short-term. Support is at $2,700 (Rs 77,300)/$2685 (Rs 76,900). Resistance is at $2,800 (Rs 80,200), according to Sharekhan by BNP Paribas.

Silver Prices Today In India: Silver price in India rallied sharply today. 1 kg silver prices today surged by Rs 2000 to Rs 1,04,000. 100 grams silver prices in India today witnessed surge by Rs 200 to Rs 10,400.

Spot Gold, Spot Silver Prices Today: Spot gold remained little changed at $2,746.25 per ounce, as of 23:45 GMT. Spot silver dipped 0.3% to $34.71 per ounce. Platinum gained 0.1% at $1,030 and palladium zoomed 0.4% to $1,079.75, according to Reuters.

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

22k gold price in India today jumped by Rs 40, stayed steady on October 22, rallied by Rs 20 on October 21, stayed stable on October 20, rose by Rs 40 on October 19, jumped by Rs 80 on October 18, rallied by Rs 20 on October 17, soared by Rs 45 on October 16, slipped by Rs 20 on October 15, and fell by Rs 5 on October 14.

1kg Silver price India movement in last 10-days

Silver price in India today rose by Rs 2000, surged by Rs 100 on October 22, zoomed by Rs 1500 on October 21, steadied on October 20, surged by Rs 500 on October 19, gained by Rs 2000 on October 18, stayed steady on October 17, rose by Rs 100 on Oct 16, fell by Rs 100 on Oct 15, and held steady on Oct 14.

1 Gram of 22k Gold prices In 6 Major Metropolitan Cities Of India On October 23, 2024:

City	22 Carat Gold Price Per Gram
Gold Price Chennai Today	1 gram of 22 carat gold rate is Rs 7340
Yellow Metal Price Mumbai Today	1 gram of 22 carat gold price is Rs 7340
Gold Price Delhi Today	1 gram of 22 carat yellow metal price is Rs 7355
Gold Price Kolkata Today	1 gram of 22 carat of gold price is Rs 7340
Gold Price Kerala Today	1 gram of 22K gold prices is Rs 7340
Yellow Metal Price Bangalore Today	1 gram of 22 carat gold rate is Rs 7340
Gold Prices Hyderabad Today	1 gram of 22 carat gold rate is Rs 7340