Gold Prices Surge Again In India, July 29: 22K/100 Grams Gold Rises By Rs 1500, Silver Jumps Too

Gold prices in India on Monday jumped again after witnessing rise on July 27, 2024 on likelihood of US rate cuts in September and surging geopolitical tensions in Middle East. Meanwhile, focus has been shifted to the upcoming Federal Reserve's policy meeting scheduled to take place later this week. According to reports, US central bank's Federal Open Market Committee is expected to hold meeting on July 30-31 and likely to keep rates steady at 5.25% to 5.50%. 22k gold prices today in India jumped by Rs 150 to Rs 63,400/10 grams and 100 grams of 22 carat precious metal prices in the country today rose by Rs 1500 to Rs 6,34,000. On the other hand, 24k gold prices today rallied by Rs 160 to settle at Rs 69,160/10 grams and 100 grams of 24 carat yellow metal prices in India on Monday rose by Rs 1600 to Rs 6,91,600.

18k gold price today stood at Rs 51,880/10 grams and 100 grams of 18 carat gold prices today zoomed by Rs 1300 to Rs 5,18,800 on July 29. According to experts, gold prices in India witnessed pressure after Nirmala Sitharaman announced a cut in customs duty on gold and silver to 6% in the 2024 budget on July 23, 2024. And, poor demand did remaining damage to physical gold in China which led to huge decline in gold prices globally.

According to Anuj Gupta, Head of Commodity & Currency at HDFC Securities, "In domestic markets this week, gold prices fell to a four-month low and corrected more than 9.0% from the July 17th high of ₹74731. The government's reduction of basic customs duties on gold and silver from 15% to 6% is the primary cause of the fall. Apart from this, the international market gold prices corrected almost 4.50% from their recent pick due to a potential slowdown in seasonal demand for physical gold, reflecting a worry about the worsening recession in jewellery and retail investment demand, particularly in China."

"After the cooling US inflation data, the buzz for the US Fed rate cut in the September meeting has gone high. So, some relief rally can be expected in the bullion prices next week. However, a bullish trend can be assumed only when the COMEX gold price braches above the $2,405 per troy ounce mark." Added Anuj Gupta.

Spot Gold, Spot Silver Prices Today: Spot gold soared 0.5% at $2,397.65 per ounce, as of 0025 GMT. U.S. gold futures jumped 0.7% to $2,396.70. Spot silver rallied 0.9% at $28.14 per ounce, platinum gained 0.9% to $943.40 and palladium gained 1.1% at $909.71, according to Reuters.

Silver Prices Today In India: Silver prices in India today witnessed rally by Rs 500 to Rs 85,000/kg while 100 grams silver prices today stood at Rs 8,500 after jump of Rs 50.

22k/10 Grams Gold Price Movement In Last 10-Days In India

Gold prices in India today rallied by Rs 150, remained steady on July 28, soared by Rs 250 on July 27, slipped by Rs 1000 on July 26, fell sharply by Rs 950 on July 25, remained stable on July 24, fell steeply by Rs 2750 on July 23, slipped by Rs 100 on July 22, remained unchanged on July 21, and declined by Rs 350 on July 20, fell by Rs 450 on July 19.

1kg Silver price India movement in last 10-days

Silver price in India today rose by Rs 500, remained steady on July 29, July 27, and July 26, witnessed sharp fall of Rs 3000 on July 25, declined by Rs 500 on July 24, fell by Rs 3,500 on July 23, remained steady on July 22, stayed unchanged on July 21, declined by Rs 1750 on July 20, and witnessed sharp decline of Rs 1450 on July 19.

1 Gram of 22k Gold Rate In 5 Major Metropolitan Cities Of India On July 29, 2024:

Gold Price Chennai: Price of 1 gram of 22 carat of gold price Chennai today is Rs 6,415

Yellow Metal Price Mumbai: Price of 1 gram of 22 carat gold in Mumbai on July 29 is Rs 6,340

Precious Metal Price Delhi: Price of 1 gram of 22 carat yellow metal in Delhi on July 29 is Rs 6,355

Gold Price Kolkata: Price of 1 gram of 22 carat of yellow metal in Kolkata on July 29, 2024 is Rs 6,340

Gold Price Kerala: Cost of 1 gram of 22K gold in Kerala on July 29 is Rs 6,340

Yellow Metal Price Bangalore: Price of 1 gram of 22 carat gold in Bangalore on July 29 is Rs 6,340