Gold Rates Today (March 7) Up After 5-Days Of Crash, Silver Prices Flat; Gold & Silver Rates In Delhi, Mumbai

Gold rates in India saw much-needed relief on March 7, after crashing for five-consecutive days. Gold prices are under pressure since US and Israel carried out a full-scale war with Iran, worsening the situation in the Middle East, which has spilled over into global economic crisis. From March 2nd to March 6th, 24 carat gold rates nosedived by Rs 1,09,800 in 100 grams and down by Rs 10,980 in 10 grams. But on Saturday, gold rates in all carats were up across major metro cities including Delhi and Mumbai. However, silver rates remained unchanged for the third day in a row.

Let's check gold rates in two important cities of India. Delhi is a national capital, while Mumbai is called as the financial hub of the country, a home to billionaires and philanthropists.

It needs to be noted that gold is expensive in Delhi than compared to Mumbai. The gap is of couple of rupees.

Gold Rates In Delhi:

24 carat gold prices surged by Rs 2,520 to Rs 1,63,800 per 10 grams, and was up by Rs 25,200 in 100 grams to Rs 16,38,000. Meanwhile, 22 carat gold rates climbed by Rs 2,300 to Rs 1,50,150 per 10 grams and soared by Rs 23,000 to Rs 15,01,500 per 100 grams. In case of 18 carat, 10 grams gold rose by Rs 1,880 to Rs 1,22,880 and 100 grams gold price skyrocketed by Rs 18,800 to Rs 12,28,800.

The 8 grams gold rate stood at Rs 1,31,040 in 24 carat (up by Rs 2,016), at Rs 1,20,120 in 22 carat (up by Rs 1,840), and at Rs 98,304 in 18 carat (up by Rs 1,504). The 1 grams gold rates in Delhi are at Rs 16,380 per gram for 24 carat gold (99.9% purity), at Rs 15,015 per gram for 22 carat gold (91.6% purity), and at Rs 12,288 per gram for 18 carat gold (75% purity).

Despite the latest rally, gold is down by 5.5% in March so far in Delhi.

Gold Rates In Mumbai:

Gold rates in Mumbai in 24 carat stood at Rs 1,63,640 per 10 grams, rising by Rs 2,510 from the previous day. Meanwhile, 100 grams of the same carat surged by Rs 25,100 to Rs 16,36,400, and 8 grams gold is up by Rs 2008 to Rs 1,30,912. The 1 gram gold price here stood at Rs 16,364.

In case of 22 carat, 10 grams gold price zoomed by Rs 2,300 to Rs 1,50,000 and 100 grams gold jumped by Rs 23,000 to Rs 15,00,000. While 8 grams gold in 22 carat is at Rs 1,20,000, rising by Rs 1,840 and 1 gram gold stood at Rs 15,000.

Under 18 carat, 10 grams gold price rallied by Rs 1,880 to Rs 1,22,730, and 100 grams gold rate advanced by Rs 18,800 to Rs 12,27,300. The 8 grams gold price in 18 carat is at Rs 98,184, up by Rs 1,504 and 1 gram gold is at Rs 12,273.

Silver rates were unchanged on March 7th, marking its third day of pause. The prices of silver are same in both the cities. 1Kg silver price is at Rs 2,85,000 on Saturday, while 100 grams and 10 grams silver stood at Rs 28,500 and Rs 2,850. The 8 grams silver is available at Rs 2,280 and 1 gram silver is cheapest at Rs 285.

This performance comes after MCX gold and silver prices traded sideways in the previous day. Meanwhile, spot gold recorded its first weekly decline in five weeks to close around $5,120 per ounce.

As per Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, gold prices traded in a sideways and volatile range between Rs 1,59,500 and Rs 1,60,000 as CME gold hovered near the $5,100 level, reflecting sideways session.

Looking ahead, Trivedi added, "With Crude price already soaring higher the Gold see's volatile moves as price react and prices in the effects of war in Western Asia. Support near 158000 resistance near 1,62,000."

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