Gold prices in India surged for the third consecutive day, marking the sharpest rally in October as growing political uncertainty in the U.S. and escalating tensions in the Middle East increased the appeal of safe-haven assets. On October 18, 2024, the price of 22k gold rose by ₹800 to ₹72,400 per 10 grams, while 100 grams saw an increase of ₹8,000, bringing the total to ₹7,24,000. Similarly, 24k gold prices jumped by ₹870, reaching ₹78,980 per 10 grams, and 100 grams climbed by ₹8,700 to ₹7,89,800. Meanwhile, 18k gold saw a sharp rise of ₹660, bringing the price to ₹59,240 for 10 grams, with 100 grams priced at ₹5,92,400.
The continued rally in gold prices is driven by global factors. According to Renisha Chainani, Head of Research at Augmont, this marks the fourth straight day of gains, pushing the gold price to a new all-time high of $2,727 (approximately ₹77,640). Major central banks have been cutting interest rates, contributing to gold’s rise. The European Central Bank, for instance, cut rates for the third time this year, the first consecutive rate cut in 13 years, further boosting the metal’s price. In the U.S., political uncertainty, with a close contest between Donald Trump and Kamala Harris, combined with the possibility of increased conflict in the Middle East, has propelled gold to sustain above the resistance level of $2,700 (₹77,000). Chainani expects gold to move toward the next target of $2,750 (₹78,500) if these factors persist.
In addition to gold, silver also experienced a sharp price jump. In India, 1 kg of silver increased by ₹2,000, reaching ₹99,000, while 100 grams rose by ₹200 to ₹9,900. Globally, spot gold was up 0.6%, reaching $2,709.28 per ounce, while U.S. gold futures climbed 0.6% to $2,724.50. Spot silver rose 0.9% to $31.97 per ounce. Platinum and palladium also saw gains, rising by 0.6% each to $997.80 and $1,048.55, respectively.
In the past 10 days, the price of 22k gold in India has generally trended upward. Today, the price rose by ₹80, following a ₹20 increase on October 17 and a ₹45 rise on October 16. However, prices had briefly fallen by ₹20 on October 15 and ₹5 on October 14. The pattern of silver prices in India over the last 10 days also showed significant fluctuations, with prices jumping by ₹2,000 today after remaining flat on October 17.
As of October 18, 2024, gold prices for 22k per gram in major Indian cities were as follows: Chennai, Mumbai, Kolkata, Bangalore, Kerala, and Hyderabad all had prices at ₹7,240, while in Delhi, it stood slightly higher at ₹7,255.
Despite the rally in the U.S. dollar, gold has continued to climb steadily. Independent New York-based metals trader Tai Wong emphasized that this is a strong bull market for gold, showing no signs of slowing down.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered financial advice. Gold and silver prices are subject to market fluctuations and can vary significantly. Readers are encouraged to conduct their research and consult with a financial advisor before making any investment decisions. The author and publisher do not assume any responsibility for any losses or damages arising from reliance on this information.
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