Gold prices in India have reached a new all-time high, closely following international trends. This surge is fueled by a sharp drop in bond yields and rising demand for safe-haven assets amidst escalating geopolitical tensions. The price of 24K gold has crossed Rs 78,000 per 10 grams, and MCX gold futures have surpassed Rs 77,000. Analysts expect gold prices to see further gains due to strong demand for the metal.
As of now, 24K gold is priced at Rs 78,100 per 10 grams, with 22K gold at Rs 71,600 and 18K gold at Rs 58,580. Major cities like Chennai, Mumbai, Kolkata, Hyderabad, Bangalore, and Pune are seeing 24K gold prices at Rs 78,110 per 10 grams. Delhi reported slightly higher rates at Rs 78,260, while Vadodara and Ahmedabad also saw high prices. Silver prices have increased as well, with 1 kg of silver priced at Rs 97,000, though prices in Chennai, Kerala, and Hyderabad were higher at Rs 1,03,000, and lower in Bangalore at Rs 94,000. On the MCX, gold futures for December ended at Rs 77,111 per 10 grams, while silver futures stood at Rs 91,778 per kg.
Globally, gold prices also surged, reaching a record high of $2,688.82 per ounce, supported by expectations of interest rate cuts from the U.S. Federal Reserve and heightened uncertainty around the U.S. presidential election. Spot gold rose to $2,686.46 per ounce, and U.S. gold futures went up to $2,702.20. Factors like falling U.S. Treasury yields, strong safe-haven demand, and geopolitical tensions in the Middle East, particularly involving Israel and Hezbollah in Lebanon, have kept gold prices elevated.
Looking ahead, experts see further upward momentum for gold. Pranav Mer from JM Financial Services notes that global central banks’ expected rate cuts, renewed ETF buying, and geopolitical instability are likely to keep gold trading high. Jateen Trivedi of LKP Securities highlights that gold prices have surpassed $2,685 on Comex and Rs 77,000 on MCX, driven by uncertainty in risky asset returns, making gold a favored investment.
Support levels for gold on the MCX are expected to hold around Rs 76,300-76,500, with resistance seen near Rs 77,250-77,450. Analysts believe that safe-haven demand will continue to drive gold prices higher, especially as global uncertainties remain elevated. If gold remains above key support levels, it could test targets of Rs 77,080 to Rs 77,250 in the near future.
Disclaimer: The information provided here is for general informational purposes only and should not be construed as financial advice. Market conditions, geopolitical events, and economic factors can affect gold and silver prices, and past performance is not indicative of future results. Please consult with a licensed financial advisor before making any investment decisions.
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