Gold Price Today in India: Yellow metal rates jump Rs 253 per 10 gm; Prices in key cities

New Delhi: Gold price today in India jumped Rs 253 per 10 gm to Rs 71,628 per 10 gm according to Multi Commodity Exchange gold contracts for October, according to market data.  In global markets, gold futures rose 0.22 per cent to $2,543.30 per ounce in New York. “We believe demand is likely to pick up as the US Federal Reserve cuts rates, thereby lowering the cost of holding a position in gold and commodities in general,” said Ole Hansen, head of commodity strategy at Saxo Bank.

Gold prices jumped to all-time highs of $2,5000 per ounce in the previous session owing to expectations of a potential rate cut as well as safe haven demand, Reuters reported. To be sure, gold prices are likely to rise further, crossing $2,600 per ounce, Reuters reported, citing UBS analyst Giovanni Staunovo.

All eyes will be on the minutes of the US FOMC meeting which will be revealed on Wednesday and US Federal Reserve Chair Jerome Powell’s speech on Friday. Bullion rates have risen nearly 20 per cent this year as a result of geopolitical tensions in the Middle East apart from a step up in buying by central banks. “Traders and investors will be looking for confirmation that the FOMC is indeed moving towards the first of several rate cuts next month,” said Hansen.

Purity-wise gold rates

Citywise gold rates

Silver prices today

Silver prices today in India soared Rs 486 to Rs 83,699 per kg on a widening of bets by market participants. MCX silver contracts for September delivery rose 0.58 per cent in 24,545 lots on Monday, August 19, 2024. Globally, silver prices were up 0.57 per cent to $29.43 per ounce.

 Gold Price Today in India: The precious metal’s rate jumped Rs 253 per 10 gm to 71,628 per 10 gm on August 19, 2024 as traders built fresh position in exchanges.  Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today