24K Gold Price Rises By Rs 1370 In 3 Days: Factors Causing Surge In Yellow Metal Price

Gold price has been rising for the last 3 days as festival season is underway. Price of 24 Carat gold surged by Rs 440 on Wednesday to close at Rs 52,100 per 10 gram as Rupee gained strength against US Dollar.

Rupee appreciated by 20 paise to end at 81.62 against the US dollar on October 4, 2022 as heavy buying in domestic equities and weakness in the greenback strengthened investor sentiment. Meanwhile, the price of 22 Carat gold rose by 400 to close at Rs 47,750 per 10 gram.

Price of 22 Carat Yellow metal surged by Rs 500 to end at Rs 47,350 per 10 gram on October 4, 2022 and gained another Rs 350 on October 3, 2022 to close at Rs 46,850 per 10 gram. The price of 24 Carat gold rose by Rs 380 on October 3, gained Rs 550 on October 4, and surged by another Rs 440 on October 5, 2022 to close at Rs 52,100 per 10 gram.

The price of 22 Carat gold was Rs 46,500 per 10 gram and the price of 24 Carat gold was Rs 50,730 per 10 gram on September 1, 2022.

Factors causing rise in the price of gold:
Several factors are contributing rise to the price of yellow metal. It included the decline in Dollar index by nearly 2% in the last four days, downside in Bond yields which is at 1-week low, all round efforts by economies globally to tame the mounting inflation by rising interest rates, and surge in the prices of yellow metal and white metal in the global markets.

Check latest prices of yellow metal in the major metropolitan cities on October 5, 2022: