Gold rates in India witnessed massive change in prices on October 17, ahead of Dhanteras. In major metro cities, 24 carat, 22 carat and 18 carat gold prices have extended their rally to hit fresh new historic highs. 10 grams gold prices are up by Rs 2,500 to Rs 3,330 in a single day in Mumbai and Bengaluru, while in Chennai 18 carat gold price outperformed with Rs 2,700 surge in 10 grams. Surprisingly, in Delhi, 18 carat gold prices got cheaper, while other rates are at a new peak.
The price of 10 grams of gold soared by Rs 3,270 to a new high of Rs 1,33090 in 24 carat, while the price was higher by Rs 3,000 to Rs 1,22,000 in 22 carat. Meanwhile, 10 grams of gold is up by Rs 2,700 to Rs 1,01,000 in 18 carat.
Further, 100 grams gold price surged by Rs 32,700 to Rs 13,30,900 in 24 carat, and is up by Rs 30,000 to Rs 12,20,000 in 22 carat. And, 18 carat gold climbed by Rs 27,000 to Rs 10,10,000 per 100 grams.
10 grams gold price jumped by Rs 3,330 to Rs 1,32,770 in 24 carat, while the rate was up by Rs 3,050 to Rs 1,21,700. In case of 18 carat, gold rate is up by Rs 2,500 to Rs 99,580.
In the meantime, gold rates are up by whopping Rs 33,300 to Rs 13,27,700 in 100 grams of 24 carat, and is up by Rs 30,500 to Rs 12,17,000 in 22 carat. Meanwhile, 100 grams gold is up by Rs 25,000 in 18 carat to Rs 9,95,800.
Just like Bengaluru, gold rates in Mumbai are on similar levels and saw same surge on October 17. That being said, 10 grams is up by Rs 3,330 to Rs 1,32,770 in 24 carat, up by Rs 3,050 to Rs 1,21,700 in 22 carat, and up by Rs 2,500 to Rs 99,580 in 18 carat.
Moreover, 100 grams gold prices jumped by Rs 33,300 to Rs 13,27,700 in 24 carat, while 22 carat is up by Rs 30,500 to Rs 12,17,000 per 100 grams. Also, 18 carat gold price surged by Rs 25,000 to Rs 9,95,800.
In the national capital, 24 carat gold rates climbed by Rs 3,330 to Rs 1,32,920 per 10 grams, and surged by Rs 33,300 to Rs 13,29,200 per 100 grams.
In case of 22 carat, 10 grams gold price soared by Rs 3,050 to Rs 1,21,850, and 100 grams gold climbed by Rs 30,500 to Rs 12,18,500. However, gold rates dropped by Rs 100 in 18 carat to Rs 9,72,200 per 100 grams, while 10 grams gold was down by Rs 10 to Rs 97,220.
What Is Impacting Gold Prices On October 17:
As per Darshan Desai, CEO - Aspect Bullion & Refinery, gold prices continue to surge, reaching new record highs as concerns about a potential credit crisis in the US outweigh optimism over a likely improvement in US-Russia relations.
The expert further highlighted that a weaker US dollar and expectations of interest rate cuts by the Federal Reserve are also supporting the rally.
Looking ahead, he said, "geopolitical tensions, particularly US-China trade issues and credit market worries, will remain key factors to watch, especially after the recent sharp rise in gold prices."
Lastly, Shahzad Madon, CEO of TCG Asset Management said, while global uncertainty along with geo-political tensions and persistent FII outflows from domestic markets have triggered profit-taking in recent weeks, factors such as GST cuts in majority of items and tax benefits to salaried class should spur robust consumption demand going ahead and could have a positive impact on sectors like consumer discretionary, auto, housing, cement etc. While bullions may not lose steam in a hurry, any major positive trigger like signing of the Indo-US trade deal could provide upside to the equity market.
Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.
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