Gold Price In India Today, 22nd Feb: 22K/100 Grams of Gold Rate Jumps Rs 2,000; 1 Kg Silver Up Rs 100

The price of gold saw a substantial rise in the domestic market today, Saturday, February 22, ahead of impending key events like manufacturing, services, and home sales statistics that could raise the fluctuation of the yellow metal. The yellow metal's high price was backed by the rupee's depreciation, the US dollar's weakness, and a drop in US Treasury rates following lower-than-expected US economic data.

Gold Price In India Today

In India, 24-carat gold costs Rs 8,777 per gramme, 22-carat gold costs Rs 8,045 per gramme, and 18-carat gold costs Rs 6,582 per gramme. While 22k of 100 grammes of gold would cost Rs 8,04,500 in India today compared to Rs 8,02,500 yesterday, representing a price jump of Rs 2,000, 22k of 10 grammes of gold prices in India hit Rs 80,450 on Saturday compared to Rs 80,250 on Friday, showing a price surge of Rs 200.

In India, the price of 24k of 10 grams of gold climbed to Rs 87,770 on Saturday from Rs 87,750 on Friday, signifying a 20 rupee price hike. Meanwhile, the price of 24k of 100 grams of gold reached Rs 8,77,700 today from Rs 8,77,500 yesterday, signifying a 200 rupee price jump.

While 18k of 100 grammes of gold will cost Rs 6,58,200 in India today compared to Rs 6,56,600 yesterday, marking a price spike of Rs 1,600, 18k of 10 grammes of gold prices in India hit Rs 65,820 on Saturday compared to Rs 65,660 on Friday, showing a price jump of Rs 160.

Silver Rates In India Today

In India, silver now costs Rs 1,00,500 per kilogramme and Rs 100.50 per gramme. One kilogramme of silver will cost Rs 1,00,500 in India today compared to Rs 1,00,400 yesterday, representing a price increase of Rs 100. This is due to increased demand brought on by strengthened manufacturing activity, which caused the price of 100 grams of silver to rise from Rs 10,040 on Friday to Rs 10,050 on Saturday.

Spot Gold

According to Reuters, U.S. gold futures ended the day 0.1% lower at $2,953.20, while spot gold fell 0.1% to $2,939.63 an ounce as of 02:24 a.m. ET (1924 GMT) on Friday after hitting a record $2,954.69 on Thursday. Palladium fell 0.7% to $970.45 while spot silver fell 0.9% to $32.64 an ounce. Platinum fell 1.1% to $967.40.

MCX Gold Outlook

"From a technical perspective, MCX Gold managed to sustain above 86000-mark and formed a bearish candle featuring a lower shadow on the daily chart. Recent price action suggests a pattern where MCX Gold shows weakness on one day but surpasses its high in the following sessions, indicating strong buying interest at lower levels. If MCX Gold breaks above 86120, it could advance towards 86500/86800 levels. Conversely, support for the commodity can be seen at 85650/85250 levels. Traders are advised to maintain tight stop losses, as the index is trading in a critical zone that could witness heightened volatility," the technical research analysts of Way2Wealth Brokers Pvt. Ltd said.

Spot Gold Outlook

"Gold is expected to hold the key support near $2925 and move higher towards $2960 amid increasing safe haven demand. Meanwhile, weakness in US treasury yields would also provide support to the bullions. Escalating trade tension would further increase the flows into ETF's and increase investment demand. Meanwhile, focus will remain on key economic numbers from US, which could bring further volatility in price," as per the technical research analysts of ICICI Direct Research.

"Gold price is likely to hold the key support near $2925 and move towards $2960. Unwinding of OI at ATM calls indicates an upward movement. Higher concentration of OI in 2950 call strike could provide some resistance, but a move above $2950 could bring short covering rally. MCX Gold April is expected to hold the support ₹85,500 and move towards ₹87,000 level," they further added.

Spot Silver Outlook

"Spot silver is expected to rise towards $33.40,as long as it trades above $32.40. An improved manufacturing activity would support its demand outlook. MCX Silver March is expected to rise towards ₹98,200, as long as it holds above ₹95,800," the technical research analysts of ICICI Direct Research commented.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.