Gold rates in India witnessed a sharp decline during the celebration of Dussehra on October 2nd. Despite this, the 10 grams gold price holds above Rs 118,000 mark in 24 carat. Gold rates in India have seen a tremendous record rally in the month of September, by 11%. The start of October has been strong as well. However, gold rates in India are more expensive compared to souk markets of Middle East countries like the UAE, Qatar and Saudi Arabia.
After an extraordinary record rally for six consecutive days, gold rates in India declined sharply on October 2nd, during the festive cheer of Dussehra and Gandhi Jayanti.
10 grams gold price stood at Rs 1,18,690 in 24 carat, down by Rs 550 on Thursday, while 10 grams of 22 carat slipped by Rs 500 to Rs 1,08,800. Also, 18 carat gold price in 10 grams dropped by Rs 380 to Rs 89,020.
Yesterday, 10 grams gold price touched a new historic high to Rs 1,19,240 in 24 carat, at Rs 1,09,300 in 22 carat and 89,400 in 18 carat.
Is Gold Prices In India Expensive Than Middle East Countries?
The answer is yes, gold in India is expensive than UAE, Saudi Arabia and Qatar among other countries.
The 24 carat gold price is at AED 4,320 per 10 grams in UAE . In Indian rupees, the price translates to Rs 1,12,679 per 10 grams, which is cheaper than India.
In Saudi Arabia, the 10 grams gold price stood at 4,770 in Saudi Riyal for 24 carat, which is Rs 1,12,779 per 10 grams in Indian rupees.
Gold Prices Outlook Globally:
As per Darshan Desai, CEO - Aspect Bullion & Refinery, growing concerns over a likely shutdown of US government services is keeping gold prices at elevated levels. Weaker job openings and consumer sentiment data released last evening have increased expectations of a potential rate cut by the Federal Reserve later this month. A shutdown could also delay Friday's jobs report, which could further add to uncertainty and boost demand for safe-haven assets like gold.
Additionally, gold ETFs saw their highest monthly inflows in three years in September, which is another key factor supporting higher prices. He added, "With the China market closed for the next eight days due to holidays, gold is expected to remain in a consolidation phase."
MCX Gold Price + MCX Silver Price:
Meanwhile, MCX gold price with December 2025 expiry, touched a new all-time high to Rs 1,18,444 per 10 grams. However, after market hours on October 1st, the bullion closed at Rs 1,17,890 per 10 grams, registering a growth of Rs 625 or 0.53% from the previous session.
Similarly, MCX silver price with December 2025 expiry posted its new peak to Rs 1,45,560 per 1kg before correcting. Currently, this precious metal is at Rs 1,45,384 per 1kg, which was higher by mind-boggling Rs 3,239 after closing bell of October 1st.
" With a data-heavy week ahead, including key US economic releases, gold is expected to remain highly volatile within a broader range of Rs 1,14,000- Rs1,19,000," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.
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