Gold Rate In India Shines Brightest: 12% Rise in Only 30 Days, 24K, 22K, 18K Gold at Record High on Oct 7

Gold prices in India posted their third consecutive gains, surpassing previous records. Gold rates in India have surged by 12% in the last month, recovering sharply after a slight decline seen last week. The U.S. Dollar Index is currently recovering from its multi-month low at 98.14. Spot gold crossed the psychological level of USD 3,900 yesterday, hitting another all-time level, and is currently heading toward the $4,000 per ounce mark. Gold rate in India are expected to rise further in the coming days as the festival season reaches its peak during Diwali & Dussehra.

Gold Rate in India Today

As of 7th October, the 24-carat gold rates in India spiked by Rs. 1250 per 10 grams to cost Rs. 122,020. While the 22-carat gold price in India rallied by Rs.1150 per 10 grams, to cost Rs. 111,850 In the 18-carat gold rates jumped by Rs. 940 to retail at Rs. 91,520 per 10 grams.

And just like that, 100 grams of 24-carat gold rate stands at Rs 12,20,200, and the 22-carat gold rate is currently at Rs 11,18,500 per 100 grams of yellow metal.

Silver prices in India today

Silver rates in India today also witnessed a huge jump; 1 kg of silver in India costs Rs. 157,000 after gaining Rs. 1,000. While 100 g of silver rates in India retail at Rs 15,700, which jumped by Rs 100.

City-Wise Gold Rates: Latest 22-Carat & 24-Carat Prices Across India

The latest gold prices for 22-carat and 24-carat gold in major Indian cities are similar to national gold prices today.

Gold Price in Chennai

Gold Price in Bengaluru

Gold Price in Hyderabad

Gold Price in Mumbai

MCX Gold Price and Silver Price

Currently, gold futures prices due to mature on December 5th are trading at Rs. 120,845 per 10 grams, up by 0.50%. Silver futures, with an expiration date of December 5th, also rose slightly by 0.10% and are now trading at Rs. 147,661 per kg.

Spot Gold Price and Spot Silver Rate

"Spot gold was up 0.1% at $3,965.39 per ounce by 0308 GMT, after hitting an all-time high of $3,977.19 earlier in the session. U.S. gold futures for December delivery gained 0.3% to $3,988.10. Spot silver eased 0.1% to $48.49 per ounce, as per the Reuters Latest Report on Commodities.

Where is Gold Headed Next? Key Levels and Market Outlook

A commodity report from the India Bullion and Jewellers Association Ltd stated that "Gold reached a fresh record, rallying as much as 2.2% to top $3,970 an ounce. We expect precious metals prices on Indian bourses to trade range-bound to higher for the day, as gold prices clinched a fresh record, pushing closer to $4,000 an ounce, as the US government shutdown and a political crisis in France injected more uncertainty into financial markets."

"The upswing, which follows a run of seven weekly gains, comes as the US government shutdown has delayed key data, further obscuring a murky economic outlook. With a lack of official figures, traders are depending on private reports for signals, while the US central bank is struggling to assess changing conditions. Traders are still pricing in a quarter-point rate cut this month, which would benefit gold further as it doesn't pay interest. Prices have risen more than 50% this year, with gold-backed exchange-traded funds swelling again last week," the report further mentioned.

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