Gold Rate in India On Fire! 24K Is Rs 20,000 Above Rs 1 Lakh! Will There Be Any Profit Booking? 10 Oct Outlook

Gold Rate in India: Prices of 24, 22, and 18 karat gold have surged sharply over the past week, marking an unprecedented rally. Persistent geopolitical tensions, global trade uncertainties, and concerns over a potential US government shutdown have unsettled investors, driving a strong safe-haven demand for gold.

All eyes are on gold prices today, Friday, October 10, as the US prepares to release key economic data that could influence global demand for the precious metal.

Gold Rate in India

The price of gold in India has surged significantly over the past few days. 24 karat gold rate in India today surged by Rs 220 per 10 grams to Rs 1,24,150. Likewise, the price of 22 karat gold in India jumped by Rs 200 per 10 gram to Rs 1,13,800 per 10 gram. Similarly, the gold rate in India increased by Rs 160 per gram to Rs 93,150 per gram.

Silver Rate in India

The price of silver in India also jumped significantly on Thursday. Silver rate in India stood at Rs 1,61,000 per kilogram and rose to Rs 16,100 after rising by Rs 100. The silver rate in India has surged significantly due to strong industrial demand and attractive price valuations.

Gold Rate on MCX

Gold rate on MCX saw some consolidation on Thursday. The price of MCX Gold December futures closed 0.18% lower at 1,20,280 per 10 gram. MCX Silver (December expiry) also declined on Thursday and closed at 2.47% lower at Rs 1,46,150 per kilogram.

The gold price surged to $3,980 per ounce on Friday internationally, and is inching closer to its record high mark of $4,000 per ounce. Given the present trajectory of the precious metal over the past three to four days, gold is now heading for its eighth consecutive weekly gain.

Gold price is likely to move upward given the current investors' sentiment due to hints of US Fed rate cuts, extended US shutdown and geopolitical uncertainty.

Gold, Silver Price Outlook

The investors sentiment around gold price might be impacted by the progress in Israel-Gaza peace plan, US Fed rate cut hints, and upcoming macroeconomic data release.
"Gold and Silver prices fell more than 2%, after marking all time high and breaching $4000 and $50 briefly. As the dollar pushed higher and gold investors booked profits following a ceasefire deal between Israel and Hamas both metals witnessed some pressure," noted Manav Modi, Analyst, Precious Metal, Research, Motilal Oswal Financial Services Ltd.

"Silver has turned into steep backwardation, suggesting acute supply tightness in the market, unmatched against rising demand," he added.

"The gold bull market seems far from over, but it may pause for an extended period, and meaningful pullbacks could offer chances to add," noted DSP Netra in its report earlier.
For silver, the research added, "Silver still has room to close in on its theoretical midpoint at $64. Taking some profits off from now (at $47) to close to low end of $53 is advisable. Ancillary exposures like gold miners no longer warrant an overweight and should be reduced to normalized weights or gradually phased out."

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