Gold Rate In India Soars To New Heights; 24K/10g Surpasses Rs.82,000;Silver Breaks Out Of Stagnation

Gold prices in India rose sharply today, tracking the upward trend in international markets as global gold prices edge closer to record highs amid a weakening dollar. Market participants are now increasingly confident that the Federal Reserve will hold off on raising interest rates in its upcoming meeting, a development likely to further boost gold prices in the days ahead.

As of 24 January 2025, 22-carat gold rates in India jumped by Rs. 300 per 10 grams to cost Rs. 75,550, while the 24-carat gold spiked by Rs. 330 to retail at Rs. 82,420 per 10 grams.

For heavy weight quantities, 100 grams of 24-carat gold rates is now priced at Rs. 8,24,200 after witnessing the rise of Rs. 3300, while the 22-carat gold rose by Rs. 3000 to cost Rs. 7,55,500. Just like that, 18-carat gold rates in India also experienced this surge, which made the yellow metal surge Rs. 2,500 per 100 grams to retail at Rs. 6,18,200.

Silver rates in India today

Silver prices in India on 24th January jumped, breaking the stability for six consecutive sessions. Silver rates in India per kilogram jumped By Rs. 1000, it costs Rs. 97,500 per kg. The price of 100 grams of silver was Rs. 9,750, a rise of Rs. 100.

MCX Gold and Silver Futures Update

On the Multi Commodity Exchange (MCX), gold futures, slated to mature on February 5, 2025, jumped higher, trading at Rs. 79,945, witnessing a rise of 0.40% or 319 points. Similarly, silver futures, with an expiry date of March 5, 2025, showed a rise during the trading session. Prices spiked by 0.81% to Rs. 91,888, showing the impact of fluctuating global commodity trends.

International Gold and Silver Prices Update

Gold and silver prices continued their rally, which was fueled by supportive market conditions and a weaker outlook for interest rate hikes. As per the latest Reuters report, spot gold advanced by 0.8%, reaching USD 2,774.49 per ounce as of 02:55 GMT. This marks a weekly gain of over 2%, underscoring a robust performance in recent days. Earlier in the session, gold prices touched a high of USD 2,777.10, the strongest level since October 31, when it hit a record USD 2,790.15. Meanwhile, U.S. gold futures mirrored the positive trend, rising by 0.6% to settle at USD 2,781.80.

The rally in spot gold prices is mainly because the investor sentiment is shifting away from the likelihood of further interest rate hikes by the Federal Reserve. Lower interest rates typically weaken the U.S. dollar and reduce bond yields, making non-yielding assets like gold more attractive as a safe haven.

Silver prices also benefited from the positive momentum, with spot silver climbing 1.1% to trade at USD 30.78 per ounce. Reuters In its report, Cited the CME Group's FedWatch Tool analyst stating, traders now see an almost negligible chance of the Federal Reserve raising rates further.

Market Experts on Bullion Outlook

According to a commodity research report from Way to Wealth, "International gold prices eased slightly to around $2,750 per ounce on Thursday, halting a three-day gain as the US dollar stabilized. From a technical perspective, MCX Gold sustained its positive momentum for the third consecutive session and formed a bullish candle on the daily chart. The commodity established a base around the 78500-79000 levels and witnessed strong lower-level buying, signaling a continuation of the uptrend, with prices likely to advance toward the 79800/80200 levels. Moreover, the momentum indicator RSI registered a positive crossover above the signal line and maintained strength above 60, reinforcing the bullish bias. On the downside, immediate support is identified at 79280/78750 levels. Traders are advised to maintain tight stop losses, as MCX Gold is trading in a critical zone that could experience heightened volatility.