Gold prices in India soared for the fourth consecutive day on Thursday. 100 grams of gold in 24 carats has skyrocketed by Rs 40,900, and 10 grams of gold price has zoomed by Rs 4,090 at least from May 5th to May 8th. Gold prices rallied due to a series of factors, including the India-Pakistan war, a potential US-China trade deal, the Fed pausing rates, and the weak dollar. In major metro cities like Mumbai and Delhi, the 10-gram gold price is now Rs 250 to Rs 400 away from reclaiming its Rs 1 lakh mark.
The 10-gram gold price climbed by Rs 600 to Rs 99,600 in 24K, while the 10-gram gold price is up by Rs 550 to Rs 91,300 in 22K and higher by Rs 450 to Rs 74,700 in 18K.
In Mumbai, the 24K gold price in 10 grams is Rs 400 away from hitting the Rs 100,000 mark.
Meanwhile, the price of 100 grams of gold jumped by Rs 6,000 to Rs 996,000 in 24K, up by Rs 5,500 to Rs 913,000 in 22K, and higher by Rs 4,500 to Rs 747,000 in 18K.
Cheapest gold price is at Rs 7,740 in 1 gram of 18K, followed by Rs 9,130 in 22K and Rs 9,960 in 24K.
Explaining the surge in gold prices, Kaynat Chainwala, AVP-Commodity Research, Kotak Securities said, the sharp rise was driven by a weaker U.S. dollar and heightened safe-haven demand amid uncertain outlook for global trade. Geopolitical risks also provided additional support, with investor caution rising following Israel's airstrikes on Houthi-controlled targets in Yemen in retaliation for a missile attack.
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However, optimism around U.S.-China trade talks reduced safe-haven demand. It needs to be noted that gold and silver prices in India are also influenced by the geopolitical tensions between the country and Pakistan.
By the early hours of May 7, India carried out a surgical strike called Operation Sindoor in Pakistan and Pakistan-occupied Jammu & Kashmir, hitting terrorist infrastructures and causing a significant impact. 9 such terrorist infrastructure was hit. As per reports, at least 100 terrorists were killed. However, Pakistan retaliated by hitting the LoC of India. The tensions between the countries continue to be at knives-edge!
Here as well, gold prices surged by Rs 450 to Rs 600 in 10 grams and up by Rs 6,000 to Rs 4,500 in 100 grams across carats.
10 grams of gold is available at Rs 99,750 in 24K, at Rs 91,450 in 22K, and at Rs 74,830 in 18K. The popular 24K of 10 grams of gold is hence Rs 250 away from touching the Rs 100,000 mark.
100 grams of gold is priced at Rs 997,500 in 24K, at Rs 914,500 in 22K, and at Rs 748,300 in 18k.
In Delhi, the cheapest gold price is 1 gram, which is available at Rs 7,483 in 18K, followed by Rs 9,145 in 22K and Rs 9,975 in 24K.
The prices of silver is similar in both Mumbai and Delhi. On May 8th, silver prices are unchanged.
1 Kg of silver price is at Rs 99,000 in Mumbai and Delhi, followed by 100 grams silver at Rs 9,900 each, and Rs 990 each in 10 grams. 1 gram silver is available at Rs 99 each in the two cities.
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