Gold rates in Indiarebounded sharply as the Chhath Puja festival kicked off in the country. On October 25, the prices of 100 grams and 10 grams of gold surged by Rs 12,500 and Rs 1,250 in 24 carat. The performance comes after 100 grams and 10 grams crashed by a whopping Rs 84,000 and Rs 8,400 from October 18 to October 24. Precious metals across the globe are witnessing profit booking due to overpricing, a rally in the dollar, the expectation of a Fed rate cut and the likelihood of an agreement on a US-China trade deal. During festival season in India, the demand for gold is generally high!
On October 25,10 grams gold surged by Rs 1,250 to Rs 1,25,620, while 100 grams gold price climbed by Rs 12,500 to Rs 12,56,200. Further, 8 grams and 1 gram gold edged higher by Rs 1,000 and Rs 125 to Rs 1,00,496 and Rs 12,562 respectively.
Gold prices have been falling since Dhanteras. Earlier, 100 grams gold price dropped by Rs 7,100 on October 24th, followed by a drop of Rs 8,100 on October 23rd. The price had crashed massively by Rs 46,900 on October 22, after declining by Rs 1,100 and Rs 1,700 on October 21st and October 20th respectively. The price saw a slight breather on October 19th as it was unchanged after Rs 19,100 drop on October 18 which was the start of Diwali festival.
Cumulatively, 100 grams gold nosedived by Rs 84,000 from October 18 to October 24, while 10 grams gold plunged by Rs 8,400.
22 Carat Gold Rates:
Meanwhile, 10 grams gold rose by Rs 1,150 to Rs 1,15,150 and 100 grams gold soared by Rs 11,500 to Rs 11,51,500. Additionally, 8 grams gold is up by Rs 920 to Rs 92,120 and 1 gram gold is higher by Rs 115 to Rs 11,515.
18 Carat Gold Rates:
Further, in 18 carat, 10 grams gold price jumped by Rs 940 to Rs 94,220, while 100 grams gold rate advanced by Rs 9,400 to Rs 9,42,200. The 8 grams and 1 gram gold here was higher by Rs 752 and Rs 94 to Rs 75,376 and Rs 9,422 respectively.
Why Gold Is Under Pressure?
"Gold prices remained under pressure as profit booking extended from overbought levels, with renewed optimism around US trade deals with India and potentially China prompting investors to trim positions," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.
The analyst added, "Prices have corrected over 3.40% this week, currently hovering near Rs 1,22,000, as traders await key US CPI data due later in the evening, which is likely to add to market volatility. The ongoing US government shutdown and uncertainty around trade negotiations are expected to keep sentiment cautious."
The prices of silver were unchanged on October 25. 1Kg silver is priced at Rs 1,55,000, while 100 grams and 10 grams silver is available at Rs 15,500 and Rs 1,550 respectively. The price of 8 grams and 1 gram silver is at Rs 1,240 and Rs 155.
Check Gold Rates In Major Cities:
Gold Rates In Chennai:
Gold Rates In Hyderabad:
Gold Rates In Mumbai:
Gold Rates In Bengaluru:
Gold Rates In Delhi:
MCX Gold Price + MCX Silver Price
After market hours of October 24, MCX gold with December expiry, plunged by Rs 196 or 0.16% to close at Rs 1,23,255 per 10 grams. Also, MCX silver price dipped by Rs 320 or 0.22% to end at Rs 1,47,150 per 1Kg.
Gold & Silver Prices Outlook:
In the near term, LKP's analyst said, "gold prices are likely to remain volatile within a range of Rs 1,18,000-Rs 1,25,500, with bias tilted slightly negative until clarity emerges on these macro developments."
For the upcoming week, SMC Global Securities in their note said, ''With the U.S. government still in shutdown and global uncertainties lingering, COMEX gold faces resistance near $4,380 and support at $4,250. A break below could extend losses to $4,170, while a rebound above $4,250 may push prices toward $4,380 again. Silver may trade between $45.80-$54.50. On MCX, gold is likely to move within Rs. 1,18,000-Rs. 1,27,000, while silver could fluctuate between Rs. 1,32,500-Rs. 1,60,000.''
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