Sharp Rally in Gold Price Continues On Oct 15; Find Out 24K, 22K,18K Gold Rates In India Today; Silver Up TOO

Gold rate in India are showing no signs of stopping and are breaking records every single day. While bullion investors are having a good time, the sky-high gold prices in india are putting pressure on the retail buyers. The gold market is seeing massive demand for gold & silver despite rising prices, as the major gold-buying festival Diwali & Dhanteras is just round the corner.

On the global front, gold climbed to another record level near the $4,200-per-ounce mark on Wednesday, due to growing expectations of interest rate cuts. Concerns over U.S.-China trade tensions are supporting safe-haven demand. Analysts suggest that if these global market trends persist, gold could continue its upward momentum in the coming sessions.

Gold rates in India today

As of 15 October, the 22-carat gold rate in India spiked once again by Rs. 500 to cost Rs. 118,150 per 10 grams. While the 24-carat gold rate zoomed by Rs. 540 per 10 grams to retail at Rs. 128,890 per 10 grams. In a similar manner, the 18-carat gold rates in India increased by Rs. 710 to cost Rs. 96,970 per 10 grams.

Just like that, 100 g of 24-carat gold surged by Rs. 5400 to cost Rs. 12,88,900, and the 22-carat gold per 100 grams also saw a jump of Rs. 5000 to retail at Rs. 11,81,500. Similarly, 100 grams of 18-carat gold jumped by Rs. 7100 and now cost Rs. 969,700.

Silver prices in India today

Silver prices in India made another record today, as 1 kg of silver now costs Rs. 190,000 after a rise of Rs. 1000 per kg, and 100 grams of silver cost Rs. 19,000, which increased by Rs. 100 per 100 grams.

Gold prices in Chennai, Bengaluru, and Hyderabad

A sharp surge in gold prices across major cities in India has been reported. Below are the gold rates in the major cities of India:

Gold Rates in Chennai

Gold Rates in Bangalore

Gold Rates in Hyderabad

Gold and Silver Futures Prices on the Multi Commodity Exchange

Gold prices on the MCX (Multi Commodity Exchange) jumped once again. Currently, gold futures prices due to mature on December 5th are trading at Rs. 126,939 after rising 0.54%. Silver futures, which are set to mature on December 5th, rose today, trading 0.62% higher at Rs. 160,620.

Spot Gold Price and Silver Price Update

According to the latest Reuters report, "Spot gold was up 0.9% at $4,178.15 per ounce, as of 0448 GMT, after hitting a record high of 4,186.68 earlier in the session. U.S. gold futures for December delivery gained 0.8% to $4,197.50. Meanwhile, Spot silver rose 1.4% to $52.17."

Gold Price Outlook Ahead This Week

As per the commodity report from ICICI Direct, "Spot Gold is likely to hold its gains and move with positive bias on safe haven buying. Further, increasing the probability of a Fed interest rate cut would also support the bullion to make new highs. US-China trade tension and political uncertainty in France would increase safe haven bids. Further, economic uncertainty and delay in the release of US economic data would bring more investors towards the safe asset class. Recent dovish comments from the US Fed chair Jerome Powell have increased the 25-bps rate cut probability in Oct to 96% and in December to 94%."

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