Gold Prices In India At Record High, 24-Carat At Rs 65,560 Per 10-Grams; Yellow Metal Cheaper In Doha, Dubai

Gold prices In India are at lifetime highs, tracking record performance of international prices. 22-carat has crossed the 60,000 mark in 10 grams, while 24-carat further rises to hit a new peak of 65,560 levels. While gold is shining on its best day ever, surprisingly, buying 22-carat and 24-carat is far cheaper in Indian rupee in Doha and Dubai. Gold prices held steady in Doha, and were slightly up in Dubai.

The robust buying in gold escalated after Federal Reserve Chair Jerome Powell commented that the Fed is likely to trim key rates this year itself. This led to traders hoping that a rate cut is possible as early as June.

In an overnight testimony, the Fed's chair said that the central bank is looking to cut interest rates in 2024, which comes as good news for safe-haven assets like gold as they are non-yielding. However, Powell refrained from providing any forthcoming planned cuts detail, and instead still held a slightly hawkish view. He believes that the path of the US economy and inflation were likely to determine any monetary easing. He added that the Fed still needed more convincing data on inflation that it was moving closer to its objective of 2% target annually.

Rahul Kalantri, VP of Commodities, Mehta Equities said, "Today's session, gold and silver prices are expected to continue experiencing volatility. Gold is supported at the $2,098-$2,082 range, with resistance between $2,124 and $2,140. Silver finds support within the $23.40-$23.20 range, with resistance between $23.82 and $23.98. When priced in INR, gold is supported at Rs 64,580-64,350, with resistance at Rs 64,980-65,240. Silver sees support at Rs 72,840-72,280, with resistance at Rs 73,850-74,380."

Gold Prices In India:

22-Carat: Gold prices were up by Rs 40 to Rs 4,000 here. 10-gram gold surged by Rs 400 to Rs 60,100 on March 7th compared to the previous day's Rs 59,700. Meanwhile, 100-gram gold surged by a whopping Rs 4,000 to Rs 6,01,000 compared to the previous day's price of Rs 5,97,000. 1-gram and 8-gram gold were up by Rs 40 and Rs 320 on March 7th to Rs 6,010 and Rs 48,080, as against the previous day's prices of Rs 5,970 and Rs 47,760 respectively.

24-Carat: Prices in this carat were up by much higher rates, ranging from Rs 43 to Rs 4,300. 100-gram saw the highest increase of Rs 4,300 in a single day to Rs 6,55,600 on March 7th compared to the previous day's price of Rs 6,51,300. Meanwhile, 10-gram gold is up by Rs 430 to Rs 65,560 from Rs 65,130 of the previous day. Also, 8-gram gold jumped by Rs 344 to Rs 52,448 from Rs 52,104, and 1-gram yellow metal soared by Rs 43 to Rs 6,556 on March 7th from the previous day's Rs 6,513.

Check Daily Prices Here: https://www.goodreturns.in/gold-rates/

18-Carat: Compared to 22-carat and 24-carat, the surge in prices is from Rs 33 to Rs 3,300. 10-gram of 18 carats is currently at Rs 49,170, up by Rs 330 from the previous day's price of Rs 48,840. In the highest gram of 100, the price was at Rs 4,91,700, soaring by Rs 3,300 from Rs 4,88,400. 1-gram gold is up by Rs 33 to Rs 4,917 from Rs 4,884, while 8-gram gold is up by Rs 264 to Rs 39,336 on March 7th in comparison to the previous day's print of Rs 39,072.

Gold Prices In Doha:

22-Carat: Priced remained the same as they were yesterday. 10-gram gold here is priced at 2,465 Qatar Riyals, 100-gram at 24,650 Qatar Riyals, 8-gram at 1,972 Qatar Riyals, and 1-gram at 246.50 Qatar Riyals.

24-Carat: Similarly, prices here as well were unchanged. 100-gram of 24-carat was at 26,250 Qatar Riyals, 10-gram at 2,625 Qatar Riyals, 8-gram at 2,100 Qatar Riyals, and 1-gram 262.50 Qatar Riyals.

18-Carat: 10-gram of 18-carat was unchanged at 2,017 Qatar Riyals, while 100-gram stood at 20,170 Qatar Riyals, 8-gram at 1,613.60 Qatar Riyals, and 1-gram at 201.70 Qatar Riyals.

In the Indian rupee, 10 grams of 22-carat is priced at Rs 55,963.63 in Doha, and 24-carat is at Rs 59,596.16 in 10 grams.

Check Daily Prices Here: https://www.goodreturns.in/gold-rates/doha.html

Gold Prices In Dubai:

22-Carat: Prices here were up by 3.50 to 350 Dirhams. 10-gram is priced at 2,420 Dirhams, up by 35 Dirhams from the previous day. 100-gram gold is available at 24,200 Dirhams, up by 350 Dirhams. 1-gram and 8-gram gold were at 242 and 1,936 Dirhams, up by 3.50 and 28 Dirhams respectively from the previous day.

24-Carat: 10-gram of gold in 24-carat rose by 40 Dirhams to 2,615 Dirhams, while 100-gram of gold surged by 400 Dirhams to 26,150 Dirhams, 8-gram soared by 32 Dirhams to 2,092 Dirhams, and 1-gram was up by 4 Dirhams to 261.50 Dirhams from the previous day.

18-Carat: Gold prices are cheapest in 18-Carat. 1-gram is up by 0.25 Dirhams to 198 Dirhams, 8-gram surged by 2 Dirhams to 1,584 Dirhams, 10-gram higher by 2.50 Dirhams to 1,980, and 100-gram gold is up by 25 Dirhams to 19,800 Dirhams compared to the previous day.

Check Daily Gold Prices: https://www.goodreturns.in/gold-rates/dubai.html

Gold prices in Dubai in Indian rupee are at Rs 54,547.04 for 22-carat per 10 grams and was at Rs 58,942.36 for 24-carat per 10 grams.

For yesterday's performance, Kalantri added, Gold and silver exhibited significant price fluctuations, initially gaining in the early trading session before experiencing profit-taking from their highs, ahead of the Federal Reserve Chairman's testimony. Gold prices reached a peak of $2,140, while silver touched a high of $24.25 in international markets. The release of supportive U.S. economic data on Tuesday played a favourable role for precious metals. Similarly, the U.S. equity markets witnessed profit-taking, while the dollar index and U.S. 10-year bond yields remained steady. Market participants are exhibiting caution with gold at record-high prices.