Gold Prices India, March 19: Biggest Jump In Yellow Metal Prices In 10-Days, Buy?

Gold prices India witnessed sharpest rally in last 10 days in March on Tuesday. The current price of 10 grams 22K gold in India is Rs 60,800 per share after the rally of Rs 420 while price of 100 grams of 22 carat gold in India is Rs 6,08,000 after surge of Rs 4200. On the other hand, cost of 10 grams of 24K gold in India is Rs 66,330 after the gain of Rs 460 and 100 grams of 24 carat is retailing at Rs 6,63,300 after the gain of Rs 4600.

When it comes to 18 carat gold price in India, it is Rs 49,740/10 gram after rise of Rs 340 and rate of 100 grams of 18 carat yellow metal in India is Rs 4,97,400 as prices soared by Rs 3400.

Meanwhile, gold and silver prices registered a rally today on Multi Commodity Exchange (MCX). Gold futures, maturing on April 5, 2024, is at Rs 65,657/ 10 grams on the MCX, after sligt surge of Rs 49 or 0.07%. The last close was registered at Rs 65,608. Silver futures, maturing on May 3, 2024, also recorded a rally of Rs 104 or 0.14% on Tuesday and presently retailing at Rs 75,600/kg on the MCX. The earlier close was Rs 75,496.

Gold held steady on Tuesday as investors stayed on the sidelines ahead of the U.S. Federal Reserve policy meeting this week, which could offer further clues on the timing of likely interest rate cuts this year, according to Reuters.

As per the latest metal report, spot gold hovered at $2,160.79 per ounce. US gold futures remained flat at $2,164.10. Meanwhile, silver gained 0.3% to $25.10 per ounce.

Yellow metal prices In 4 major cities of India on March 19, 2024

Gold Price Chennai: Price of 10 grams of 22 carat of gold price Chennai today is Rs 61,350 and cost of 10 grams of 24 carat gold is Rs 66,930.

Yellow Metal Price Mumbai: Price of 10 grams of 22 carat gold in Mumbai is Rs 60,800 and cost of 10 grams of 24 carat yellow metal is Rs 66,300.

Precious Metal Price Delhi: Price of 10 grams of 22 carat yellow metal in Delhi on March 19 is Rs 60,950 and cost of 10 grams of 24 carat gold is Rs 66,480.

Gold Price Kolkata: Price of 10 grams of 22 carat of yellow metal in Kolkata on March 19, 2024 is Rs 60,800 and cost of 24 carat of 10 grams gold is Rs 66,330.

Meanwhile, silver prices India gained too by Rs 300 on March 19, 2024. You have to shell out Rs 77,300 for 1 kg of Silver in India on Tuesday.

Should you buy gold now?
Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies suggested buying gold April futures on the dips at 65,600. The analyst recommended to keep the stop loss at Rs 65,100 and a target price of Rs 66,300. For silver May futures, Neha Qureshi suggested buying on the dips at Rs 75,500, with stop loss at Rs 74,500 and a target price of Rs 77,500.

"Gold witnessed modest gains amid a quiet session as all eyes are on the US Fed meeting which ends tomorrow. Swaps markets still indicate a 52% chance of a Fed cut in June. However the probabilities could vary sharply after the Fed chair delivers its statement tomorrow, while the yellow metal is expected to turn volatile post interest rate decision," added Neha Qureshi.