Gold Rate In Major Cities Jump Rs 31,600 In Days; COMEX & MCX Gold At New High; Time To Buy In Festivals?

Gold rates in India are in a back-to-back record rally as the enthusiasm of the Navratri festival kicks in. On September 23, MCX gold and silver prices touched a new all-time high, while COMEX gold crossed $3,750 mark for the first time ever. Spot silver reached over a 14-year high. Meanwhile, in India, 24 carat gold rates is above Rs 1,14,300 levels per 10 grams. Experts believe that any elevated gold prices could stir buying sentiments.

Gold Rates In India:

Gold rates in India recorded a massive jump in prices on September 23, reaching a new all-time high. 100 grams gold skyrocketed by Rs 12,600 to Rs 11,43,300 in 24 carat, while 22 carat gold price zoomed by Rs 11,500 to Rs 10,48,000. Further, 18 carat gold prices jumped by Rs 9,400 to Rs 8,57,00.

Additionally, 10 grams gold prices climbed by Rs 1,260 to Rs 1,14,330 in 24 carat, up by Rs 1,150 to Rs 1,04,800 in 22 carat and higher by Rs 940 to Rs 85,750 in 18 carat.

Gold prices are hitting back to back new records in the past five days. For instance, apart from surging by Rs 12,600 on September 23, 100 grams gold price soared by Rs 9,200 on September 22, while was up by Rs 8,200 on September 20 and higher by Rs 1,600 on September 19. Gold was unchanged on September 21st.

Together, gold rates have skyrocketed by Rs 31,600 in 100 grams of 24 carat from September 19 to September 23. While 10 grams gold prices have zoomed by Rs 3,160 in the same carat.

Gold Rates In Major Cities:

Gold Rates In Chennai:

Gold Rates In Bengaluru:

Gold Rates In Hyderabad:

Gold Rates In Mumbai:

Gold Rates In Delhi:

Gold Prices & Silver Prices Outlook:

According to Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA), analysts said that the dovish rhetoric from the Federal Reserve and considerable local buying as a result of Navratri and forthcoming GST concerns have played a role in the upward pressure. Rather than pullback, gold prices have gone up, and those who have bought gold appear preferring to hold on to their positions, rather than offload. There may be profit booking, however, the general view is one of positive momentum, and gold seems well supported at current levels.

In case of silver, Kamboj said, historically, silver has had a tendency to behave more erratically, often prices signaling declines, but currently the rate is strengthening and rising based on domestic consumption and speculative/directional safe-haven buying. Forecasters are warning that silver will ultimately correct sharper than gold in price, but for now it is clearly bullish.

Right Time To Buy On Gold?

"Gold prices have surged to new record highs, shrugging off cautious remarks from Federal Reserve officials regarding the future path of interest rates. The sharp rebound from last week's post-policy dip highlights investor eagerness to seize any opportunity to join the ongoing bullion rally," said Darshan Desai, CEO - Aspect Bullion & Refinery.

He further said, "Holdings in gold ETFs have grown at their fastest rate in three years, signalling strong market interest. Meanwhile, domestic festive season demand is expected to support elevated prices, with any profit-taking likely to attract fresh buying at lower levels."

MCX Gold Price + MCX Silver Price:

In the early deals of September 23, MCX gold price touched a new all-time high of Rs 1,13,490 per 10 grams. At the time of writing, the bullion performed at Rs 1,13,481 per 10 grams, up by Rs 261 or 0.23%.

Furthermore, MCX silver price traded at Rs 1,33,178 per 1 KG, lower by Rs 158 or 0.12%. However, in the early session, silver hit a new all-time high of Rs 1,33,725 per 1kg before correcting.

Comex Gold Price At New High Too:

Gold hits a fresh record high above $3,750 an ounce on Tuesday, supported by hopes of more interest rate cuts from the Federal Reserve this year. The Fed delivered its first rate cut of the year last week and signaled further reductions ahead as the labor market weakens. This prompted markets to price in almost two more 25-basis-point reductions at the central bank's remaining meetings this year, as per Trading Economics.

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