Gold, Silver Prices Today, March 2: Big Rally In Yellow Metal Prices On Weekend

Gold prices witnessed sharp rally on Saturday in India for second consecutive day today. The price of 10 grams of 22 carat yellow metal soared by Rs 850 to Rs 58,750 and cost of 10 gram of 24 carat rallied by Rs 930 to 64,090 in the country on March 2. Price of 100 grams of 22 carat yellow metal is Rs 5,87,500 after the surge of Rs 8,500 and cost of 100 grams of 24 carat yellow metal is Rs 6,40,900 after gain of Rs 9300.

Several factors have been attributed towards the rally in the gold prices. These include the easing US inflation data triggering the US Fed rate cut speculations. Yellow metal witnessed rally for second consecutive week as the rising possibilities for rate cut in the upcoming US Federal Reserve meet prompted profit booking in the currency market that caused ease in the US Dollar rate. When it comes to Gold futures contract on the Multi Commodity Exchange or MCX, it settled at Rs 63,600/10 grams while the spot gold prices settled at $2082 per ounce level.

Meanwhile silver prices india witnessed marginal surge in the country. The price of 1 kg silver in India today is Rs 75,000 after the gain of Rs 500. In Chennai, price of 1 kg silver on Saturday is Rs 77,000, in Mumbai price of 1 kg silver is Rs 75,000 with the same price quoting in Delhi and Kolkata too.

Gold prices In 4 leading metropolitan cities in the country on March 2, 2024

Gold Price Chennai: Price of 10 grams of 22 carat of gold price Chennai today is Rs 59,400 and cost of 10 grams of 24 carat gold is Rs 63,720.

Yellow Metal Price Mumbai: Price of 10 grams of 22 carat gold in the financial capital of the country on March 2, 2024 is Rs 58,750 and cost of 10 grams of 24 carat yellow metal is Rs 64,090.

Precious Metal Price Delhi: Price of 10 grams of 22 carat yellow metal in the national capital on March 2 is Rs 58,900 and cost of 10 grams of 24 carat gold is Rs 64,240.

Gold Price Kolkata: Price of 10 grams of 22 carat of yellow metal in Kolkata today is Rs 58,750 and cost of 24 grams of 10 grams gold is Rs 64,090.

Gold prices surged on March 1 in India by Rs 310 for 10 grams of 22 carat yellow metal to settle at Rs 57,900 and for 24 carat of 10 grams, the hike was by Rs 330 to end at Rs 63,160.

Anuj Gupta, Head - Commodity & Currency at HDFC Securities said, "Gold attracted investors' attention after better-than-expected US inflation print, which triggered profit-booking in the currency market as the outlook for the US dollar turned weak. The US dollar index came below the 104 level and ended at the 103.89 mark on Friday, logging an intraday loss of 0.26 percent. Ease in the US inflation data has provided fodder to the US Fed rate cut buzz as the market is expecting a potential rate cut in the upcoming US Fed meeting."

When it comes to Gold prices outlook in the near tenure, Sugandha Sachdeva, Founder of WealthWave Insights stated, "Overall, the prevailing factors driving gold prices, including expectations of rate cuts, weakening dollar, and price patterns, indicate a favorable outlook for both gold and silver in the near future."