Gold and Silver Price Today:Friday was a bullish day for the Indian bullion market. There was a jump in the prices of both gold and silver. While the price of gold rose by Rs 1,200 per 10 grams, the price of silver also increased by Rs 2000 per kg. The rise in the prices of precious metals is being attributed to the rise in the domestic market along with international factors. Experts believe that the rise in gold prices was seen due to the weak dollar and the indication of interest rate cut by the US Federal Reserve next week. At the same time, silver prices also rose for the fourth consecutive trading session due to increased demand among coin making companies and industrial units.
Gold and silver became expensive in Delhi
On Friday, the price of gold in Delhi’s bullion market rose by Rs 1,200 to a record high of almost two months at Rs 75,550 per 10 grams. Whereas in the previous trading session gold was at Rs 74,350. The price of silver also jumped by Rs 2,000 to Rs 89,000 per kg. Whereas during the last trading session on Thursday it closed at Rs 87,000. This week, except for Monday, the price of silver has increased by Rs 5,200 per kg during four consecutive trading sessions.
Gold prices rose due to increased demand in the domestic markets. According to the All India Sarafa Association, silver prices also rose for the fourth consecutive trading session due to increased demand from coin manufacturing companies and industrial units.
What is the price of 10 grams of gold in your city
In Delhi, the price of 99.5 percent pure gold also jumped by Rs 1,200 to Rs 75,200 per 10 grams, which was Rs 74,000 in the previous trading session. Amidst this rise, you can check the city-wise details of the price of 10 grams of 22 and 24 carat gold in your city here.
| City | 22 carat | 24 carat |
|---|---|---|
| Ahmedabad | ₹67,320 | ₹73,440 |
| amritsar | ₹67,228 | ₹73,340 |
| aurangabad | ₹67,228 | ₹73,340 |
| Bangalore | ₹67,283 | ₹73,400 |
| Belgaum | ₹67,283 | ₹73,400 |
| Bhopal | ₹67,302 | ₹73,420 |
| Bhubaneswar | ₹67,247 | ₹73,360 |
| Chandigarh | ₹67,228 | ₹73,340 |
| Chennai | ₹67,421 | ₹73,550 |
| Coimbatore | ₹67,421 | ₹73,550 |
| Delhi | ₹67,109 | ₹73,210 |
| City | ₹67,210 | ₹73,320 |
| Gurgaon | ₹67,210 | ₹73,320 |
| Guwahati | ₹67,375 | ₹73,500 |
| Hyderabad | ₹67,338 | ₹73,460 |
| Indore | ₹67,302 | ₹73,420 |
| Jaipur | ₹67,219 | ₹73,330 |
| Kanpur | ₹67,247 | ₹73,360 |
| Kerala | ₹67,430 | ₹73,560 |
| Kochi | ₹67,439 | ₹73,570 |
| Kolhapur | ₹67,228 | ₹73,340 |
| Kolkata | ₹67,137 | ₹73,240 |
| Lucknow | ₹67,247 | ₹73,360 |
| Ludhiana | ₹67,228 | ₹73,340 |
| madurai | ₹67,421 | ₹73,550 |
| Mangalore | ₹67,283 | ₹73,400 |
| Meerut | ₹67,247 | ₹73,360 |
| Mumbai | ₹67,228 | ₹73,340 |
| Mysore | ₹67,283 | ₹73,400 |
| Nagpur | ₹67,228 | ₹73,340 |
| nashik | ₹67,228 | ₹73,340 |
| Odisha | ₹67,247 | ₹73,360 |
| Patna | ₹67,192 | ₹73,300 |
| Pune | ₹67,228 | ₹73,340 |
| Punjab | ₹67,228 | ₹73,340 |
| Rajahmundry | ₹67,338 | ₹73,460 |
| in Rajkot | ₹67,320 | ₹73,440 |
| Surat | ₹67,320 | ₹73,440 |
| Thane | ₹67,228 | ₹73,340 |
| Thiruvananthapuram | ₹67,439 | ₹73,570 |
| Thrissur | ₹67,439 | ₹73,570 |
| Tirupati | ₹67,338 | ₹73,460 |
| Vadodara | ₹67,320 | ₹73,440 |
| Varanasi | ₹67,247 | ₹73,360 |
| Vijayawada | ₹67,338 | ₹73,460 |
| Visakhapatnam | ₹67,338 | ₹73,460 |
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There was also a boom in the international market
Talking about the international market, the price of one ounce spot gold in Comex was trading at US $ 2,599.70 with a gain of 0.74 percent. The price of silver was also trading at US $ 30.47 per ounce compared to the previous close of the trading session.
What is the reason for the rise in gold and silver prices?
International factors are being considered responsible for the rise in gold prices. Spot gold prices in the foreign market have reached a record high amid indications of interest rate cuts by the US Central Bank Federal Reserve next week. Apart from this, the demand for gold has increased due to weddings and the ongoing festive season, which is leading to an increase in its prices. After the government reduced the custom duty on gold and silver from 15 per cent to 6 per cent in July this year, gold prices in the Indian market have fallen sharply by Rs 5,000 to Rs 71,050 per 10 grams.
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Kaynat Chainwala of Kotak Securities said gold prices on Comex hit a record high on Friday amid indications of interest rate cuts by the US Federal Reserve next week and a weak dollar. According to commodity market experts, interest rate cuts support the bullion market and thus reduce the opportunity cost of holding non-interest bearing assets, making it attractive for investors.
Rahul Kalantri of Mehta Equities Limited said that gold prices rose above US$2,550 per ounce after a significant rate cut by the European Central Bank and a weak dollar index, while silver reached a three-week high.” According to Devya Gaglani of Axis Securities, gold prices rose 1.9 per cent in Comex, which is the strongest since August 16 this year. He said that this week’s latest inflation rate data has greatly increased the possibility of a rate cut by the Federal Reserve next week. Due to which the demand for gold has increased and its price is seeing a jump.
