Gold rates in India remained unchanged on 27 September 2024 even though the prices touched their peak on the previous trading session. The market was affected by Speculations that the US Federal Reserve was to cut interest rates as well as the Middle East crisis deepens.
Currently, 18K gold is available at ₹ 57,770 for 10 grams and 100 grams of gold at ₹5,77,700. At the same time they are not changing the price of 22K gold which makes it ₹ 70,600 for 10 gm and ₹ 7,06,000 for 100 gm. In case of 24K gold, the price also still stands at ₹ 77,020 for 10gm and thereby for one hundred grams it comes down to ₹ 7,70,200.
Why Are Gold Prices Rising?
Analyzing the information that forms the current gold price trends is Head of Research at Augmont, Dr. Renisha Chainani. She also points out that gold as a commodity is still trading close to its record high of approximately $2,695 (about ₹76,000) backed by a cushioned downside. The expectation of an additional 50 basis points in cuts to the Federal Funds Rate in November has declined the US Dollar Index and, in turn, lifted gold’s price.
This has proven healthy for gold since it finds itself at the middle of dollar swings; more so with the Federal Reserve chair Jerome Powell’s speech that is likely to shed light on future rate cuts and direct gold short-term movement.
Market Trending for Gold and Silver
Regarding the gold market, increasing instability in the Middle East and doubts regarding China’s economic revival, even with the recent monetary stimulus, has led towards investment in gold more as a security. Prices have stood their ground and forecasts are that gold may surpass $2700 (about ₹76,000). Yet, according to some analysts, Bitcoin might drop to $2,600 (₹74,000) or even $2,500 (₹71,000) in the nearest future.
Currently, 1 gram 24K gold costs ₹7,702 and 1 gram 22 K gold costs ₹7,060. Further, prices of silver have also risen much to the higher end this September. Currently, silver price has surged by ₹2,200 and trading at ₹95’000 per kilogram in India, 100 grams of silver costs ₹9’500.
Recent Gold Price Movements
The trends of gold prices for the last ten days show some changes that have recently occurred. For instance, 22K gold went up ₹60 on September 25 and rose ₹20 on September 23 and ₹24 on September 24. However, such price fluctuation and volatility is not unknown to the market, and today the price of silver went up which is potentially unstable for future as well.
For instance, 1 grams of 22K gold is still retailing at ₹ 7,060 across the major metropolitan cities: Mumbai, Delhi, Chennai, and Kolkata. From this point, investors are closely observing these trends as well as taking into considerations global factors and market environment.