Today, gold prices in India experienced the largest increase of the month, driven by a weakened dollar and rising expectations of an interest rate cut from the Federal Reserve in its upcoming September meeting. Additionally, heightened tensions in the Middle East have boosted demand for gold as a safe-haven asset.
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22k Gold Price Movement
- 22k Gold: Prices surged by ₹1,050 today, bringing the rate to ₹66,700 per 10 grams. For 100 grams, prices jumped by ₹10,500, reaching ₹6,67,000 in India on this Saturday.
24k Gold Price Movement
- 24k Gold: Prices rose by ₹1,150, setting the rate at ₹72,770 per 10 grams. For 100 grams, the price surged by ₹11,500, bringing the total to ₹7,27,700 on August 17, 2024.
18k Gold Price Movement
- 18k Gold: Prices increased by ₹850 today, making the rate ₹54,570 per 10 grams. For 100 grams, prices rose by ₹8,500, reaching ₹5,45,700.
Spot Gold and Silver Prices Today
On the global front, spot gold prices jumped 1.7%, reaching $2,498.72 per ounce by 02:27 p.m. EDT (1827 GMT). Earlier, it touched a record high of $2,500.99. U.S. gold futures also saw a significant rise of 1.8%, reaching $2,537.80. For the week, bullion witnessed a rally of 2.8%. Silver prices increased by 1.4%, settling at $28.81 per ounce, while platinum slipped slightly by 0.2% to $950.76, and palladium declined by 0.1% to $943.25.
Silver Prices in India
In India, silver prices also saw a sharp increase today. The price for 1 kilogram of silver jumped by ₹2,000, reaching ₹86,000. For 100 grams, the price rose by ₹200, settling at ₹8,600.
Gold Price Movement in the Last 10 Days (22k/10 Grams)
Over the past 10 days, 22k gold prices in India have shown significant movement:
- August 17: Price surged by ₹1,050
- August 16: Increased by ₹100
- August 15: Remained steady
- August 14: Decreased by ₹100
- August 13: Soared by ₹950
- August 12: Rose by ₹250
- August 11: Stayed neutral
- August 10: Rallied by ₹200
- August 9: Increased by ₹750
- August 8: Remained steady
Silver Price Movement in the Last 10 Days (1kg)
Similarly, silver prices in India over the last 10 days have been volatile:
- August 17: Increased by ₹2,000
- August 16: Rose by ₹500
- August 15: Fell by ₹100
- August 14: Gained ₹100
- August 13: Jumped by ₹1,000
- August 12: Declined by ₹600
- August 11: Remained steady
- August 10: Rose by ₹100
- August 9: Increased by ₹1,500
- August 8: Fell by ₹500
Gold Prices in Major Indian Cities on August 17, 2024 (1 Gram of 22k Gold)
- Chennai: ₹6,670
- Mumbai: ₹6,670
- Delhi: ₹6,685
- Kolkata: ₹6,670
- Kerala: ₹6,670
- Bangalore: ₹6,670
According to experts, the ongoing geopolitical tensions and potential escalation in the Middle East, coupled with concerns about the global economic outlook, are driving the demand for gold. Investors are also awaiting a statement from U.S. Federal Reserve Chair Jerome Powell on the economic outlook, expected next Friday.