Gold Price Today: India’s gold prices have surged to an all-time high on October 19, 2024, ahead of the Diwali season, sparking concerns over reduced demand for the precious metal. This unprecedented rally, driven by geopolitical tensions and economic uncertainties, has seen both 22k and 24k gold rates soar across the country.
In India, 24k gold prices surged by ₹440, bringing the price to a record ₹79,420 per 10 grams. Similarly, 22k gold increased by ₹400 to ₹72,800 per 10 grams, with both price jumps reflecting the global trend of soaring gold rates. The international gold market also witnessed a sharp rise, with US gold prices crossing $2,700 per ounce, fueled by concerns surrounding the Middle East conflict and the upcoming US Presidential election.
18k and Silver Prices Also on the Rise
18k gold has also seen a notable increase, rising by ₹330 to ₹59,570 per 10 grams. The price of silver in India followed suit, with 1 kg of silver gaining ₹500, reaching ₹99,500 on Saturday.
Reasons Behind the Gold Price Surge
According to Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany, “The escalating Middle East conflict, particularly with Hezbollah’s announcement to intensify the war with Israel, has driven investors to seek the safe haven of gold.” Additionally, concerns over the U.S. elections and the possibility of looser monetary policies have further pushed the yellow metal to new heights.
Gold Prices in Major Indian Cities
Here are today’s gold prices for 22k gold in key metropolitan cities:
- Mumbai: ₹72,800 per 10 grams
- Delhi: ₹72,930 per 10 grams
- Chennai: ₹72,800 per 10 grams
- Kolkata: ₹72,800 per 10 grams
- Hyderabad: ₹72,800 per 10 grams
Silver Price Today
Silver has also seen a steady rise, with the price of 1 kg reaching ₹99,500. This increase is reflective of broader market movements, with spot silver prices jumping by 6% to $33.58 per ounce.
Outlook for Gold Investors
Experts suggest that the current geopolitical climate and potential interest rate cuts could continue to drive gold prices upward. With gold delivering impressive returns of over 22% this year, and nearly 30% on a Diwali-to-Diwali basis, many investors face the challenging decision of when to book profits.
Looking ahead, analysts expect gold prices to remain strong, with a potential upside target of ₹78,500 in the coming sessions, supported by key factors such as interest rate expectations and the ongoing geopolitical crisis.
