The yellow metal this morning experienced the biggest jump in gold rate in India today, which took it to a new all-time high with 24 carat gold breaching the historic Rs. 1,50,000 mark per 10 grams. For the first time ever, the 22 carat gold rate in India has surpassed the Rs.1,40,000 mark per 10 grams today, which is a huge milestone for the Indian gold market.
The current rally in gold prices in India is great news for those who invested in gold earlier this year, as gold has jumped over 80% in just 12 months. However, for retail consumers and jewellery buyers, these sky-high gold rates are becoming increasingly unaffordable, especially with the upcoming wedding and festival season.
Gold Rate in India Today
As of 21st January, Wednesday, the 24-carat gold rate in India
surged by Rs. 5,020 per 10 grams to cost Rs. 1,54,800. In a similar manner, the 22-carat gold price in India jumped sharply by Rs. 4600 per 10 grams, to cost Rs.1,41,900. Just like that, the 18-carat gold rates in India spiked by Rs. 3,770 to retail at Rs. 1,16,110 per 10 grams.
Following the trend, the 100 grams of 24-carat gold rate now stands at Rs 15,48,000 and the 22-carat gold per 100 grams now costs Rs 14,19,000.
Silver prices in India today
On 21st January, silver rates in India jumped just like gold. 1 kg of silver in India costs Rs. 3,25,000 after gaining Rs. 5000. While 100g of silver rates in India retails at Rs. 32,500, which jumped by Rs 500.
Today's 22-Carat & 24-Carat Prices Across India: City-Wise Gold Rate
The gold price in India today jumped across major cities, including Chennai, Mumbai, Bangalore, and Hyderabad. Here's the latest city-wise update on 22-carat and 24-carat gold rates on 21st January.
In Chennai, the 24-carat gold rate stands at Rs. 1,54,800 per 10 grams, while the 22-carat gold price in Chennai is Rs.1,41,900 per 10 grams.
In Bangalore, the gold rate for 24-carat isRs. 1,54,800 per 10 grams, and the 22-carat gold rate in Bangalore is Rs.1,41,900 per 10 grams.
In Hyderabad, the 24K gold price is Rs. 1,54,800 per 10 grams, and the 22K gold rate in Hyderabad is Rs.1,41,900 per 10 grams.
In Mumbai, the 22-carat gold rate is Rs.1,41,900 per 10 grams, while the 24-carat gold price in Mumbai remains at Rs. 1,54,800per 10 grams.
MCX Gold Price and Silver Price
Gold futures prices on the Multi-Commodity Exchange, as of 21st January, which are going to mature on Feb 5th, also surged sharply and were trading at Rs 1,57,464 per 10 grams, jumping 4.58%. Similarly, silver futures prices set to mature on March 5th are trading at Rs 3,32,950 with a rise of 2.87%.
Gold Prices Target and Outlook This Week
"Gold surged 1% to a record above $4,720/oz as escalating US-EU trade and geopolitical tensions boosted safe-haven demand, while investors also await the delayed US PCE inflation data for cues on the Fed's rate outlook. "As per Way To Wealth Commodity report.
"On the technical front, MCX Gold continued its upward movement in yesterday's session, with volumes also remaining very encouraging. With no signs of weakness across any timeframe, the trend remains positive and momentum strong. Immediate support is placed at 147,850, while resistance is seen at 156,600. Traders can buy MCX Gold for a target of 153,500-156,500. Sustained weakness below 147,850 will warrant a review of the current view and should be treated as a stop loss" the report further mentioned.
Spot Gold Price and Spot Silver Rate
As per Reuters, "Spot gold climbed 2.1% to $4,862.46 per ounce by 0446 GMT, after scaling a record $4,865.73 earlier in the session. U.S. gold futures for February delivery climbed 2% to $4,861.20 per ounce. Spot silver fell 0.1% to $94.48 an ounce. "
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Credit: Goodreturns
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