The third week of January ended on a highly bullish note, with gold prices in India creating a new record in the bullion market. The massive rise in yellow metal prices has put retail buyers under severe pressure, as buying gold and silver jewellery has become nearly impossible for the middle class.
In just the last two days, the price of 22-karat gold has surged by Rs. 5,450 per 10 grams and has climbed nearly 11% over a 10-day period. The sharp rise in precious metal prices has stunned the market, with rates showing no signs of cooling off.
Gold Prices in India Today
On Sunday, the 22-karat gold rate in India steadied at yesterday's rate to cost Rs.1,46,900 per 10 grams. While the 24-carat gold prices today are at Rs. 1,60,260 per 10 grams. Similarly, the 18-carat gold rate today retails
at Rs. 1,20,190 per 10 grams.
In a similar line, 100 grams of 22-carat gold stand at Rs. 14, 69,000. While the 24-carat gold price in India per 100 grams is now retailing at Rs. 16, 02,600.
MCX Gold and Silver Futures Update
At the end of Friday's trading, gold futures prices on the Multi Commodity Exchange (MCX), expected to mature on February 5th slipped by 0.05%, to end at Rs 1,55,963. Similarly, silver futures, with an expiry date of March 5th, settled at Rs. 3,34,600, after declining by 0.03%.
City-Wise Gold Rates Today
Here's the latest city-wise update on 22-carat and 24-carat gold rates on 25th January.
In Chennai, the 24-carat gold rate stands at Rs. 1,60,260 per 10 grams, while the 22-carat gold price in Chennai is Rs.1,46,900 per 10 grams.
In Bangalore, the gold rate for 24-carat is Rs. 1,60,260 per 10 grams, and the 22-carat gold rate in Bangalore is Rs.1,46,900 per 10 grams.
In Hyderabad, the 24K gold price is Rs. 1,60,260 per 10 grams, and the 22K gold rate in Hyderabad is Rs.1,46,900 per 10 grams.
In Mumbai, the 22-carat gold rate is Rs.1,46,900 per 10 grams, while the 24-carat gold price in Mumbai remains at Rs. 1,60,260 per 10 grams.
Spot Gold Price
As per data from Reuters reports, "Spot gold climbed to a record peak of $4,917.65 per ounce, as of 01:51 p.m. ET (18:51 GMT). U.S. gold futures for February delivery settled 1.6% higher to $4,913.4 per ounce. "
"Spot Gold is likely to trade with positive bias and rise towards $5000 level on weak dollar and softening of US treasury yields. Further, prices may move up on expectation of 2 more rate cuts this year. Additionally, demand for precious metal may be seen amid fiscal concerns and uncertainty still linger as European lawmakers halted approval of the EU-US trade agreement reached in July. Moreover, concern over Fed independence and strong central bank buying would be supportive for the prices. " As per ICICI Commodity report.
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Credit: Goodreturns
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