Gold prices surged today, with notable gains for both 24-carat and 22-carat gold. The price for 24-carat gold (10 grams) rose by ₹110 to ₹87,160 from ₹87,050 on Thursday. For 100 grams, 24-carat gold jumped by ₹1,100, reaching ₹8,71,600 from ₹8,70,500.
The price of 22-carat gold (10 grams) increased by ₹100, reaching ₹79,900, up from ₹79,800 yesterday. For 100 grams, the cost of 22-carat gold now stands at ₹7,99,000, marking a ₹1,000 increase from ₹7,98,000.
For 18-carat gold (10 grams), the price climbed by ₹90 to ₹65,380, from ₹65,290 the previous day. The cost of 100 grams of 18-carat gold rose by ₹900 to ₹6,53,800.
Global Gold Outlook: Gold futures have been trading at $2,957.40 per ounce, a 0.4% increase, while spot gold remained steady at $2,929.05 per ounce, just short of its recent high of $2,942.70. The market continues to watch the Federal Reserve’s upcoming statements and U.S. inflation data for further price cues. There is anticipation of higher gold prices due to safe-haven demand, with concerns over tariffs and dollar weakness supporting the gold rally.
Silver Price in India: Silver prices have also risen, with the price of 1 kilogram increasing by ₹1,000 to ₹1,00,500 today, compared to ₹99,500 yesterday. The cost of 10 grams of silver increased to ₹1,005, while 100 grams is now priced at ₹10,050.
Spot Silver Outlook: Spot silver saw a modest gain of 0.4%, reaching $32.50 per ounce. Like gold, silver is being driven by concerns over dollar weakness and Treasury yields, with a rising demand for safe-haven assets.
MCX Gold and Silver Outlook
MCX Gold: Analysts predict that MCX Gold futures will hold gains above ₹85,200 and may move towards ₹86,500. The bullish outlook suggests strong buying interest, particularly if gold surpasses ₹85,800. Traders are advised to watch for possible volatility, maintaining tight stop losses.
Silver Outlook: Silver futures are also expected to remain strong, supported by global demand and a weaker dollar.
These price movements highlight the ongoing strength in precious metals, driven by geopolitical uncertainties, dollar fluctuations, and market reactions to inflation data and tariffs.
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