Gold prices on Friday jumped by over Rs 350 to Rs 73,207 per 10 grams in India as international prices hit record highs amid US interest rate cut expectations. This is the price of 24-carat gold. Silver also rose by Rs 470 to Rs 87,563 per kg.
“Gold and silver posted solid gains after US economic data reinforced expectations that the Federal Reserve may lower interest rates next week. Gold prices surged to new highs, exceeding $2,550, while silver reached three-week highs, following significant rate cuts by the ECB and a weakening dollar index,” said Rahul Kalantri, vice-president (commodities), Mehta Equities.
The Dollar Index was down by 0.33 per cent at 101.02.
Kalantri added that the ECB reduced its deposit rate by 25 basis points to 3.50 per cent, providing a boost to commodity markets. US inflation, as measured by the CPI, aligned with expectations, while jobless claims rose to 230,000 from 227,000 the previous week. This data suggests the Fed may implement larger rate cuts in future policy meetings, which could further support gold and silver prices.
On Friday, On the MCX, gold prices in India traded 0.53 per cent higher at Rs 73,207 per 10 grams, while silver jumped 0.54 per cent to trade at Rs 87,563 per 10 grams.
In the international market, gold prices rose 0.35 per cent to $2,568.2 an ounce in New York, while silver jumped 0.22 per cent to $30.01 an ounce.
“Gold currently has support at $2,530-$2,510, with resistance at $2,572-$2,585. Silver has support at $29.65-$29.40 and resistance at $30.20-$30.50. In INR terms, gold is supported at Rs 72,610-Rs 72,450, with resistance at Rs 72,990-Rs 73,250. Silver has support at Rs 86,370-Rs 85,750, while resistance is at Rs 87,850-Rs 88,550,” Kalantri added.
Gold rate today in India: Retail gold price on September 13
Check gold rates today in different cities on September 13, 2024; (In Rs/10 grams)
Retail Cost of Gold in India
What Is The Retail Price Of Gold Per Gram?
Gold price per gram is the cost of one gram of gold. It’s typically expressed in a specific currency (e.g., Indian Rupees). The price can fluctuate daily due to various factors, including economic conditions, geopolitical events, and supply and demand.
The retail price of gold in India, which represents the final cost per unit weight for consumers, is shaped by multiple factors beyond its intrinsic value.
Gold is deeply embedded in Indian culture, acting as a key investment and holding significant importance in traditional weddings and festivals.
As market conditions shift, investors and traders closely watch these trends. Stay tuned for more updates on this developing story.
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