Editor’s Note
This article highlights the recent sharp rise in gold and silver prices within India’s bullion market. The surge is attributed to strong international market trends and the rupee’s depreciation against the dollar.
In the Indian bullion market, gold and silver prices have once again witnessed a sharp upswing. This surge in precious metals has captured the attention of both investors and consumers. The robust trends in international markets and the Indian rupee’s depreciation against the dollar, reaching its lowest levels yet, have contributed to this rise.
In the national capital, Delhi, the price of 24-carat gold has soared to a record level of ₹1,30,740 per 10 grams. Similarly, in the country’s financial capital, Mumbai, the price of 24-carat gold has been quoted at ₹1,30,590 per 10 grams. However, in other major cities like Lucknow, Jaipur, and Chandigarh, the price of 24-carat gold is running parallel to Delhi at ₹1,30,740 per 10 grams.
An increase has been recorded in the prices of both 22-carat and 24-carat gold across the country, with variations in rates across different cities.
In Delhi, Jaipur, Lucknow, and Chandigarh, the price of 24-carat gold is ₹1,30,740 per 10 grams, while 22-carat gold is priced at ₹1,19,860 per 10 grams.
In major cities like Mumbai, Chennai, Kolkata, Hyderabad, Pune, and Bengaluru, the price of 24-carat gold is stable at ₹1,30,590 per 10 grams. In these cities, 22-carat gold is priced at ₹1,19,710 per 10 grams.
In Ahmedabad and Bhopal, the price of 24-carat gold is ₹1,30,640 per 10 grams, and 22-carat gold is priced at ₹1,19,760 per 10 grams.
Alongside gold, silver prices have also shown a strong increase, although the exact price of silver is not mentioned in the report. However, its ‘rise’ is clearly reflected in the bullish sentiment in the bullion market.
International market dynamics are playing a major role behind this meteoric rise in gold prices. In the international market, the spot price of gold is trading at a high level of $4,207.67 per ounce.
According to market experts, the main reason for this surge is expectations linked to the upcoming meeting of the US Federal Reserve. Strong expectations of a rate cut by the Federal Reserve in December are prevailing in the market. Expectations are high that if the Federal Open Market Committee (FOMC), scheduled for December 9-10, signals a dovish stance, it could provide further momentum to gold prices.
