【India】Gold and Silver Rates: Silver Jumps by ₹3000, Gold Also Becomes Costlier; Check Latest Rates in Your City

Gold and silver prices saw a surge on Wednesday. In today’s trading, silver reached above ₹191,000, while gold was trading above ₹130,000.

In the domestic commodity market on Wednesday, an increase was recorded in the prices of gold and silver. In today’s trading, gold for February delivery on the Multi Commodity Exchange (MCX) opened 0.20% higher at ₹130,369 per 10 grams, while silver for March delivery opened 1.14% higher at ₹190,210 per kilogram. However, by 1:24 PM, gold was trading at a level of ₹130,200, up by ₹93 or 0.07 percent. Meanwhile, silver was trading at ₹191,290 per kg, up by ₹3,226 or 1.72%.

The biggest reason for this rally is the upcoming decision on interest rates by the US Federal Reserve tonight. The job market in the US is cooling down and inflation is still above the Fed’s 2% target. In such a situation, the market expects that the Fed may cut interest rates this time as well or at least show a dovish stance. In anticipation of interest rate cuts, gold and silver are being purchased worldwide. This is the reason why the Indian market is also shining since this morning.

According to Goodreturns, the rate for 24-carat gold in Chennai is currently ₹131,240 per 10 grams, while 22-carat is being sold at ₹120,300 per 10 grams. Meanwhile, in Mumbai, Kolkata, Bengaluru, Hyderabad, Kerala, and Pune, the price of 24-carat gold is ₹130,310 per 10 grams, while the price of 22-carat has been recorded at ₹119,450 per 10 grams.

Additionally, in Delhi today, 24-carat gold is being sold at ₹130,460 per 10 grams and 22-carat at ₹119,600 per 10 grams. Along with this, in Vadodara and Ahmedabad, the price of 24-carat gold is ₹130,360 per 10 grams, while 22-carat gold is being sold at ₹119,500 per 10 grams.