Gold prices in India are staging a formidable rally, capturing the attention of investors and buyers as the precious metal continues its strong upward trajectory. The yellow metal has gained significant momentum across domestic markets, pushing values higher and generating immense market excitement.
Breakdown of Gold Rates by Purity
According to current market updates, 24 Karat (24K) gold rose by Rs 152 per gram to reach Rs 16,309. Simultaneously, 22 Karat (22K) gold climbed Rs 140 to trade at Rs 14,950 per gram. The rate for 18 Karat gold also recorded an increase, gaining Rs 114 to stand at Rs 12,232 per gram.
The sheer pace of the current upswing has surprised many market watchers. In a striking span of just three days, 24K gold prices have surged by Rs 81,200 per 100 grams. This sharp rebound follows the market correction seen in July, propelling the precious metal firmly back into the spotlight.
Key Drivers Fueling the Bull Run
Several underlying macroeconomic factors are supporting this ongoing surge. A softer US dollar, growing expectations of a dovish stance from the Federal Reserve, sustained central bank purchases, and renewed safe-haven demand are all contributing to the rally. For consumers in India, the timing is particularly crucial as the approaching festive and wedding season is expected to provide an additional boost to physical gold demand.
Detailed Pricing Across Quantities
For 24K gold, the price for 8 grams reached Rs 1,30,472, registering an increase of Rs 1,216 from the previous session. The price for 10 grams increased by Rs 1,520 to hit Rs 1,63,090, while 100 grams of 24K gold advanced by Rs 15,200 to touch Rs 16,30,900.
Meanwhile, 22K gold maintained its upward momentum, with 8 grams rising by Rs 1,120 to Rs 1,19,600. Ten grams of 22K gold increased by Rs 1,400 to settle at Rs 1,49,500, and 100 grams reached Rs 14,95,000, reflecting a daily gain of Rs 14,000.
The rally extended further into 18K gold, where 8 grams stood at Rs 97,856, up by Rs 912. Ten grams of 18K gold rose by Rs 1,140 to reach Rs 1,22,320, and 100 grams advanced by Rs 11,400 to total Rs 12,23,200.
Silver Prices Remain Steady
In contrast to gold, silver prices remained unchanged on Saturday, holding flat at Rs 260 per gram. The rate for 8 grams stood unchanged at Rs 2,080, while 10 grams was priced at Rs 2,600. For bulk quantities, 100 grams of silver held steady at Rs 26,000, and the price of 1 kilogram remained locked at Rs 2,60,000 without any movement compared to the prior session.
Expert Perspective on Market Trends
Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd. and President of India Bullion and Jewellers Association Ltd., noted that Federal Reserve minutes indicated deepening concerns over inflation, with several policymakers remaining open to potential rate hikes if inflation fails to ease toward the 2% target. From a technical perspective, Kothari pointed out that gold successfully broke out of its previous $4,340 to $4,440 trading range to hit $4,500, with eyes now set on $4,600, while silver cleared its $66 double top toward the $70 to $71 zone.
