Gold and silver prices in India have reached an all-time high as the 24-carat rate per 10 grams rose by Rs 100 to Rs 63,300, while silver prices rose by Rs 500 to close at Rs 79,700 per kg, according to HDFC Securities. The price of gold had closed at Rs 63,200 per 10 grams in the previous trade.
In the international markets, both gold and silver were quoting higher at $2,042 per ounce and $25.30 per ounce, respectively. Spot gold at Comex was trading at $2,042 per ounce, an increase of $2 from its previous trade.
The purchase of gold across the world has seen a significant increase, causing the prices to go up. Another reason for the price hike is the weakening of the dollar index, which has come down by 0.30 per cent in Friday's trade session. Due to decreasing inflation in the United States, the Federal Reserve has indicated a softening of interest rates.
HDFC Securities' Senior Analyst of Commodities Saumil Gandhi said that traders are expecting that the Federal Reserve would not raise interest rates again and potentially easing monetary policy in the first half of 2024, which will continue to support gold prices.
Check gold prices in various cities
- Ahmedabad - Rs 63,810 (24 carat per 10 g)
- Jaipur - Rs 63,910 (24 carat per 10 g)
- Kolkata - Rs 63,760 (24 carat per 10 g)
- Bengaluru - Rs 63,760 (24 carat per 10 g)
- Chandigarh - Rs 63,910 (24 carat per 10 g)
- Surat - Rs 63,810 (24 carat per 10 g)
- Mangaluru - Rs 63,760 (24 carat per 10 g)
- Nashik - Rs 63,790 (24 carat per 10 g)
(with PTI inputs)
ALSO READ | Stock markets jump in early trade; Nifty hits all-time high, Sensex surges 309 points | CHECK
