Gold prices surged by ₹210 today, reaching ₹76,520 per 10 grams in India, driven by escalating tensions in West Asia, particularly the Israel-Hezbollah conflict. The precious metal is also near record highs in the global markets, with Spot Gold hitting $2,670.52 per ounce overnight, a reflection of its appeal as a safe haven during geopolitical uncertainty.
Experts predict that if tensions continue to rise, gold could soon breach the $2,700 an ounce mark. Additionally, expectations of further US Federal Reserve rate cuts are further boosting gold prices.
Gold & Silver Price Overview 🪙
- Gold Prices:
- Delhi: 24K – ₹76,520 per 10 gm, 22K – ₹70,160 per 10 gm
- Mumbai, Chennai, Kolkata: 24K – ₹76,370 per 10 gm, 22K – ₹70,010 per 10 gm
- Silver Prices:
- Dropped by ₹90 to ₹92,900 per kg across major cities.
The recent surge in gold prices may offer a glimpse of what could be coming for base metals, in my view.
— Otavio (Tavi) Costa (@TaviCosta) September 24, 2024
Historically, as shown in the chart below, key turning points in base metals began with a significant rise in gold prices.
Copper prices are likely gearing for another… pic.twitter.com/pfRtCYsqeA
Week at a Glance 📅
- Gold rallied this week due to rate cut hopes and geopolitical concerns, while silver struggled due to weaker industrial demand.
- Comparison of gold and silver prices from this week:
- Sept 25, 2024: Gold 24K – ₹76,370, Silver – ₹92,900
- Sept 20, 2024: Gold 24K – ₹75,110, Silver – ₹92,500
Gold continues to be the preferred hedge against market volatility. Stay tuned for more updates on price trends as the geopolitical situation evolves.