Kolkata Stocks：Gold Prices Rally In India, Aug 28： Yellow Metal Prices Hover Near Record High, Silver Steady
Gold price in India today witnessed rally as prices hit highest level of August month as investors desire clarity on the scale of an impending interest rate cut from the Federal Reserve and safe haven demand sparked by Middle East crisisKolkata Stocks. 22k gold prices today jumped by 210 to Rs 67,150/10 grams and 100 grams of 22 carat yellow metal prices today surged by Rs 2100 to Rs 6,71,500 in India on Wednesday. 24k gold price today rose by Rs 220 to Rs 73,250/10 grams and 100 grams of 24 carat precious metal prices today rallied by Rs 2200 to Rs 7,32,500.
18k gold prices today surged by Rs 170 to Rs 54,940/10 grams and 100 grams of 18 carat yellow metal prices today soared by Rs 1700 to Rs 5,49,400 on Wednesday. 1 gram gold rate today for 22k gold prices surged by Rs 21 to Rs 6715 and 1 gram gold price today for 24k gold surged by Rs 22 to Rs 7325. 1 gram gold price today for 18k gold today surged by Rs 17 to 5494.
Spot Gold, Spot Silver Prices Today: Spot gold stayed steady at $2,524.88 per ounce, as of 0033 GMT. Bullion touched a record high of $2,531.60 on Aug 20. Spot silver remained slightly changed at $29.99 per ounce, platinum surged 0.6% to $959.21 and palladium rose 0.2% to $971.95, according to Reuters.
According to DrSimla Stock. Renisha Chainani, Research Head at Augmont Gold for All, “the gold price continues to soar above $2500 per troy ounce, aided by rising geopolitical concerns in the Middle East. Last week, US Federal Reserve Chair Jerome Powell’s address at the Jackson Hole symposium signalled the “time has come” to cut interest rates, which supports the precious metal. Gold ETF holdings surged by 15 tonnes last week, reaching their highest level in six months. Speculative interest is very intense. The net long position of speculative investors increased to roughly 193,000 contracts in the week ending August 20th, while gold reached an all-time high, its greatest level in over four and a half years.”
Gold buyers must reclaim the record high of $2532 (Rs 72270) before confronting the next important hurdle at $2550 (Rs 72500). Acceptance over the latter might attempt the $2600 (Rs 75000) round barrier en route to the triangle goal of $2660 (Rs 76500), added Renisha Chainani.
Silver Prices Today In India: Silver price in India today remained stable. 1kg silver prices on August 27 stayed steady at Rs 88,500. 100 grams silver price today in India remained unchanged at Rs 8,850.Pune Stock
22k Gold Price Movement In Last 10-Days In India (1 gram)
22k gold prices in India today surged by Rs 21, fell by Re 1 on August 27, stayed steady on August 26, did not witness any changes on August 25, surged by Rs 35 on August 24, declined by Rs 20 on August 23, slipped by Rs 30 on August 22, surged by Rs 50 on August 21, slipped by Rs 10 on August 20, remained steady on August 19, and stayed unchanged on August 18.
According to Reuters, “”Gold has by now priced in a September start to the U.S. rate-cutting cycle, so prices may struggle in the short term to reach much higher levels, unless U.S. economic data weakness supports a 50 bps cut instead of the expected 25 bps,” Ole Hansen, head of commodity strategy at Saxo Bank, said.
1kg Silver price India movement in last 10-days
Silver price in India today remained steady, recorded jump of Rs 600 on August 27, fell by Rs 100 on August 26, remained steady on August 25, surged by Rs 1300 on August 24, declined by Rs 300 on August 23, stayed stable on August 22, remained steady on August 21, zoomed by Rs 1100 on August 20, fell by Rs 100 on August 19, and remained steady on August 18.
1 Gram of 22k Gold prices In 5 Major Metropolitan Cities Of India On August 28, 2024:
Gold Price Chennai Today: Price of 1 gram of 22 carat gold rate in Chennai today is Rs 6,715
Yellow Metal Price Mumbai: 1 gram of 22 carat gold price in Mumbai on August 28 is Rs 6,715
Gold Price Delhi Today: 1 gram of 22 carat yellow metal price in Delhi on August 28 is Rs 6,730
Gold Price Kolkata Today: 1 gram of 22 carat of yellow metal price in Kolkata on August 28, 2024 is Rs 6,715
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