Gold prices surged in India on March 2, with 10 grams of 22-carat reaching Rs 58,750 and 24-carat at Rs 64,090. Factors include US inflation easing, prompting rate cut speculation, driving a second-week rally. Silver prices also saw a slight increase, reaching Rs 75,000 per kg. The overall outlook for gold and silver is positive, attributed to expected rate cuts, a weakening dollar, and observed price patterns (Gold and silver prices).
Gold prices in India experienced a significant surge on Saturday, marking the second consecutive day of substantial gains (Gold and silver prices).
On March 2, the price of 10 grams of 22-carat gold surged by Rs 850 to reach Rs 58,750, while the cost of 10 grams of 24-carat gold rallied by Rs 930, reaching Rs 64,090.
Following this trend, the price of 100 grams of 22-carat gold climbed to Rs 5,87,500 after a surge of Rs 8,500, and the cost of 100 grams of 24-carat gold increased to Rs 6,40,900 after a gain of Rs 9,300 (Gold and silver prices).
Several factors have been attributed to the recent rally in gold prices. One key factor is the easing of US inflation data, which has sparked speculations about a potential rate cut by the US Federal Reserve.
The yellow metal has witnessed a rally for the second consecutive week, driven by increasing possibilities of a rate cut in the upcoming US Federal Reserve meeting (Gold and silver prices). This, in turn, prompted profit booking in the currency market, leading to a decline in the US Dollar rate.
In the context of Gold futures contracts on the Multi Commodity Exchange (MCX), they settled at Rs 63,600 per 10 grams, while spot gold prices settled at the $2082 per ounce level.
Meanwhile, silver prices in India have experienced a marginal surge. The current price of 1 kg of silver in the country is Rs 75,000, reflecting a gain of Rs 500 (Gold and silver prices).
In Chennai, the price of 1 kg of silver on Saturday stood at Rs 77,000. Similarly, in Mumbai, Delhi, and Kolkata, the price of 1 kg of silver is Rs 75,000, maintaining the same price level. Source: [GoodReturns]
As of March 2, 2024, gold prices in four major metropolitan cities in India vary (Gold and silver prices).
In Chennai, the price for 10 grams of 22-carat gold is Rs 59,400, and for 10 grams of 24-carat gold, it is Rs 63,720.
In Mumbai, the financial capital, the cost for 10 grams of 22-carat gold is Rs 58,750, and for 10 grams of 24-carat gold, it is Rs 64,090.
In Delhi, the national capital, the price for 10 grams of 22-carat gold is Rs 58,900, and for 10 grams of 24-carat gold, it is Rs 64,240.
Kolkata sees the price for 10 grams of 22-carat gold at Rs 58,750, and for 10 grams of 24-carat gold, it is Rs 64,090.
On March 1, gold prices in India experienced a surge, with a Rs 310 increase for 10 grams of 22-carat gold, settling at Rs 57,900 (Gold and silver prices).
For 24-carat gold of the same quantity, there was a Rs 330 hike, reaching Rs 63,160. Anuj Gupta, Head of Commodity & Currency at HDFC Securities, mentioned that gold gained investors’ attention following a better-than-expected US inflation print. This triggered profit-booking in the currency market, leading to a weakened outlook for the US dollar. The US dollar index fell below the 104 level, ending at the 103.89 mark on Friday, reflecting an intraday loss of 0.26 percent. The ease in US inflation data has fueled speculation about a potential rate cut in the upcoming US Federal Reserve meeting.
Regarding the near-term outlook for gold prices, Sugandha Sachdeva, the Founder of WealthWave Insights, expressed that the current factors influencing gold prices, such as anticipated rate cuts, a weakening dollar, and observed price patterns, collectively suggest a positive outlook for both gold and silver soon.
