Gold Rate Today in India, Check 22K, 24K Gold Price in India on October 23, 2024: The gold MCX futures contracts with the October 2024 expiry were trading at Rs 78,684 per 10 gm.
It is that time of the year when precious metals such as gold and silver are hitting new peaks both in demand and pricing…The 24-carat gold rates are now edging close to Rs 80,000 per 10 grams. Diwali and especially Dhanteras sees higher buying sprees amongst consumers in India.
Gold prices have been fluctuating week-on-week, influenced by geopolitical uncertainties and rising festive demand. As a safe haven asset, gold remains a popular choice among investors during uncertain times.
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Gold to maintain upwards momentum
Gold prices have surged nearly 37% over the past year, compared to October levels last year, with prices closely tied to currency fluctuations and geopolitical developments. Notably, a two-year analysis shows gold prices have doubled year-on-year. From October 2022 to now, gold has witnessed a significant 64% increase in value.
Experts on Gold Outlook
Commenting on the gold outlook Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said that Gold prices have surged again, with buying interest in safe-haven assets such as bullion remaining strong as risky assets continue to underperform. On the MCX, gold prices have risen to Rs 78,300, reflecting a Rs 300 gain, and the bullish momentum continues to drive prices higher. As investors seek refuge in precious metals amid global economic uncertainties, geopolitical tensions, and concerns about the performance of traditional risk assets, gold continues to breach fresh levels above Rs 78,000.
Trivedi also added that the next resistance levels are anticipated around Rs 78,750-Rs 79,000, while support is seen in the Rs 77,800-Rs 78,000 range. With the risk barometer staying high, this persistent demand for bullion is likely to keep driving gold prices upward in the near term. Market participants will be closely watching for any developments in interest rates, global conflicts, and macroeconomic data, as these factors will play a key role in shaping gold’s trajectory.
Why is gold a safe haven investment
Gold is widely regarded as a safe haven investment due to its role as a hedge against monetary expansion and its ability to preserve currency value. Additionally, it is resilient to inflation, often protecting investors from its detrimental effects. As the cost of living rises, gold’s relative value typically increases, safeguarding portfolios from potential devaluation. It also tends to perform well during economic downturns, making it a favored asset during periods of uncertainty.
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Gold and silver rates today, October 23
The 24-carat gold rate in India was Rs 78,480 per 10 grams on October 23. The rate for 24-carat gold per gram is Rs 7,806. The rate of 22-carat gold was Rs 71,555 per 10 grams.
The rate of 24-carat gold has risen by 2.33% in the last one week, and the yellow metal has gained by 2.84% in the last ten days. The silver is currently quoted at Rs 95,610 per kilogram.
Gold rate in Mumbai on October 23
The glittering metal was quoted for a price of Rs 78,060/10 grams in Mumbai on October 23. On October 22, the price of gold was Rs 78,150/10 grams. Seven days back, on October 16, gold was trading for Rs 76,670/10 grams.
Silver rate in Mumbai on October 23
The shining metal silver was selling for a rate of Rs 99,190/Kg on October 23 in Mumbai. Whereas on October 22, the metal was priced at Rs 97,510/Kg and a week ago the price was Rs 92,430/Kg.
Gold rate in Kolkata on October 23
In Kolkata, the 24-carat gold rate in Kolkata was trading for Rs 78,370/10 grams, today, October 23. The glittering metal was selling for Rs 77,950/10 grams on October 22 and was quoting for Rs 76,570/10 grams last week.
Silver rate in Kolkata on October 23
The silver rate in Kolkata today was Rs 99,300/Kg. The price of silver was Rs 97,260/Kg on October 22. Last week, the price was trading at Rs 92,310/Kg.
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Gold rate in Delhi on October 23
Diwali is just 8 days away and people in North India prefer shopping for jewellery and ornaments during winter festivities. On October 23, the gold was trading at a price of Rs 79,790/10 grams.
The gold was quoted at Rs 77,920/10 grams on Tuesday, October 22. While the price of the 999 gold was selling for a price of Rs 76,540/10 grams a week ago.
Silver rate in Delhi on October 23
In Delhi, the silver was priced at Rs 99,330/Kg on October 23. The price of silver was Rs 97,220/Kg on October 22. The price of silver was quoted at Rs 92,270/Kg last week.
Gold rate in Chennai on October 23
The gold rate in Chennai was Rs 79,6400/10 grams today, October 23. On Tuesday 22-10-2024 the gold rate was quoted at Rs 78,280/10 grams. On October 16 or a week ago, the price of gold was Rs 76,900/10 grams in Chennai.
Silver rate in Chennai on October 23
The silver rate in Chennai today, October 23, is Rs 99,770/Kg. On October 22, the price of silver at Rs 97,680/Kg. The silver in Chennai was available to the customers for a price of Rs 92,700/Kg a week ago.
MCX Futures on October 23
The gold MCX futures contracts with the expiry of December 2024 were quoted for Rs 78,684 per 10 gm, an increase of Rs 645. While the futures contracts for silver with the December 2024 expiry on MCX futures hit the 1,00,000 mark making intra-day high of 1,00,012 and were trading at Rs 99,960 per kg, gain of Rs 2512.
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