Gold Rate Today in India, Check 22K, 24K Gold Price in India on October 24, 2024: The gold MCX futures contracts with the December 2024 expiry were trading at Rs 77,868 per 10 gm.
Gold and silver prices fell over 1% after hitting a record high on Wednesday, pressured by a stronger U.S. dollar and rising U.S. Treasury yields. This decline came despite robust safe-haven demand driven by concerns surrounding the upcoming U.S. election on November 5 and ongoing conflict in the Middle East.
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Festive Season Brings Record Highs
As India approaches Diwali and Dhanteras, gold and silver prices have continued to touch new highs. The price of 24-carat gold is nearing the Rs 80,000 per 10 grams mark, while silver hit a fresh high of Rs 1,00,018 per kg on Thursday. Precious metals have experienced increased demand ahead of these major Indian festivals, further contributing to market volatility.
Geopolitical Tensions Drive Volatility
Week-on-week fluctuations in gold prices have been significant, fueled by geopolitical tensions and festive demand. Gold, traditionally viewed as a safe-haven investment, tends to attract buyers in uncertain times, providing a hedge against economic instability. This dual effect of geopolitical crises and festive buying has kept the yellow metal in the spotlight, with price movements closely watched.
Gold Prices Jump 64% in Last Two Years
Gold prices have surged by nearly 37% over the past year, reflecting the strong impact of fluctuating currency rates and ongoing geopolitical instability. Compared to October last year, gold’s impressive climb showcases the metal’s continued appeal as a safe-haven investment during uncertain times.
A deeper, two-year analysis reveals even more dramatic growth, with gold prices jumping 64% from October 2022 to present. This doubling of rates year-on-year underscores the significant role of global factors—ranging from economic concerns to geopolitical tensions—in driving demand for the precious metal. As both currency fluctuations and external pressures persist, gold remains a focal point for investors seeking stability.
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Experts on Gold Outlook
Commenting on the gold outlook Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said that Gold prices saw another positive move, supported by gains in Comex, where gold moved closer to $2750. This in turn helped MCX gold stay above Rs 78,750, reflecting the underlying bullish sentiment. The ongoing favorable interest rate cycle has been one of the main factors supporting gold’s rise. In addition, uncertainty around the upcoming U.S. election outcome is also playing a role in keeping gold prices elevated, as such political events often spur demand for safe-haven assets like gold.
Trivedi also added that another critical data point to watch this week is the Initial Jobless Claims report on Thursday, which is expected to come in at 243K compared to the previous 241K. If jobless claims remain low, it would point to a stronger U.S. economy, which could temper expectations of aggressive interest rate cuts. This could, in turn, trigger some profit-booking in gold after the recent bull run. In such a scenario, a retracement towards the support levels of Rs 77,000 – Rs 77,500 in MCX is possible, especially if jobless data indicates better economic strength. However, as long as gold remains above these support levels, the overall trend remains bullish.
Why is gold a safe haven investment?
Gold is widely regarded as a safe-haven investment due to its ability to act as a hedge against monetary expansion and its critical role in maintaining currency value. As central banks expand money supply, gold offers protection against the potential devaluation of currencies, making it a reliable asset in uncertain economic climates.
Gold’s inflation resilience further enhances its appeal. As the cost of living rises, the relative value of gold often increases, shielding investors from the erosive impact of inflation. In times of economic downturns, gold typically performs better, helping to safeguard portfolios from potential devaluation and providing a buffer against financial instability.
Gold and silver rates today, October 24
The 24-carat gold rate in India was Rs 77,910 per 10 grams on October 24. The rate for 24-carat gold per gram is Rs 7,791. The rate of 22-carat gold was Rs 71,418 per 10 grams.
The rate of 24-carat gold has risen by 1.03% in the last one week, and the yellow metal has gained by 2.44% in the last ten days. The silver is currently quoted at Rs 97,220 per kilogram.
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Gold rate in Mumbai on October 24
The glittering metal was quoted for a price of Rs 77,910/10 grams in Mumbai on October 24. On October 23, the price of gold was Rs 78,060/10 grams. Seven days back, on October 17, gold was trading for Rs 77,110/10 grams.
Silver rate in Mumbai on October 24
The shining metal silver was selling for a rate of Rs 97,100/Kg on October 24 in Mumbai. Whereas on October 23, the metal was priced at Rs 99,190/Kg and a week ago the price was Rs 91,780/Kg.
Gold rate in Kolkata on October 24
In Kolkata, the 24-carat gold rate in Kolkata was trading for Rs 77,800/10 grams, today, October 24. The glittering metal was selling for Rs 78,370/10 grams on October 23 and was quoting for Rs 77,010/10 grams last week.
Silver rate in Kolkata on October 24
The silver rate in Kolkata today was Rs 96,970/Kg. The price of silver was Rs 99,870/Kg on October 23. Last week, the price was trading at Rs 91,660/Kg.
Gold rate in Delhi on October 24
Diwali is just a few days away and people in North India prefer shopping for jewellery and ornaments during winter festivities. On October 24, the gold was trading at a price of Rs 77,770/10 grams.
The gold was quoted at Rs 79,790/10 grams on Wednesday, October 23. While the price of the 999 gold was selling for a price of Rs 76,980/10 grams a week ago.
Silver rate in Delhi on October 24
In Delhi, the silver was priced at Rs 96,930/Kg on October 24. The price of silver was Rs 99,330/Kg on October 23. The price of silver was quoted at Rs 91,620/Kg last week.
Gold rate in Chennai on October 24
The gold rate in Chennai was Rs 78,810/10 grams today, October 24. On Thursday 23-10-2024 the gold rate was quoted at Rs 79,640/10 grams. On October 17 or a week ago, the price of gold was Rs 77,340/10 grams in Chennai.
Silver rate in Chennai on October 24
The silver rate in Chennai today, October 24, is Rs 97,380/Kg. On October 23, the price of silver at Rs 99,770/Kg. The silver in Chennai was available to the customers for a price of Rs 92,050/Kg a week ago.
MCX Futures on October 24
The gold MCX futures contracts with a December 2024 expiry were quoted at Rs 77,868 per 10 gm, a fall of Rs 788. Meanwhile, the futures contracts for silver with a December 2024 expiry on MCX futures hit the Rs 1,00,000 mark, making an intra-day high of Rs 1,00,018. Profit booking followed, with silver trading at Rs 97,052 per kg, a drop of Rs 25,920.
