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<keyword id="19910265" type="General" weightage="100" keywordseo="Gold-prices" source="keywords">Gold prices</keyword> surged to a historic high on Tuesday, September 24, as global economic conditions and <keyword id="19955176" type="General" weightage="20" keywordseo="geopolitical-tensions" source="keywords">geopolitical tensions</keyword> pushed the precious metal to new levels, a CNBC report said. The spot price of gold rose to an unprecedented $2,638.37 per ounce during the day’s trading, while US <keyword id="20942333" type="General" weightage="20" keywordseo="gold-futures" source="keywords">gold futures</keyword> also spiked, reaching $2,661.60. In India, the cost of <keyword id="21271046" type="General" weightage="20" keywordseo="24-carat-gold" source="keywords">24-carat gold</keyword> climbed sharply, hitting ₹76,330 per 10 grams, marking an ongoing upward trend that analysts suggest could see prices nearing ₹78,000 per 10 grams in the coming weeks. <h2>Gold prices today</h2> While the prices of gold hit their <keyword id="19953076" type="General" weightage="20" keywordseo="record-high" source="keywords">record high</keyword> yesterday (September 24), today (September 25) the prices remained around Rs 76,000 per 10 grams. The price of 24-carat gold, recognised for its exceptional purity, was set at ₹76,370 per 10 grams. Meanwhile, 22-carat gold, commonly used in jewellery for its added durability from alloy mixing, was available at ₹70,010 per 10 grams. Here are the gold prices in some major cities of India today: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">City </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">22 Carat Gold Rate Today </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">24 Carat Gold Rate Today </td></tr><tr><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">Delhi </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">70,160 </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">76,520 </td></tr><tr><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">70,010 </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">76,370 </td></tr><tr><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">Ahmedabad </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">70,060 </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">76,420 </td></tr><tr><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">Chennai </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">70,010 </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">76,370 </td></tr><tr><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">Kolkata </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">70,010 </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">76,370 </td></tr><tr><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">Gurugram </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">70,160 </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">76,520 </td></tr></tbody></table> <h2>Gold prices touch record-high, analysts react </h2> Industry experts are optimistic that gold prices will continue their upward trajectory. As per a CNBC report, Colin Shah, Managing Director of <keyword id="20237409" type="General" weightage="20" keywordseo="Kama-Jewelry" source="keywords" meta.keywordsubtype="org" meta.entityname="Kama Jewelry" meta.hostid="261" meta.entityid="Kama Jewelry">Kama Jewelry</keyword>, predicts that the global price of gold could reach as high as $3,000 per ounce in the medium to long term. Shah attributed the ongoing rally to favourable global conditions, including the anticipated rate cuts by the <keyword id="19901377" type="General" weightage="20" keywordseo="US-Federal-Reserve" source="keywords">US Federal Reserve</keyword>. He also expected that in India, the price of gold will surpass ₹78,000 per 10 grams during the upcoming festive period. On the other hand, Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, observed that COMEX gold surged to $2,689.40 per ounce due to a sharp decline in US consumer confidence, which increased the likelihood of aggressive rate cuts by the <keyword id="19904332" type="General" weightage="20" keywordseo="federal-reserve" source="keywords">Federal Reserve</keyword>. "COMEX gold surged to $2,689.40 per ounce yesterday as a significant drop in US consumer confidence heightened expectations for aggressive interest rate cuts by the Federal Reserve. The US Conference Board's Consumer Confidence Index fell sharply in September to 98.7, down from 105.6 in August, its largest decline in three years. Concerns over the labor market, combined with lower US Treasury yields and the US dollar nearing a 14-month low, further fueled the rise in gold prices. Additionally, Fed Governor Michelle Bowman highlighted persistent inflation risks and advocated for a cautious approach to rate cuts to avoid reigniting inflation. Today, COMEX gold prices reached a record high of $2,694.89 per ounce, and expected to hold gains as the CME FedWatch Tool now indicates a 62.2% chance of a 50 basis point cut in November, up from just 29% a week ago. Ongoing fears of an escalating Israel-Hezbollah conflict are likely to enhance gold's appeal as a safe-haven asset," Chainwala said. Saish Sandeep Sawant Dessai, a base metals analyst at Angel One Ltd., noted that bullion prices climbed during yesterday's trading session, driven by momentum from the US Federal Reserve's bold rate cut and expectations of further reductions. "In yesterday’s trading session, the bullion prices traded higher as traders embraced the momentum generated by the U.S. Federal Reserve's bold interest rate cut and signs that further reductions were on the horizon. "The Fed policymakers said their large half-point rate cut last week was meant to try to sustain what they see as an emerging and healthy balance in the economy. Chicago Fed Bank President Austan Goolsbee said there are "lots of cuts" to come over the next 12 months, while Fed President Neel Kashkari noted that the actual path would depend on incoming data. Fed futures traders have priced in 75 basis points in rate cuts by the end of 2024, according to the CME FedWatch Tool. "Zero-yield bullion tends to be a preferred investment in a low interest rate environment and during geopolitical turmoil. On the geopolitical front, Hezbollah devices explode again in Lebanon on Wednesday, stoking tensions of wider conflict after similar explosions of the group's pagers the day before. This boosted the demand for safe haven gold," Dessai said.

Gold prices hit record high, could reach ₹78,000 per 10 grams in coming weeks

Gold has turned into a more bankable asset and its prices going up as several American banks are going down, say experts. On Monday, the yellow metal shone brighter at the markets with gold at the MCX crossing the Rs 60,000 mark. "Gold prices have risen almost 7-8 per cent in the past month. The rally in the yellow metal is primarily due to the banking crisis in the west. The liquidity infused by the central banks and the expectations of lower to no rate hikes is pushing gold prices up. Gold is a safe haven, historically it has gained in periods of uncertainty," <keyword id="1800107" type="General" weightage="80" keywordseo="colin-shah" source="Orion">Colin Shah</keyword>, MD, <keyword id="15722229" type="General" weightage="80" keywordseo="kama-jewelry" source="Orion">Kama Jewelry</keyword>, said. Gold prices hitting a fresh high is a sign of slower economic growth and lower interest rates with ample liquidity to help the system steer of the current situation. According to Shah, the current situation globally may take some time to clear out. Globally, central banks have been adding gold reserves. "We expect gold to gain further and touch new highs in the next few months. Domestically, it is expected to trade in the range of Rs 61,000-62,000/10gm. Internationally, it may scale levels of $2,050-2100/oz," he added. <keyword id="377165" type="General" weightage="80" keywordseo="navneet-damani" source="Orion">Navneet Damani</keyword>, Senior VP, Commodity Research at Motilal Oswal Financial Services, said: "Bullions continue surge, with gold on domestic front hitting a new lifetime high of over Rs 60,000, as a wave of banking crises shook global markets and put bullion on track for its biggest weekly rise in three years, while bets solidified for a less aggressive <keyword id="45672" type="General" weightage="80" keywordseo="fed" source="Orion">Fed</keyword> in its fight against inflation. "The collapse of Silicon Valley Bank in the US has highlighted banks' vulnerabilities to sharply higher rates, while a rout in Credit Suisse shares has added to the market turmoil. On other hand, after ECB announced a 50bps rate hike last week, all eyes are now on Fed's policy meeting scheduled later this week. "Fed is expected to raise rates by 25bps, however probability for a pause is increasing sharply supporting the move in safe haven assets. Over the weekend, there were quite a updates regarding the US banking concerns which slightly weighed on the safe haven assets. UBS agreed to buy 167-year-old Credit Suisse for $3.23 billion and assume up to $5.4 billion in losses in a deal backed by a massive Swiss guarantee and expected to close by the end of 2023. Meanwhile, major central banks including Fed, ECB, BOJ, BOE announced a co-ordinated central bank action to enhance liquidity via USD-Swap line. These updates are likely to keep the volatility high." "Broader trend on COMEX could be in the range of $1985- 2015 and on domestic front prices could hover in the range of Rs 59,80060,600 could be expected," <keyword id="630853" type="General" weightage="80" keywordseo="damani" source="Orion">Damani</keyword> added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-enterprises-rvnl-reliance-industries-among-stocks-to-watch/articleshow/98792050.cms">Sensex, Nifty50 end lower dragged down by metal, PSU banks, realty</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fear-of-financial-crisis-is-keeping-investors-away-from-stock-markets-say-experts/articleshow/98813720.cms">Fear of financial crisis is keeping investors away from stock markets say experts</a>

Gold is bankable, shines more than some western banks say experts

The government on Wednesday announced increasing the basic <keyword id="15308238" type="TOPIC" weightage="60" keywordseo="Customs-Duty" source="TOPIC" sourcekeytype="budget,investopedia" meta.keywordsubtype="null" meta.seopath="c/customs-duty" meta.entityname="Customs Duty" meta.hostid="153" meta.entityid="customs-duty">customs duty</keyword> on silver, both in dore and semi-manufactured form, to 10 per cent in order to curb imports. Currently, the basic customs duty on silver dore is 6.1 per cent, while on silver unwrought or semi-manufactured items it is 7.5 per cent. In her <keyword id="6358021" type="General" weightage="80" keywordseo="budget" source="Orion">Budget</keyword> speech for 2023-24 fiscal, <keyword id="15311950" type="TOPIC" weightage="60" keywordseo="Finance" source="TOPIC" sourcekeytype="finance,investopedia" meta.keywordsubtype="null" meta.msid="92571693" meta.seopath="f/finance" meta.entityname="Finance" meta.hostid="153" meta.entityid="finance">finance</keyword> minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> said customs duties on dore and <keyword id="15402340" type="TOPIC" weightage="60" keywordseo="BARS" source="TOPIC" sourcekeytype="human-resource,investopedia" meta.keywordsubtype="null" meta.seopath="b/bars" meta.entityname="BARS" meta.hostid="153" meta.entityid="bars">bars</keyword> of gold and platinum were increased earlier this fiscal. "I now propose to increase the duties on articles made therefrom to enhance the duty differential. I also propose to increase the import duty on silver dore, bars and articles to align them with that on gold and platinum," she said. The basic customs duty on both silver dore and semi-manufactured items will be increased to 10 per cent, as per the <keyword id="2393482" type="General" weightage="20" keywordseo="budget-document" source="Orion">Budget document</keyword>. Commenting on the announcement, Founder and Managing Director of <keyword id="15722229" type="General" weightage="50" keywordseo="kama-jewelry" source="Orion">Kama Jewelry</keyword> <keyword id="1800107" type="General" weightage="50" keywordseo="colin-shah" source="Orion">Colin Shah</keyword> said that the hike in basic customs duty on articles made from gold bars and import duty on silver will lead to a rise in the final price of locally made jewellery and maybe challenge for local refineries. He is also the former chairman of the Gem and Jewellery Export Promotion Council. To encourage lab-grown diamonds, the government has scrapped the basic customs duty from the current 5 per cent. Currently, <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> is the world's third-largest silver physical investment market after the US and <keyword id="87" type="General" weightage="20" keywordseo="germany" source="Orion">Germany</keyword>. The country's silver imports touched a record high of 8,000 tonnes in 2022 on rise in jewellery consumption, as per the market data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-motors-total-vehicle-sales-rise-to-81069-units-in-january/articleshow/97524277.cms">Tata Motors total vehicle sales rise to 81,069 units in January</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/zero-tax-on-income-upto-rs-7-lakh-under-the-new-tax-regime/articleshow/97524028.cms">FM plays Santa: Zero tax on income upto ₹7 lakh under the new regime</a>

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Gold prices hit record high, could reach ₹78,000 per 10 grams in coming weeks

BI India Bureau

Gold is bankable, shines more than some western banks say experts

IANS

Govt announces hike in basic customs duty on silver to 10% to check imports

PTI

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