Gold Prices Increase Amid West Asia Tensions, Silver Declines for the Second Day
Gold prices in India surged by ₹210 to reach ₹76,520 per 10 grams on Wednesday, September 25, 2024, amid global market uncertainties driven by escalating tensions in West Asia. The ongoing conflict between Israel and Hezbollah has bolstered the yellow metal’s safe-haven appeal, pushing it to near-record highs globally.
Spot Gold in New York hit an all-time high of $2,670.52 per ounce during overnight trade. As of 9:00 AM in Asian trading, Spot Gold stood at $2,662.47 per ounce. Experts attribute this significant rally in gold prices to geopolitical risks and expectations of further rate cuts by the US Federal Reserve. So far in 2024, gold has surged by 28% due to rising geopolitical tensions, and experts predict it could soon breach the $2,700 per ounce level if the conflict intensifies.
Gold Price Today in India (September 25, 2024):
Gold prices increased by ₹210 to ₹76,520 per 10 grams for 24K gold in Delhi, while 22K gold traded at ₹70,160 per 10 grams.
Gold Price in Major Cities:
| City | 22K Gold (per 10 gm) | 24K Gold (per 10 gm) |
|---|---|---|
| Delhi | ₹70,160 | ₹76,520 |
| Mumbai | ₹70,010 | ₹76,370 |
| Chennai | ₹70,010 | ₹76,370 |
| Kolkata | ₹70,010 | ₹76,370 |
Silver Price Today in India (September 25, 2024):
Silver prices declined by ₹90 to ₹92,900 per kg for the second consecutive day. Global trends and increased demand from industrial units and coin makers have kept silver prices under pressure, with Spot Silver in global markets easing by 0.38% to $31.9745 per ounce.
Silver Price in Major Cities:
| City | Silver Price (per kg) |
|---|---|
| Delhi | ₹92,900 |
| Mumbai | ₹92,900 |
| Chennai | ₹92,900 |
| Kolkata | ₹92,900 |
Gold and Silver Price Trends This Week:
While gold has gained momentum this week due to bullish market sentiments and geopolitical tensions, silver has lost ground due to weak industrial demand. Gold prices opened at ₹76,150 per 10 grams on Monday and have steadily risen, while silver prices saw a brief spike but lost momentum as the week progressed.
Comparison of Gold and Silver Prices This Week:
| Date | 22K Gold (per 10g) | 24K Gold (per 10g) | Silver Price (per kg) |
|---|---|---|---|
| Sept 25, 2024 | ₹70,010 | ₹76,370 | ₹92,900 |
| Sept 24, 2024 | ₹69,810 | ₹76,160 | ₹92,990 |
| Sept 23, 2024 | ₹69,800 | ₹76,150 | ₹93,000 |
| Sept 20, 2024 | ₹68,850 | ₹75,110 | ₹92,500 |
| Sept 19, 2024 | ₹68,250 | ₹74,450 | ₹91,000 |
