Gold Futures Extend Rally on MCX, Prices Jump by Rs 1,322
Gold futures continued their upward trajectory on Wednesday, posting significant gains as prices surged by Rs 1,322 to reach Rs 1,61,291 per 10 grams. This notable increase was primarily fueled by fresh buying interest from speculators and robust demand in the physical market, highlighting a bullish sentiment among traders.
MCX Trading Session Details
On the Multi Commodity Exchange (MCX), contracts for April delivery advanced by 0.83 per cent, or Rs 1,322, settling at Rs 1,61,291 per 10 grams. The trading session recorded a substantial business turnover of 1,671 lots, indicating heightened activity and investor participation in the commodity market.
Market Analysis and Global Trends
Market analysts attribute the price surge to traders creating new positions, reflecting optimism about gold's value. Concurrently, in overseas markets, gold futures in New York also experienced gains, climbing 0.98% to $5,194.01 per ounce. This parallel rise underscores a global trend of strengthening gold prices, influenced by economic factors and market dynamics.
City-Wise Gold Rates in India
Here is a detailed breakdown of gold prices across major Indian cities as of today:
- Ahmedabad: 24K gold is priced at Rs 16,194 per gram, 22K gold costs Rs 14,845 per gram, and 18K gold is available at Rs 12,147 per gram.
- Bangalore: 24K gold trades at Rs 16,189 per gram, with 22K gold at Rs 14,840 per gram and 18K gold at Rs 12,142 per gram.
- Bhubaneswar: Gold is valued at Rs 16,189 per gram for 24K, Rs 14,840 per gram for 22K, and Rs 12,142 per gram for 18K.
- Chennai: 24K gold rate stands at Rs 16,288 per gram, 22K gold costs Rs 14,930 per gram, and 18K gold is priced at Rs 12,765 per gram.
- Delhi: One gram of 24K gold is worth Rs 16,204, with 22K gold at Rs 14,855 per gram and 18K gold at Rs 12,157 per gram.
- Jaipur: Residents can buy 24K gold at Rs 16,204 per gram, 22K gold at Rs 14,855 per gram, and 18K gold at Rs 12,157 per gram.
- Kanpur: Gold rates show 24K gold at Rs 16,204 per gram, 22K gold at Rs 14,855 per gram, and 18K gold at Rs 12,157 per gram.
- Mumbai: 24K gold is priced at Rs 16,189 per gram, 22K gold at Rs 14,840 per gram, and 18K gold at Rs 12,142 per gram.
The consistent rise in gold futures and city-specific rates reflects a broader trend of increasing demand and investment in the precious metal, driven by market speculation and economic conditions. This development is crucial for investors and consumers alike, as gold remains a key asset in portfolios and a popular choice for jewelry and savings.
