Gold Price Leap Continues: Reaches Rs 5,8880 Per Sovereign On Saturday
The gold price has kept skyrocketing again following a short respite, and the recent leap has crossed the highest records in the domestic market in India.
As per Saturday’s market, October 26, Rs 64 has been raised to per gram gold while Rs 520 increased per sovereign. The gold price reached Rs 5,8880 per sovereign, surpassing the previous records. The Multi Commodity Exchange (MCX) also reflected this surge, with 10 grams of gold priced at Rs 7,976.30.
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The surge follows the sudden spike in the gold price in the recent weeks, though there was a slight ebb in between. The surge again on Saturday could be due to the unpredictability of the Israel-Iran conflict and the escalating West Asian tensions this weekend. Other factors contributing to the spike are the US elections and the Israeli attack on Iran, which reportedly triggered the safe-haven demand.
The price of 24 carat gold is Rs. 7976.3 per gram, reflecting an increase of Rs. 130.0. The cost of 22 carat gold is Rs. 7313.3 per gram, rising by Rs. 120.0. The price of silver is Rs. 101000.0 per kg, down by Rs. 4000.0 per kg.
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As per today’s rate, the gold price in Chennai is Rs 79611.0 for 10 grams, in Mumbai it is Rs 79617.0 for 10 grams, in Kolkata it is Rs 79615.0 for 10 grams, and in Delhi it is Rs 79763.0 for 10 grams.
However, if the global uncertainty and market fluctuation continue, the price for gold is expected to raise further in the days to come.
