Gold Prices Surge Amid Uncertainty
On September 2nd, gold prices saw a noteworthy increase, continuing the trend of rising profits against a backdrop of uncertainty. The October contract for gold on India’s Multicommodity Exchange (MCX) began the day at Rs 1,04,850 per gram, which remained unchanged from the previous closing price.
Just yesterday, this contract recorded a peak of Rs 1,05,937 per 10 grams. For those interested, here’s a look at the latest rates for both 22-karat and 24-karat gold in major Indian cities as of September 2nd.
Current Prices for 24K Gold
In various cities, the prices are as follows:
- Delhi: Rs 1,06,240 per 10 grams
- Mumbai: Rs 1,06,090 per 10 grams
- Chennai: Rs 1,06,090 per 10 grams
- Kolkata: Rs 1,06,090 per 10 grams
- Bengaluru: Rs 1,06,090 per 10 grams
- Jaipur: Rs 1,06,240 per 10 grams
- Lucknow: Rs 1,06,240 per 10 grams
- Hyderabad: Rs 1,06,090 per 10 grams
- Ahmedabad: Rs 1,06,140 per 10 grams
These figures are based on the most recent data.
“Spot gold reached a four-month high of $3,489 per ounce on Monday. This rise was fueled by the US Federal Reserve’s recent interest rate cut and escalating concerns regarding its independence, alongside pressure on the US dollar dropping to a one-month low of 97.5. A recent ruling by a US court deemed President Trump’s trade tariffs illegal, although they will remain effective until October 14th. Additionally, there won’t be a decision regarding Fed Governor Lisa Cook’s position until at least Tuesday. Spot gold has been reacting to dovish Fed expectations, increased political demand, and bearish market pressures,” explained Chainwala, AVP of Commodity Research at Kotak Securities.
In related news, gold’s share in global reserves has reached a level not seen in three decades, attributed to the weakening dollar.
