Gold Price Rise: Gold Prices Rise Again as Rates Cross Rs 1.55 Lakh
Gold prices climbed for the second straight day across major Indian cities, while silver remained steady as global tensions, currency movements and interest rate uncertainty influenced bullion markets.
Gold Price Rise: Gold prices continued their upward run on Wednesday, marking a second consecutive day of gains and adding further pressure on buyers. Rates increased by around Rs 1,000 after rising by more than Rs 3,000 on Tuesday.
In Hyderabad, 24 carat gold was priced at Rs 1,54,860 per 10 grams after gaining Rs 1,040 during the day. The 22 carat rate stood at Rs 1,41,950, following an increase of Rs 950.
Delhi recorded the highest price among the major cities mentioned. The 24 carat rate reached Rs 1,55,010 after rising by Rs 1,040, while 22 carat gold was available at Rs 1,42,100 after a Rs 950 increase.
Mumbai followed similar rates, with 24 carat gold at Rs 1,54,860 and 22 carat gold at Rs 1,41,950. Bengaluru also reported the same prices.
In Chennai, 24 carat gold was priced at Rs 1,54,380, while the 22 carat variety stood at Rs 1,41,358.
market observers are monitoring a number of factors that contributed to the most recent change. Investor mood is being impacted by developments in the Russia-Ukraine crisis, changes in the US dollar, and uncertainty surrounding Federal Reserve interest rate decisions. Rising tensions in West Asia are also adding to the market pressure.
The timing is particularly important for Indian buyers as the Shravan month and wedding season approach, when demand for gold traditionally tends to increase.
Silver, meanwhile, remained unchanged in the major markets. The price of one kilogram was Rs 2.55 lakh in Mumbai, while Hyderabad and Chennai recorded a rate of Rs 2.60 lakh per kilogram.
