Gold prices are increasing on the morning of 29 January. The rate of 24-carat gold in Delhi has increased to ₹167,240 per 10 grams. The price in Mumbai has reached ₹167,090 per 10 grams. The spot price of gold in the international market is $5256.35 per ounce. Weak US dollar and strong trend in the global market have increased the prices. The US dollar has fallen to its lowest level in the last four years.
Gold rates in some major cities of India:
Delhi: 24-carat gold price in Delhi is ₹167,240 per 10 grams. The price of 22-carat gold is ₹153,310 per 10 grams.
Mumbai, Chennai and Kolkata: At present, the price of 22-carat gold in Mumbai, Chennai and Kolkata is ₹153,160 per 10 grams, while the price of 24-carat gold is ₹167,090 per 10 grams.
Delhi 153310 167240 Mumbai 153160 167090 Ahmedabad 153210 167140 Chennai 153160 167090 Kolkata 153160 167090 Hyderabad 153160 167090 Jaipur 153310 167240 Bhopal 153210 167140 Lucknow 153310 167240 Chandigarh 153310 167240
Pune and Bengaluru: The price of 24-carat gold is ₹167,090 per 10 grams and the price of 22-carat gold is ₹153,160 per 10 grams in these two cities.
The US central bank, the Federal Reserve, kept interest rates unchanged at its January meeting. Fed Chairman Jerome Powell said that the US economy is strong. The risks to both inflation and employment are low. This outlook suggests that there may be a long wait before any further cuts in borrowing costs. Following a two-day meeting of the Federal Open Market Committee, policymakers voted 10-2 to keep the benchmark interest rate in the 3.50%-3.75% range.
Analysts see the possibility of further rise in gold. Societe Generale estimates that gold will reach $6000 per ounce by the end of the year. Meanwhile, Morgan Stanley has said that the rally could continue and, in a bullish scenario, gold could reach $5,700 an ounce. The prices of another precious metal, silver, are also increasing. On the morning of January 29, the price was Rs 380,100 per kg. In the international market, the spot price of silver is $112.22 per ounce. Silver is benefiting from both investment demand and strong industrial demand.
