Gold and silver rates today, October 21
The 24-carat gold rate in India was Rs 77,770 per 10 grams on October 18. The rate for 24-carat gold per gram is Rs 7,777. The rate of 22-carat gold was Rs 71,289 per 10 grams.
The rate of 24-carat gold has risen by 2.26% in the last one week, and the yellow metal has gained by 1.93% in the last ten days. The silver is currently quoted at Rs 95,610 per kilogram.
Experts on Gold Outlook
Commenting on the gold outlook Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said that Gold prices continued their strong upward momentum, with a sharp rise of Rs 500 in MCX, taking the price to Rs 77,600, supported by Comex gold surging above $2,710. This robust strength is largely driven by the expectation of ongoing interest rate cuts in the US, with further reductions anticipated in the near future. The broader trend in MCX gold has been distinctly positive since it hit lows below Rs 68,000 earlier in the year, and the current rally to above Rs 77,500 represents a significant appreciation.
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Trivedi also added that the For 2024, gold has already delivered impressive returns of over 22%, and on a Diwali-to-Diwali basis, returns have reached nearly 30%. This makes gold one of the standout performers for the year. Looking ahead, the price momentum remains strong, with a potential upside target of Rs 78,500 in the coming sessions. On the downside, the key support level is seen around Rs 75,000, providing a solid base for any short-term pullbacks. As long as the interest rate cut expectations and geopolitical tensions persist, the bullish outlook for gold should remain intact.
Gold rate in Mumbai on October 21
The glittering metal was quoted for a price of Rs 77,770/10 grams in Mumbai on October 21.
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