Gold rate today on October 22 in Mumbai, Kolkata, Delhi, Chennai: Here are latest gold, silver prices in your city

As the countdown to Diwali and Dhanteras starts, precious metal prices including gold and silver have been scaling new highs. The price of 24 carat gold is hovering close to the Rs 80,000/10 gm mark. It has been observed that generally gold prices see an uptick in demand and prices around the festive season. Families buy in gold both as a mark of investment as well as for gifting near and dear ones.

Week on Week, there is significant fluctuation in gold rates on the back of geopolitical tension as well as the festive demand around this time. The yellow metal is often also considered as safe haven investment. In other words it means that it is a kind of investment that offers people assurance in difficult times.

Gold to maintain upwards momentum

Gold prices have seen close to 37% jump in the last one year from last October levels and the prices are mostly aligned to the currency rate and geo-political situation. Interestingly a 2-year analysis of gold indicates that year-on-year there has been doubling of rates. In a 2-year timeframe gold has seen a 64% jump from price levels in October 2022 to current rates.

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According to Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, “The ongoing escalation of conflict in the Middle East continues to act as a strong support for gold, as investors seek safe-haven assets amid rising geopolitical risks. Additionally, the downward trajectory in the interest rate cycle, coupled with broader global economic uncertainty, has further bolstered the yellow metal. Major central banks’ consistent support for gold buying adds to its bullish outlook in the current risk-averse environment.

On the technical front, gold has solid support between Rs 77,000-77,250/10 gm in MCX, providing a floor for any short-term pullbacks. On the upside, resistance is seen in the range of Rs 78,550-78,775/10 gm, indicating the next potential targets for further gains.”

Most analyst expect that given the current geopolitical and economic backdrop, gold’s upward momentum is likely to persist. They suggest that any price dips can be used as potential buying opportunities.

Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas adds that,

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