Gold rate today on October 24 in Delhi, Mumbai, Kolkata, Chennai: Here are latest gold, silver prices in your city

Gold and silver prices fell over 1% after hitting a record high on Wednesday, pressured by a stronger U.S. dollar and rising U.S. Treasury yields. This decline came despite robust safe-haven demand driven by concerns surrounding the upcoming U.S. election on November 5 and ongoing conflict in the Middle East.

Festive Season Brings Record Highs

As India approaches Diwali and Dhanteras, gold and silver prices have continued to touch new highs. The price of 24-carat gold is nearing the Rs 80,000 per 10 grams mark, while silver hit a fresh high of Rs 1,00,018 per kg on Thursday. Precious metals have experienced increased demand ahead of these major Indian festivals, further contributing to market volatility.

Geopolitical Tensions Drive Volatility

Week-on-week fluctuations in gold prices have been significant, fueled by geopolitical tensions and festive demand. Gold, traditionally viewed as a safe-haven investment, tends to attract buyers in uncertain times, providing a hedge against economic instability. This dual effect of geopolitical crises and festive buying has kept the yellow metal in the spotlight, with price movements closely watched.

Gold Prices Jump 64% in Last Two Years

Gold prices have surged by nearly 37% over the past year, reflecting the strong impact of fluctuating currency rates and ongoing geopolitical instability. Compared to October last year, gold’s impressive climb showcases the metal’s continued appeal as a safe-haven investment during uncertain times.

Also ReadSilver futures hit Rs 100,000/kg on MCX

A deeper, two-year analysis reveals even more dramatic growth, with gold prices jumping 64% from October 2022 to present. This doubling of rates year-on-year underscores the significant role of global factors—ranging from economic concerns to geopolitical tensions—in driving demand for the precious metal. As both currency fluctuations and external pressures persist, gold remains a focal point for investors seeking stability.

Experts on Gold Outlook 

Commenting on the gold outlook  Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said that Gold prices saw another positive move, supported by gains in Comex, where gold moved closer to $2750. This in turn helped MCX gold stay above Rs 78,750, reflecting the underlying bullish sentiment. The ongoing favorable interest rate cycle has been one of the main factors supporting gold’s rise. In addition, uncertainty around the upcoming U.S. election outcome is also playing a role in keeping gold prices elevated,

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