After the price of gold rose by Rs 2,070 for 24k yesterday, gold rates in India saw an important rise for the second day in a row on February 24. Today, the price of gold in India skyrocketed to 18 carat gold at Rs 12,134 per gram, 22 carat gold at Rs 14,830 per gram, and 24 carat gold at Rs 16,178 per gram. This gain followed a multi-week high in gold prices on the global market, which soared over 2% above $5,210/oz as a result of a spike in safe-haven demand despite stable bond yields and a steady dollar.
Gold & Silver Rates In India Today
Today 24k of 10 grams of gold will cost Rs 1,61,780 which was Rs 1,61,350 yesterday representing a price jump of Rs 430, which means that 24k of 100 of gold rates has surged by Rs 4,300 overnight to Rs 16,17,800 which was Rs 16,13,500 on Monday.
Gold price in India today for 22k of 10 grams reached Rs 1,48,300 which was Rs 1,47,900 yesterday, representing a surge in price by Rs 400, which means that 22k of 100 grams of gold will cost Rs 14,83,000 in India on Tuesday which is a costlier rate by Rs 4,000 over Rs 14,79,000 it was on Monday.
Today 18k of 10 grams of gold will cost Rs 1,21,340 compared to Rs 1,21,010 yesterday representing a price surge of Rs 330 in the Indian market; hence, 18k of 100 grams of gold rates have reached Rs 12,13,400 in the domestic market on Tuesday which was Rs 12,10,100 yesterday, representing a price surge of Rs 3,300 overnight.
Silver costs Rs 285 per gram and Rs 2,85,000 per kilogram in India today, compared to Rs 300 and Rs 3,00,000 yesterday.
MCX Gold Outlook Today
“On the technical front, MCX Gold has picked up momentum on the daily chart. It has broken above the resistance line, as shown on the chart. Yesterday’s candlestick was bullish and indicated further upside potential. Immediate resistance is now placed at 168000, while support is seen at 158100. Traders can buy MCX Gold on dips near 160000 for a target of 168000; any sustained weakness below 158100 should be considered a stop-loss,” commented Abhishek M Pelu – Research Analyst at Way2Wealth Brokers.
MCX Silver Outlook Today
“On the technical front, MCX Silver continued its positive momentum yesterday. However, despite the last two sessions of positive price action, the daily trend continues to remain bearish. The current positive momentum could take prices toward the resistance line, which remains the major hurdle. Immediate resistance is placed in the 284800-291400 range. Intra-day support is placed at 260028, while strong support is seen at 225600,” Abhishek M Pelu further recommended.
Spot Gold Prediction Today
“Spot gold is expected to find support near $5140 and move higher towards $5250 amid safe haven appeal. Weakness in the dollar and fall in US treasury yields would support the bullions. Meanwhile, threat from US President Donald Trump to raise new tariffs to 15% would also force investors to seek safe haven appeal in the bullion space,” commented the research analysts of ICICI Direct Research.
“Prices would also get support on uncertainty over US-Iran tension, with growing fears of a potential military strike on Iran. Meanwhile, negotiators are scheduled to meet again in Geneva on Thursday. Spot gold is likely to rise towards $5250 as long as it holds above $5140. MCX Gold April is expected to move higher towards Rs 163,000 as long as it trades above Rs 158,000,” they further commented.
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