Big Jump In Gold Price Today, March 1st: 24K, 22K, 18K Surge in Chennai, Bangalore, Hyderabad
Business
Gold prices today remain elevated as a safe-haven amid Iran-Israel tensions and global uncertainty approaching record-high levels, last seen earlier this year. The 24-carat gold rate per 10 grams is nearing the record high mark again due to renewed demand for gold.
Meanwhile, international gold prices are also climbing. Spot gold rates hit a three-week high on Sunday after a U.S.-Israel strike on Iran sparked a lot of tensions. Spot gold was up 0.8% at $5,230.56, hitting its highest level since January 30 earlier in the session. Prices have climbed 7.6% so far in February.
Gold prices in Chennai, Bengaluru, and Hyderabad
Gold prices dropped across the country today. Below are the gold rates in the major cities of India:
Chennai: 10 grams of 24-carat gold prices in Chennai stand at Rs.1,73,080 per 10 grams, while the 22-carat gold prices in Chennai cost Rs.1,58,650 grams per 10 grams.
Bangalore: On 1st March, the gold rates in Bangalore rose near the record high levels. 24-carat gold now costs Rs. 1,73,080 per 10 grams with a hike of Rs.4,370. The 22-carat gold jumps Rs. 4020 per 10 grams to cost Rs. 1,58,650. Likewise, the 18-carat gold price is now at Rs.1,29,810 per 10 grams, which jumped by Rs. 3280.
Hyderabad: Gold prices in Hyderabad are also mirroring the gold rates in India today, where the price of 22-carat gold retails at Rs. 1,58,650 per 10 grams. A 24-carat gold retails at Rs. 1,73,080 per 10 grams.
Gold and Silver Future Price on MCX
On the Multi Commodity Exchange, Gold April Futures fell by 0.08% to Rs. 1,61,971 per 10 grams before closing at Friday’s close. While the Silver March Futures rose today by 0.22% to Rs 2,74,389 per kg on 27th February.
Spot Gold and Silver Prices Today
According to Reuters latest report, “Spot gold was up 0.8% at $5,230.56 an ounce by 01:38 p.m. ET (1838 GMT), hitting its highest level since January 30 earlier in the session. Prices have climbed 7.6% so far in February.”
“Gold steadied near $5,170/oz as rising safe-haven demand from U.S. trade tariffs and Middle East tensions offset a firm dollar and sticky inflation, after the Supreme Court upheld new duties, the White House hinted at higher tariffs, and the Federal Reserve maintained a cautious rate outlook amid resilient data and ongoing central-bank buying.” As per the Way to Wealth commodity report, further stated.
On the technical front, MCX Gold witnessed profit-taking in yesterday’s session. It is consolidating in a sideways manner near the immediate resistance zone. The overall trend is positive. Intra-day support is placed at 158,100, while positional support lies at 148,900. On the higher side, intra-day resistance is placed at 161,750-163,933 with a strong resistance at 168,000. Traders may consider buying MCX Gold with a target of 161,730- 164,000 and a stop-loss at 157,800.” the report further added.
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