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

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.

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, “the metal continues to rise on healthy ETF inflows, geopolitical risks and uncertainties over the US Presidential election. Upcoming BRICS summit 2024 in Russia (October 22-24) and positive views on the metal at recently concluded LBMA Survey 2024 also are instrumental in keeping the metal buoyant. The survey sees the metal rising to $2941 by the end of October next year.”

Why is gold a safe haven investment

One of the key reasons that gold is seen as a safe haven investment is primarily because of the importance of the yellow metal as a potential hedge against monetary expansion and its role in maintaining the currency value.

Additionally it is also inflation resilient and often protects investors from its erosive impact. In times when the cost of living increases, gold’s relative value also improves and shields its investors from the potential devaluation of the portfolio. It tends to trade better in times of downswings in the economy.

Gold and silver rates today, October 22

The 24-carat gold rate in India was Rs 78,150 per 10 grams on October 22. The rate for 24-carat gold per gram is Rs 7,806. The rate of 22-carat gold was Rs 71,555 per 10 grams.

The rate of 24-carat gold has risen by 2.33% in the last one week, and the yellow metal has gained by 2.43% in the last ten days. The silver is currently quoted at Rs 97,510 per kilogram.

Gold rate in Mumbai on October 22

The glittering metal was quoted for a price of Rs 78,150/10 grams in Mumbai on October 22. On October 21, the price of gold was Rs 77,770/10 grams. Seven days back, on October 15, gold was trading for Rs 76,050/10 grams.

Silver rate in Mumbai on October 22

The shining metal silver was selling for a rate of Rs 97,510/Kg on October 22 in Mumbai. Whereas on October 21, the metal was priced at Rs 95,610/Kg and a week ago the price was Rs 91,590/Kg.

Gold rate in Kolkata on October 22

In Kolkata, the 24-carat gold rate in Kolkata was trading for Rs 77,950/10 grams, today, October 22. The glittering metal was selling for Rs 77,670/10 grams on October 21 and was quoting for Rs 76,270/10 grams last week.

Silver rate in Kolkata on October 22

The silver rate in Kolkata today was Rs 97,260/Kg. The price of silver was Rs 95,370/Kg on October 21. Last week, the price was trading at Rs 91,460/Kg.

Gold rate in Delhi on October 22

Diwali is just 8 days away and people in North India prefer shopping for jewellery and ornaments during winter festivities. On October 22, the gold was trading at a price of Rs 77,920/10 grams.

The gold was quoted at Rs 77,640/10 grams on Friday, October 21. While the price of the 999 gold was selling for a price of Rs 76,240/10 grams a week ago.

Silver rate in Delhi on October 22

In Delhi, the silver was priced at Rs 97,220/Kg on October 22. The price of silver was Rs 95,330/Kg on October 21. The price of silver was quoted at Rs 91,430/Kg last week.

Gold rate in Chennai on October 22

The gold rate in Chennai was Rs 78,280/10 grams today, October 22. On Monday 21-10-2024 the gold rate was quoted at Rs 78,000/10 grams. On October 15 or a week ago, the price of gold was Rs 76,320/10 grams in Chennai.

Silver rate in Chennai on October 22

The silver rate in Chennai today, October 22, is Rs 97,680/Kg. On October 21, the price of silver at Rs 95,770/Kg. The silver in Chennai was available to the customers for a price of Rs 91,850/Kg a week ago.

MCX Futures on October 22

The gold MCX futures contracts with the expiry of December 2024 were quoted for Rs 78,030 per 10 gm, an increase of Rs 281. While the futures contracts for silver with the December 2024 expiry on MCX futures were trading at Rs 97,360 per kg, gain of Rs 1958.

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