Gold rate closed 0.44% up on October 17 at its highest level of Rs 76,520: MCX Data

The price of 24-carat gold in Mumbai on October 17, 2024 was Rs 76,130, while the gold rate for 22-carat was Rs 72500.

Gold traded at Rs 76520 on October 17, 2024, 0.44 percent higher compared with the previous day, according to data released by MCX.

In the spot market, the yellow metal has been trading 21.26 percent higher compared to the start of the year.

It was trading 28.2 percent higher than the previous year as well, according to Moneycontrol analysis.

For gold futures expiring on December 5, 2024, the closing price was Rs 77,085 per 10 grams on October 17, 2024, representing a 0.55 percent jump from the previous day.

Gold price rate varied city-wise on October 17, 2024.

Gold price in Mumbai

The price of 24-carat gold in Mumbai on October 17, 2024 was Rs 76,130, while the gold rate for 22-carat was Rs 72500. The price was 0.28 percent higher, compared with the previous day.

Gold price in Delhi

In Delhi, 24-carat gold was Rs 76,230, while 22-carat was Rs 72,600. The cost of gold in Delhi was 0.90 percent higher for 24-carat compared with the previous day.

Gold price in Chennai

In Chennai, 24-carat gold cost Rs 75,180, 0.28 percent higher compared with the previous day. And, 22-carat gold traded at Rs 71,600.

Gold price in Bengaluru

In Bengaluru, 24-carat gold cost Rs 76,390 and 22-carat gold was Rs 72,750. Price was 0.28 percent higher from the previous day.

For information on more cities, you can visit our gold page.

Outlook

Demand for the commodity dipped 6 percent to 929 tonnes in the second quarter of 2024, led by a sharp decline in the jewellery segment.

As per the World Gold Council’s report, central bank gold buying was 6 percent higher at 183 tonnes.

“Gold used in technology jumped 11 percent yoy, as the AI trend continued to drive demand in the sector,” WGC said.

The organisation noted that US elections are also likely to impact gold.

“Elections have not, historically, had a significant or immediate effect on gold's performance, but regardless of the winning candidate, near-term geopolitical risks remain high and may serve as a catalyst for gold,” said WGC.