On October 22, 2024, gold prices saw a 0.18 percent increase, closing at Rs 77909.00 according to MCX data. This marks a higher percent rise in gold’s spot market value from the start of the year.
Year-over-year, gold prices have climbed 28.95 percent, as analysed by Moneycontrol.
However, the current price remains below the Rs 77909.00 peak reached on October 22, 2024.
The second quarter of 2024 witnessed a 6 percent decline in gold demand, due to reduced appetite from the jewellery sector.
For gold futures expiring on December 5, 2024, the price was Rs 78684.00 per 10 grams on October 22, 2024, which is 0.84 percent higher than the previous day’s price.
There were city-wise variations in gold price on October 22, 2024.
Gold price in Mumbai
24-carat gold in Mumbai on October 22, 2024 cost Rs 77860.00, and the cost of gold for 22-carat was Rs 73900.00. In the financial capital, 24-carat gold was 0.48 percent higher, compared with the previous day.
Gold price in Delhi
In Delhi, Rs 77700.00 was the price for 24 carat gold and Rs 74000.00 was the price of 22 carat of gold. The price was 0.27 percent higher compared with the previous day.
Gold price in Chennai
In Chennai, 24-carat gold traded at Rs 76650.00. And, 22-carat gold was priced at Rs 73000.00.
Gold price in Bengaluru
In Bengaluru, 22-carat gold was Rs 74150.00. Price for 24-carat gold was Rs 77860.00.
You can access more information on city-wise prices on our gold page.
Outlook
Central banks' gold buying was higher in the previous quarter, and so was technology use, according to the World Gold Council.
US elections are also likely to impact gold. More importantly, geopolitical risks can impact gold prices as well.
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