Gold prices hit fresh record highs on September 9. Gold futures with October expiry crossed the key Rs 1,09,500 per 10 grams mark on the Multi Commodity Exchange (MCX) earlier today.
Let's check the latest prices of 10 grams of 22 carat and 24 carat gold in major cities of the country on September 9:
| City | Price of 24k gold | Price of 22k gold |
| Delhi | Rs 1,10,440/10g | Rs 1,01,250/10g |
| Mumbai | Rs 1,10,290/10g | Rs 1,01,100/10g |
| Chennai | Rs 1,10,730/10g | Rs 1,01,500/10g |
| Kolkata | Rs 1,10,290/10g | Rs 1,01,100/10g |
| Bengaluru | Rs 1,10,290/10g | Rs 1,01,100/10g |
| Jaipur | Rs 1,10,440/10g | Rs 1,01,250/10g |
| Lucknow | Rs 1,10,440/10g | Rs 1,01,250/10g |
| Hyderabad | Rs 1,10,290/10g | Rs 1,01,100/10g |
| Ahmedabad | Rs 1,10,340/10g | Rs 1,01,150/10g |
Gold futures with December expiry on MCX hit an all time high of Rs 1,10,400 per 10 grams today. Future contracts with February and April expiries also hit fresh lifetime highs today.
The yellow metal has seen a significant rally in recent days, as US President Donald Trump's harsh tariffs triggered trade uncertainties and heightened concerns. Additionally, the US Federal Reserve is set to meet on September 16-17. Analysts now expect a 50-basis point rate cut at the September FOMC meeting, amid weakening job data.
According to Axis Mutual Fund, gold's rise is being driven by a combination of factors including a weaker US dollar, expectations of interest rate cuts, political pressure on the Federal Reserve, and heightened geopolitical uncertainties that reinforce its position as a safe haven metal. "Demand for gold remains well supported globally as central banks continue to diversify reserves, ETFs attract strong inflows, and investors increase purchases of bars and coins, though jewellery consumption has moderated in price-sensitive markets," it said.
"In India, consumers are adapting to record-high gold prices with profit-taking on old jewellery and authorities expanding hallmarking standards to make lower-purity gold jewellery more accessible, while the upcoming festive season will be crucial in shaping physical demand trends," it added.
Also read: Gold prices hit fresh record high, futures cross Rs 1.1 lakh-mark on MCX: What lies ahead?
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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