Gold prices soared to fresh record highs on September 22, buoyed by global uncertainties and other factors.
Gold futures on Multi Commodity Exchange (MCX) with October expiry hit a fresh lifetime high of Rs 1,11,472 per 10 grams. Contracts with December expiry meanwhile hit a lifetime high of Rs 1,12,575 per 10 grams.
Let's check the latest prices of 10 grams of 22 carat and 24 carat gold in major cities of the country on September 22:
City-wise gold rates on September 22:
| City | Price of 24k gold | Price of 22k gold |
| Delhi | Rs 1,12,730/10g | Rs 1,03,350/10g |
| Mumbai | Rs 1,12,580/10g | Rs 1,03,200/10g |
| Chennai | Rs 1,13,020/10g | Rs 1,03,600/10g |
| Kolkata | Rs 1,12,580/10g | Rs 1,03,200/10g |
| Bengaluru | Rs 1,12,580/10g | Rs 1,03,200/10g |
| Jaipur | Rs 1,12,730/10g | Rs 1,03,350/10g |
| Lucknow | Rs 1,12,730/10g | Rs 1,03,350/10g |
| Hyderabad | Rs 1,12,580/10g | Rs 1,03,200/10g |
| Ahmedabad | Rs 1,12,630/10g | Rs 1,03,250/10g |
'Gold traders bet on two more rate cuts by Fed'
"Gold jumped 1.1% as traders bet on two more rate cuts from the Fed before year-end while oil slipped a similar amount as President Trump doubled down on his calls for Europe to stop buying Russian oil," said Axis Securities in its report on Commodity Weekly Insights.
Ross Maxwell, Global Strategy Lead at VT Markets, said numerous bullish signals for gold persist. "The deceleration of U.S. economic growth, enduring risks associated with inflation, robust demand from central banks, and projections of additional rate cuts later this year collectively bolster gold's long-term prospects," he said.
What to watch out for?
"Still, there remains downside risks in the short term. Should reduction expectations be pushed back, or if economic indicators remain better than forecast, gold may come under further strain. Longer term, however, should cuts in rates occur, inflation remain at elevated rates, or the dollar weaken, gold may regain steam and reach new highs once more," he added.
Also read: Gold & silver hit fresh record highs on MCX; what's driving the rally?
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