Gold rates in India on March 19: Precious metal at record high; check how much does it cost in your city today

Gold

Gold prices are at a record high in India after hitting Rs 90,000 for 10 gram on March 18 amid safe-haven buying as investors turned positive on exchange-traded funds (ETFs) due to uncertainty and recession fears in the US.

According the India Bullion and Jewellers Association, gold (999 purity) was trading at around Rs 88,680 per 10 gm on March 19.

Gold's April contracts on the Multi Commodity Exchange of India (MCX) hit fresh lifetime high of Rs 89,014 on March 19 as heightened global tensions and economic uncertainties fuelled the safe-haven appeal of the yellow metal.

While 24-carat gold is a 100 percent pure form of gold with no trace of any other metal, the 22-carat variant has 91.67 percent pure gold along with some traces of alloyed metals like silver or copper.

Let's check the latest prices of 22 carat and 24 carat gold in 10 big cities of the country:

(as per data on Good Returns)

Also read: Why gold shines as a hedge against stock market volatility

The rise in gold price comes ahead of the outcome of the US US Federal Reserve FOMC meeting. "Gold is highly sensitive to interest rate expectations and the US dollar. If the Fed maintains rates, gold may see limited upside or a slight pullback, as higher yields make non-yielding assets like gold less attractive. If (Jerome) Powell signals rate cuts later in the year, the dollar could weaken, boosting gold prices as lower rates reduce the opportunity cost of holding gold," said Narinder Wadhwa, Managing Director & CEO of SKI Capital Services Ltd.