Gold rates in India: Yellow metal at record high; check how much it costs in your city on March 20

Gold

Gold prices hit fresh record highs on March 20 amid safe-haven buying as investors turned positive on exchange-traded funds (ETFs) due to uncertainty and recession fears in the US. Additionally, the Federal Reserve hinting at two possible interest rate cuts this year further bolstered the bullion's appeal.

According to the India Bullion and Jewellers Association, gold (999 purity) was trading at around Rs 88,761 per 10 gm on March 20.

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

(as per data on Good Returns)

Gold's April contracts on the Multi Commodity Exchange of India (MCX) hit fresh record high of Rs 89,796 on March 19 as heightened global tensions and economic uncertainties fuelled the safe-haven appeal of the yellow metal.

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

"Gold touched fresh highs of over $3,065 as geopolitical tensions persist, with ongoing Russia-Ukraine hostilities and escalating Middle East (West Asia) conflicts. Market attention now shifts to US unemployment claims, the Philly Fed Manufacturing Index, and existing home sales data," Kotak Securities said in a note.

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.