Gold prices experienced a notable surge after a week of pressure. On Saturday, October 23, the cost of 24-carat gold at leading jewelers was around Rs 14,300 for each gram, while 22-carat gold was priced close to Rs 13,100. The 18-carat variant was under Rs 10,800. The market has faced significant selling pressure due to rising energy costs, increasing crude oil prices, and the potential for interest rate hikes. Next week, gold prices in India are expected to be influenced by the upcoming policy decisions of the US Federal Reserve and the festive season demand.
According to Ponmudi R, CEO of Enrich Money, “Gold and silver saw considerable declines this week as surging crude oil prices heightened inflation fears and solidified expectations for prolonged high interest rates.” On October 23, a slight upward trend was noted, aided by the upcoming Diwali celebrations.
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Tanishq Gold Rates
At Tanishq, the price of 22-carat gold rose by Rs 1,000 for 100 grams, increasing by Rs 100 for 10 grams, rising by Rs 80 for 8 grams, and gaining Rs 10 for a single gram. As a result, on Saturday, the price of 22-carat gold was Rs 13,110 per gram, Rs 104,880 for 8 grams, Rs 131,100 for 10 grams, and Rs 1,311,000 for 100 grams.
The 24-carat gold was priced at Rs 14,302 per gram and Rs 1,43,020 for 10 grams, while 18-carat gold was available at Rs 10,726 per gram and Rs 1,07,260 for 10 grams.
Malabar Gold Rates
Malabar offered 22-carat gold at Rs 13,070 per gram and Rs 1,30,700 for 10 grams. The price for 24-carat gold stood at Rs 14,258 per gram and Rs 1,42,580 for 10 grams.
IBJA Gold Rates
At IBJA, the price for 999 purity gold was Rs 14,163 per gram, while 995 purity and 916 purity gold were priced at Rs 14,106 and Rs 12,973, respectively. The 750 purity gold cost Rs 10,622 per gram, and the 585 purity gold was at Rs 8,285 per gram.
Joyalukkas Gold Rates
In Joyalukkas retail outlets, the price for 22-carat gold was Rs 13,070 per gram and Rs 1,30,700 for 10 grams. These rates apply across several states, including Andhra Pradesh, Delhi, Gujarat, Karnataka, Kerala, Maharashtra, Odisha, Punjab, Tamil Nadu, Telangana, Uttar Pradesh, and West Bengal.
Looking ahead, Ponmudi indicated that commodity markets could remain unstable as investors evaluate the Federal Reserve’s policy decisions in October, upcoming US PCE inflation data, fluctuations in Treasury yields and the dollar, along with developments in the Middle East. Gold and silver may continue facing pressure if high energy prices exacerbate inflation concerns and tighten monetary policy expectations. Conversely, physical demand and a potential decrease in bond yields could provide support after recent corrections.
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