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Why is gold racing past previous highs in October and could September’s stability be a trap for buyers? We compare the two months closely while zooming into prices in Ahmedabad, Lucknow and NCR.
October gold rates on the rise
New Delhi: Gold prices in India show a steady increase on October 8 with 24K gold trading at Rs 12,208 per gram (+Rs 1), 22K gold at Rs 11,201 per gram (+Rs 1), and 18K gold at Rs 9,168 per gram (+Rs 1) across major cities like Delhi, Ahmedabad, and Lucknow.
This rise is driven primarily by increasing global economic uncertainty, inflation worries, and renewed safe-haven demand as investors seek security amid volatile markets.
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In Ahmedabad, the price of 24-carat gold is approximately Rs 1,22,070 per 10 grams, while 22-carat gold is around Rs 1,11,900 per 10 grams. This reflects a modest increase from late September, when 24K gold was around Rs 1,18,360 per 10 grams and 22K gold was about Rs 1,08,500.
In Lucknow, 24-carat gold is priced at Rs 12,207 per gram, 22-carat gold at Rs 11,200 per gram, and 18-carat gold at Rs 9,167 per gram. Compared to late September, when 24K gold was around Rs 11,759 per gram, today's prices indicate a steady rise.
Gold prices up by Rs 1/gram today
In the National Capital Region (Delhi), 22-carat gold is approximately Rs 11,200 per gram, and 24-carat gold is around Rs 12,092 per gram. This shows a consistent price movement from late September, when 24K gold was about Rs 11,846 per gram and 22K gold was around Rs 10,860 per gram.
The current increase in gold prices is largely influenced by global economic uncertainty, including fears of inflation and fluctuating interest rates. Investors traditionally flock to gold as a safe-haven asset during such times. Additionally, speculation about potential rate cuts by the U.S. Federal Reserve and geopolitical tensions are strengthening demand. The ongoing festival season in India is also bolstering local demand, further pushing prices upward.
Gold Price Today: Rise of about 1 Rs per gram; Check October vs September rates in major cities
Magnitude of Rise: October has seen a consistent increase in gold prices across major cities, with Ahmedabad, Lucknow, and NCR all experiencing upticks compared to late September.
Volatility: The price changes have been steady, with daily increments of Rs 1 or more per gram becoming routine.
Drivers: Global economic uncertainty, inflation concerns, potential Fed rate cuts, and increased safe-haven demand are driving the upward trend.
Regional Spread: Cities like Ahmedabad and Lucknow are now seeing gold prices closer to NCR rates, narrowing regional disparities.
As gold continues its upward march in October, buyers and investors in Ahmedabad, Lucknow, and NCR are being drawn into a rapidly shifting market. The question now: will this strength sustain, or will corrections follow?
