Mon Oct 14 06:40:57 UTC 2024: ## Gold Prices Surge in India, Driven by Inflationary Pressures and Rate Cut Expectations

**Mumbai, October 14, 2024:** Gold prices in India continued their upward trajectory this week, reaching a high of Rs 76,629 per 10 grams for 24-carat gold on October 4. This represents a 0.84% increase from the previous week. The price of 22-carat gold stood at Rs 69,933 per 10 grams.

The surge in gold prices is attributed to several factors, according to Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities.

“Gold prices remain elevated, trading above $2,635 in Comex and rising by over Rs 400 to Rs 75,750 in MCX,” said Trivedi. “The key drivers for this positive trend include U.S. data supporting the continuation of interest rate cuts, particularly due to high jobless claims and elevated crude oil prices, which indicate persistent inflationary pressures.”

Trivedi anticipates that gold prices will remain supportive as long as they stay above $2,580 in Comex.

**Silver Also Rises**

Silver prices also saw an increase, currently quoted at Rs 91,810 per kilogram. The price of silver has fluctuated in recent weeks, but overall, it has shown an upward trend.

**Gold Demand Expected to Increase Ahead of Diwali**

With Diwali, the Hindu festival of lights, just two weeks away, gold demand is expected to increase. North Indians traditionally purchase jewellery and ornaments during the winter festivities, further boosting gold prices in the coming weeks.

**Gold Prices in Major Cities**

* **Mumbai:** 24-carat gold – Rs 76,390/10 grams
* **Kolkata:** 24-carat gold – Rs 76,190/10 grams
* **Delhi:** 24-carat gold – Rs 76,160/10 grams
* **Chennai:** 24-carat gold – Rs 76,150/10 grams

**MCX Futures Show Positive Trend**

The gold MCX futures contracts with the December 2024 expiry were quoted at Rs 76,325 per 10 gm, an increase of Rs 1,028. Silver futures contracts with the same expiry were trading at Rs 91,730 per kg, an increase of Rs 1426.

**NSDC Skill Impact Bond Success**

In other economic news, the NSDC’s Skill Impact Bond, launched in 2021, has successfully trained 29,000 first-time jobseekers from low-income families in 24 states and Union territories. 73% of these trainees have secured employment, highlighting the success of this innovative financing tool.

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