Gold Rate Today 7th September 2024: Prices Surge on Ganesh Chaturthi, Gold Expected to Hit ₹76,000 Soon

Gold prices in India saw a significant jump on Saturday, 7th September 2024, coinciding with the celebration of Ganesh Chaturthi. In the national capital, Delhi, the price of 24-carat gold surged to ₹73,470 per 10 grams, reflecting an upward trend that is expected to continue during the festive season. Mumbai, Chennai, and Kolkata also reported similar hikes, with the price for 24-carat gold reaching ₹73,320 per 10 grams. Additionally, silver prices climbed to ₹87,100 per kilogram.

This rise in precious metal prices is likely to have a profound impact on both individual buyers and large-scale investors. Let’s dive into the current gold rates across major cities in India.

Gold Rates in Delhi and Gurugram

In Delhi, the price of 22-carat gold stood at approximately ₹67,360 per 10 grams. The 24-carat variant, which is more refined, touched ₹73,470 per 10 grams. Gurugram, the neighboring city, witnessed similar price levels, following the national trend of a significant rise in gold prices. The increased demand for gold during Ganesh Chaturthi has played a key role in this price hike.

Mumbai Gold Prices Today

In Mumbai, the financial hub of India, gold prices were slightly lower than those in Delhi. As of today, 22-carat gold is priced at ₹67,210 per 10 grams. The price for 24-carat gold reached ₹73,320 per 10 grams. This price is consistent with the gold rates in other major cities like Chennai and Kolkata. Investors in Mumbai are closely watching the global economic situation as they anticipate further fluctuations in gold prices.

Gold Prices in Ahmedabad

In Ahmedabad, the retail price for 22-carat gold stood at ₹67,260 per 10 grams, while 24-carat gold was being sold for ₹73,370 per 10 grams. The rising demand during the festival season, paired with economic factors, is expected to drive further increases in these rates.

Jaipur and Lucknow Gold Rates

The cities of Jaipur and Lucknow reported gold prices similar to those in Delhi. For 24-carat gold, the rate was ₹73,470 per 10 grams. The 22-carat variety was sold at ₹67,360 per 10 grams. Buyers in these cities are preparing for an even steeper rise in prices as the festive season progresses, with many planning to purchase gold before prices climb further.

Chennai, Kolkata, and Bengaluru Gold Rates

In the southern city of Chennai, as well as in Kolkata and Bengaluru, gold rates mirrored those seen in Mumbai. The price for 24-carat gold stood at ₹73,320 per 10 grams, while 22-carat gold was being sold at ₹67,210 per 10 grams. Buyers in these regions are keeping a close eye on international market trends, which are expected to influence local gold rates in the coming weeks.

Gold Rates in Patna

Patna saw 24-carat gold priced at ₹73,370 per 10 grams, while 22-carat gold was available at ₹67,260 per 10 grams. Patna, like other cities, has witnessed a surge in gold demand during Ganesh Chaturthi, which has contributed to the rise in prices.

Gold Rates in Bhubaneswar and Hyderabad

Bhubaneswar and Hyderabad both reported gold prices in line with national trends. The price of 24-carat gold in these cities was ₹73,320 per 10 grams, and the 22-carat gold rate stood at ₹67,210 per 10 grams. With the festival season in full swing, gold prices in these cities are expected to continue their upward trajectory.

Festive Season Could Push Gold Prices Beyond ₹76,000

Experts are predicting that gold prices in India could cross the ₹76,000 mark as the festive season continues, especially with major holidays like Diwali approaching. The surge in prices is primarily being driven by several key factors. The upcoming meeting of the U.S. Federal Reserve on 18th September has fueled speculation that interest rates could be cut, which would make gold a more attractive investment. When interest rates drop, investors often turn to gold as a safer option, causing its price to rise.

Additionally, geopolitical tensions across the world, potential economic uncertainties, and the possibility of a decline in the U.S. dollar are contributing to the global demand for gold. Physical demand for gold in India also sees a significant uptick during the festive season, which has further driven prices upward.

Global Market Trends Impacting Gold Prices

The global market is playing a pivotal role in the fluctuation of gold prices in India. With the U.S. Federal Reserve expected to take decisions on interest rates, the price of gold could either stabilize or continue to rise depending on the outcome. Internationally, gold prices have remained strong due to factors such as inflation fears, slowing economic growth, and currency fluctuations.

A drop in the U.S. dollar often makes gold more affordable for buyers in other currencies, leading to increased demand. This rise in demand pushes up the price of gold globally, which is then reflected in the Indian market as well.

What to Expect in the Coming Days?

As the festive season progresses, experts suggest that gold prices could see further hikes. Diwali, which is a major gold-buying festival in India, could witness gold prices climbing to unprecedented levels. Investors and individual buyers are advised to make their purchases early to avoid paying significantly higher rates.

Gold prices are closely tied to economic factors, including interest rates and currency strength. As these factors continue to evolve in the coming weeks, the gold market will likely see further fluctuations. Those looking to invest in gold during this period should stay informed about both local and international market trends to make the best possible decision.