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Gold Prices Soar Amidst Rate Cut Hopes
1 Dec
Summary
- 24-carat gold in Mumbai reached Rs 1,30,480 per 10 grams.
- 22-carat gold in Mumbai cost Rs 1,19,600 per 10 grams.
- Silver prices rose to Rs 1,88,000 per kg in the spot market.
Gold and silver prices experienced a notable increase on December 1, fueled by market anticipation of a US interest rate reduction this month. This surge reflects investor sentiment shifting in response to potential monetary policy changes.
In Mumbai, the price for 10 grams of 24-carat gold was recorded at Rs 1,30,480, while the same quantity of 22-carat gold was priced at Rs 1,19,600. It is important to note that these rates do not encompass Goods and Services Tax (GST) or any associated making charges.
Further market activity showed silver trading at Rs 1,88,000 per kilogram in the spot market. On the MCX, gold futures for February contracts saw a rise of 0.67%, trading at Rs 1,30,373 per 10 grams, and silver futures also climbed 1.5% to Rs 1,77,609 per kg.
