Gold Prices Rise in India on September 13: 24K/10 Grams Gold Up by ₹1,300

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Gold prices in India have reached new record highs as the dollar weakens and expectations rise for a potential U.S. interest rate cut next week. The price of 22k gold surged by ₹1,200, bringing the price to ₹68,250 per 10 grams, while 100 grams of 22k gold climbed by ₹12,000, now priced at ₹6,82,500.

In the 24k category, prices saw a jump of ₹1,300 to ₹74,450 per 10 grams, and 100 grams of the precious metal increased by ₹13,000, settling at ₹7,44,500. Similarly, 18k gold prices also rose, with a ₹980 increase bringing the price to ₹55,840 per 10 grams, while 100 grams rose by ₹9,800, now priced at ₹5,58,400.

For smaller quantities, 1 gram of 22k gold is now priced at ₹6,825, following a ₹120 increase. The price for 1 gram of 24k gold is ₹7,445, after a ₹130 rise, and 18k gold for 1 gram now stands at ₹5,584 after an increase of ₹98.

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On the global market, spot gold surged by 0.2%, reaching $2,565 per ounce, after peaking earlier at $2,567.93. U.S. gold futures also climbed by 0.5% to $2,593.40. Meanwhile, spot silver rose by 0.1% to $29.93 per ounce, and platinum increased by nearly 1%, reaching $986.60.

Experts attribute the rise in gold prices to increasing expectations of rate cuts and ongoing geopolitical tensions. Renisha Chainani, Head of Research at Augmont, explained that gold’s price surge beyond $2,550 is driven by these factors, indicating the possibility of further gains. The Federal Reserve faces a challenge in its upcoming decision on interest rates, particularly given the softening U.S. job market and persistent inflation.