The gold prices rallied for the fourth day in a row, reversing a downward trend from last week.
Both 22 and 24 carat gold have shown steady gains over the past few days, which if continued, will likely lead to the highest figure of the month. But, it still has a long way to go to match the peak prices of August.
According to goodreturns.in , the price of 22 carat gold for 1 gram improved to Rs 5046 today, a marginal gain of Re 1 in India. Similarly, the price of 24 carat of 1 gram gold rose by Rs 1 to reach Rs 5146 in the country.
Among the major cities, Kolkata continued to register the highest value for the standard 22 carat gold which stood at Rs 50,910 for 10 grams, while it was the cheapest in Kerala at Rs 47,710. When it comes to the 24-carat pure gold, Delhi, Lucknow and Jaipur marked the highest value at Rs 55,040 for 10 grams. In Mysuru, standard gold was priced at Rs 49,010, while pure gold was at Rs 53,460.
In the national capital, the standard gold is priced at Rs 50,460 for 10 grams, while in Chennai and Bengaluru it stands at Rs 49,530 and Rs 49,010.
It may take a little while for the downward monthly trend that started since last month to bounce back. The overall graph of this month doesn’t suggest that the level of growth seen in the months from March to April could be attained. The monthly increment still suggests a negative outlook. In August, the prices shrunk by 3.81 % for standard gold and 3.74 % for pure gold.
Coming to the international market, spot gold was seen trading at $1,959 per ounce, an improvement of $6.90, when reports last came. However, the overall trend seen in the last 30 days remained in negative at -1.19 percentage points.