Gold Prices Experience Sharp Surge on Wednesday Amid Strong Demand
Gold prices witnessed a significant surge on Wednesday, climbing sharply in both domestic futures trade and global markets. The rally was primarily driven by firm spot demand and fresh buying activity from speculators, indicating renewed investor interest in the precious metal.
Domestic Futures Market Shows Strong Momentum
On the Multi Commodity Exchange (MCX), gold contracts for April delivery experienced a substantial increase of Rs 1,297, representing a gain of 0.86%. This brought the price to Rs 1,52,715 per 10 grams, with a business turnover of 1,557 lots during the trading session.
Market analysts attributed this upward movement to fresh positions built up by participants, who demonstrated confidence in gold's performance. The combination of speculative buying and genuine demand created a perfect environment for price appreciation.
Global Markets Echo Domestic Trends
The bullish sentiment extended to international markets, where gold prices also moved higher. Spot gold rose by 0.8% to reach $4,915.90 per ounce by 0914 GMT, after gaining more than 1% earlier in the trading session.
US gold futures for April delivery followed suit, advancing 0.6% to $4,936.30. This synchronized movement between domestic and global markets underscores the interconnected nature of precious metal trading worldwide.
Silver Outperforms Gold with Stronger Gains
While gold experienced notable gains, silver prices demonstrated even stronger performance. Spot silver rose by an impressive 2.8%, significantly outpacing gold's appreciation. This indicates particularly robust demand for silver in the current market environment.
Gold Prices Across Major Indian Cities
The price surge was reflected across major Indian cities, with slight variations depending on location and purity levels. Here is a comprehensive breakdown of gold rates in key metropolitan areas:
Delhi Gold Rates
- 24K Gold: Rs 15,435 per gram
- 22K Gold: Rs 14,150 per gram
- 18K Gold: Rs 11,580 per gram
Ahmedabad Gold Rates
- 24K Gold: Rs 15,425 per gram
- 22K Gold: Rs 14,140 per gram
- 18K Gold: Rs 11,570 per gram
Bengaluru Gold Rates
- 24K Gold: Rs 15,420 per gram
- 22K Gold: Rs 14,135 per gram
- 18K Gold: Rs 11,565 per gram
Mumbai Gold Rates
- 24K Gold: Rs 15,420 per gram
- 22K Gold: Rs 14,135 per gram
- 18K Gold: Rs 11,565 per gram
Hyderabad Gold Rates
- 24K Gold: Rs 15,420 per gram
- 22K Gold: Rs 14,135 per gram
- 18K Gold: Rs 11,565 per gram
Chennai Gold Rates
Chennai continues to record slightly higher prices compared to other major cities:
- 24K Gold: Rs 15,524 per gram
- 22K Gold: Rs 14,230 per gram
- 18K Gold: Rs 12,180 per gram
Kolkata Gold Rates
- 24K Gold: Rs 15,420 per gram
- 22K Gold: Rs 14,135 per gram
- 18K Gold: Rs 11,565 per gram
Pune Gold Rates
- 24K Gold: Rs 15,420 per gram
- 22K Gold: Rs 14,135 per gram
- 18K Gold: Rs 11,565 per gram
The overall market sentiment remains positive for gold, with strong spot demand and renewed buying interest in futures markets contributing to the upward price movement. Investors and market participants will continue to monitor these trends closely as they navigate the precious metals market.
