Gold Nears Record High as Market Sentiment Favors Safe-Haven Investments
Gold prices in India surged once again on October 6, continuing their upward trajectory that began at the start of October. This rise comes amid heightened global demand for safe-haven assets, fueled by fears of a potential U.S. government shutdown. Domestic demand has also picked up significantly with the onset of India’s festive season, traditionally a time of high gold purchases.
Despite slight market corrections over the past two to three days, gold prices remain strong, inching close to historic highs.
Why Gold Prices Are Climbing
The yellow metal is widely regarded as a hedge against inflation and economic uncertainty. Among the different purities available, 24-carat gold—the purest form—is typically used for investment. 22-carat and 18-carat gold, on the other hand, are more commonly used for crafting jewellery.
Gold Price in India Today (October 6, Per Gram)
The following are the updated rates of gold across India as of Sunday, October 6:
- 24K Gold: ₹12,077 (▲ ₹137)
- 22K Gold: ₹11,070 (▲ ₹125)
- 18K Gold: ₹9,058 (▲ ₹103)
Source: GoodReturns
City-Wise Gold Prices Across India (Per Gram)
Below are the current gold prices in major Indian cities for 24K, 22K, and 18K purities:
| City | 24K Gold | 22K Gold | 18K Gold |
|---|---|---|---|
| Chennai | ₹12,066 | ₹11,060 | ₹9,160 |
| Mumbai | ₹12,077 | ₹11,070 | ₹9,058 |
| Delhi | ₹12,092 | ₹11,085 | ₹9,073 |
| Kolkata | ₹12,077 | ₹11,070 | ₹9,058 |
| Bangalore | ₹12,077 | ₹11,070 | ₹9,058 |
| Hyderabad | ₹12,077 | ₹11,070 | ₹9,058 |
| Kerala | ₹12,077 | ₹11,070 | ₹9,058 |
| Pune | ₹12,077 | ₹11,070 | ₹9,058 |
| Ahmedabad | ₹12,082 | ₹11,075 | ₹9,063 |
| Jaipur | ₹12,092 | ₹11,085 | ₹9,073 |
| Lucknow | ₹12,092 | ₹11,085 | ₹9,073 |
| Patna | ₹12,082 | ₹11,075 | ₹9,063 |
| Nagpur | ₹12,077 | ₹11,070 | ₹9,058 |
| Chandigarh | ₹12,092 | ₹11,085 | ₹9,073 |
| Surat | ₹12,082 | ₹11,075 | ₹9,063 |
| Bhubaneswar | ₹12,077 | ₹11,070 | ₹9,058 |
| Gurgaon | ₹12,092 | ₹11,085 | ₹9,073 |
| Ghaziabad | ₹12,092 | ₹11,085 | ₹9,073 |
| Noida | ₹12,092 | ₹11,085 | ₹9,073 |
| Indore | ₹12,082 | ₹11,075 | ₹9,063 |
| Kanpur | ₹12,092 | ₹11,085 | ₹9,073 |
Outlook Ahead
As India heads deeper into the festive and wedding season, which typically sees a surge in gold buying, analysts expect the demand to remain strong. Global market uncertainty, including geopolitical tensions and inflationary pressures, may continue to influence gold prices in the coming days.
