Gold Prices Rise Across India; Concerns over Strait of Hormuz Drive Sharp Jump

Mumbai, April 10: Bullion prices increased across India on Friday. Safe-haven demand picked up again on Friday as geopolitical tensions rose over the Strait of Hormuz, with the ceasefire between Iran and the US being tested once more. Nationally, the price of 18K gold went up by ₹1,140 to ₹1,14,750 per 10 grams. After remaining range-bound for most of the week due to profit booking activity, gold prices jumped sharply in a single session as investors responded quickly to the latest development in the Middle East. This rise was consistent across all purity and across all cities.

Premiums Persisted in Chennai

Chennai continued to report the highest prices for gold in India on Friday. The price for 24K gold was ₹1,54,090 per 10 grams, while 22K and 18K traded at ₹1,41,250 and ₹1,17,750 respectively. This means Chennai traded at a premium of ₹1,090 over national-level prices for 24K gold. South India continued to trade at a premium over most other regions of India on Friday, with no signs of the gap closing. Hyderabad traded at par with national prices at ₹1,53,000 for 24K instead of trading at a South Indian premium.

Delhi and Cities in Gujarat Reported Marginal Premiums Over National Prices

The price of gold in Delhi was ₹1,53,150 per 10 grams for 24K — ₹150 above the national baseline price — while 22K and 18K traded at ₹1,40,400 and ₹1,14,900 respectively. In Gujarat, both Vadodara and Ahmedabad reported prices of ₹1,53,050 for 24K, ₹1,40,300 for 22K and ₹1,14,800 for 18K — ₹50 above the national baseline price. This continues a trend seen in recent sessions, where Delhi and Gujarat trade at marginal premiums over national baseline gold prices.

Same Prices Recorded in Metro Cities Across India

Same gold prices were recorded in Mumbai, Kolkata, Bangalore, Hyderabad, Kerala and Pune at ₹1,53,000 for 24K gold, ₹1,40,250 for 22K gold and ₹1,14,750 for 18K gold per 10 grams. These cities represent gold consumption in western, eastern and southern India respectively. The uniformity of gold prices across six Indian cities is a testament to the robustness of India’s gold bullion distribution ecosystem. With all these major cities recording the same price on Friday, it is clear that today’s upmove was nationwide and coordinated, as opposed to being driven by demand in one city or region.

Yesterday Once More

Gold prices were already on the rise Thursday over Wednesday’s baseline prices. The national rate for 24K gold closed Thursday at ₹1,51,480 per 10 grams, whereas today’s baseline price is ₹1,53,000 — a difference of ₹1,520. The gold price in Chennai settled Thursday at ₹1,52,730 per 10 grams for 24K gold. Friday’s rate for the city surpasses this by ₹1,360 for 24K gold. Together, the two sessions of Thursday and Friday saw an increase in national-level 24K gold prices by ₹3,160 per 10 grams.

Gold Prices Across Cities (10 gm)

Source: goodreturns.in