Gold, silver prices today, March 18
Average gold physical gold in India saw a big move on Saturday owing to a spike in the international price of the yellow metal. On Saturday, the average price of 10 gm of 24-carat purity quoted at Rs 58,690, a jump of Rs 1,630 from the previous day, according to Goodreturns.
Updated Mar 18, 2023 | 03:03 PM IST
Gold, silver prices today, March 18 – Rates of precious metals spike; Check rates in Delhi, Mumbai, Chennai, Kolkata and other cities
Photo : ANI
Average gold physical gold in India saw a big move on Saturday owing to a spike in the international price of the yellow metal. On Saturday, the average price of 10 gm of 24-carat purity quoted at Rs 58,690, a jump of Rs 1,630 from the previous day, according to Goodreturns.
Gold prices today (Saturday, March 18) in Delhi, Mumbai, Chennai, Kolkata, Bengaluru:
| City | 22 Carat (10 grams) | 24 Carat (10 grams) |
| Delhi | Rs 55,450 | Rs 60,470 |
| Mumbai | Rs 55,300 | Rs 60,320 |
| Chennai | Rs 55,600 | Rs 60,650 |
| Kolkata | Rs 55,300 | Rs 60,320 |
| Bengaluru | Rs 55,350 | Rs 60,370 |
Silver prices today (Saturday, March 18) in Delhi, Mumbai, Chennai, Kolkata, Bengaluru:
Silver prices also witnessed gained by Rs 2,300 per 1 Kg in the physical market on Saturday. In Delhi, Kolkata and Mumbai, price of 1 kg silver was Rs 72,100. In Bengaluru, the precious metal sold for Rs 74,400 for 1 Kg.
International gold prices & outlook
The international spot market saw a weekly rise of 6.48% against the previous week close of USD 1,867 per ounce, as gold finished at USD 1,988.50 per ounce levels. Gold rates today are expected to touch USD 2,000 per ounce levels in the international market and reach Rs 60,000 per 10 gm levels on MCX in the near term. As per experts, the rise in gold prices can be attributed to the troubled banks in the US, making investors seek refuge in the precious metal.
“Recent collapse of SVB along with few other banks have raised concerns of a financial contagion into the broader economy, the aftermath of the fastest rate hike in US for decades. With SNB’s $54 billion loan to Credit Suisse, markets have slightly calmed down. Investor sentiments were also boosted after the biggest US lenders agreed to contribute USD 30 billion in deposits to First Republic, easing speculation that the bank could be the next to fail after two high-profile demises touched off the crisis last week,” wrote Ravindra V.Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities ltd in a note to investors.
The ECB rate hike also impacted the US dollar, sharply increasing the Euro and buttressing gold prices. The gold price trend is expected to remain bullish due to the ongoing bank crisis in the US, causing investors to flock to safe-haven assets like gold.
