Gold price today: Check rates for Mumbai, Delhi and other cities

Gold prices in India surged to fresh alltime highs on December 15 across all major purities while silver prices continued to trade above the Rs 2 lakh mark supported by strong global cues and a weaker US dollarGold pricesGold rates recorded sharp gains across 24carat 22carat and 18carat categories The price of 10 grams of 24carat gold jumped by Rs 820 to Rs 134730 while 22carat gold rose by Rs 750 to Rs 123500 Eighteencarat gold gained Rs 620 to settle at Rs 101050 per 10 gramsOn a larger scale prices of 100 grams of gold climbed by Rs 8200 Rs 7500 and Rs 6200 for 24carat 22carat and 18carat gold respectively touching new record levels of Rs 1347300 Rs 1235000 and Rs 1010500On a pergram basis the cheapest gold was priced at Rs 13473 for 24carat gold Rs 12350 for 22carat gold and Rs 10105 for 18carat gold also referred to as 999 goldSilver pricesSilver prices also witnessed strong gains The price of 1 kg of silver surged by Rs 2900 to hit a new lifetime high of Rs 200900 Meanwhile silver prices for 100 grams and 10 grams stood at Rs 20090 and Rs 2009 respectivelyGold and silver prices across major citiesIn Chennai the price of 10 grams of 24carat gold stood at Rs 135930 while silver was priced at Rs 213000 per kg making it the most expensive among major citiesIn Mumbai 10 grams of 24carat gold was priced at Rs 134730 with silver at Rs 200900 per kgIn Delhi gold was trading at Rs 134880 per 10 grams 24 carat while silver stood at Rs 200900 per kgIn Bengaluru gold prices matched Mumbai levels at Rs 134730 per 10 grams 24 carat with silver priced at Rs 200900 per kgIn Hyderabad 10 grams of 24carat gold was also priced at Rs 134730 while silver was higher at Rs 213000 per kgMCX update Gold silver rally on weak dollarMeanwhile gold and silver prices rallied sharply in early trade on Monday on the MultiCommodity Exchange MCX tracking positive global cues and weakness in the US dollarGold February futures on the MCX were trading 072 per cent higher at Rs 134580 per 10 grams during early trade Silver March contracts also saw strong buying interest rising 136 per cent to Rs 195466 per kgThe precious metals had seen sharp volatility in the previous session On Friday December 12 MCX gold February futures surged nearly Rs 2800 or over 2 per cent to hit a record high of Rs 135263 per 10 grams However profit booking at higher levels pulled prices off their peak with gold ending the session 082 per cent higher at Rs 133551Silver also touched a fresh lifetime high in the previous session with MCX silver March contracts jumping Rs 2700 or 13 per cent to Rs 201615 per kg Heavy profit booking later led to a sharp correction and silver settled 333 per cent lower at Rs 192318 per kgWhat is driving bullion pricesThe gains on Monday morning were supported by a weaker US dollar and softer bond yields The dollar index slipped around 010 per cent while the benchmark 10year US Treasury yield eased to 418 per cent A weaker dollar and lower yields typically enhance the appeal of nonyielding assets such as gold and silverGold and silver prices have remained on a strong upward trajectory since the US Federal Reserve announced a 25basispoint interest rate cut on December 10 Expectations of further rate cuts by the US Fed have been a key factor underpinning bullion prices this yearAdditionally sustained central bank buying healthy inflows into gold and silver exchangetraded funds rising geopolitical tensions and uncertainty over the global economic outlook particularly amid concerns around US tariffs have further supported the rally in precious metals