This week has been mostly bullish for the bullion market, as gold prices in India surged to multiple all-time highs, which was good news for early investors but put retail buyers under massive pressure.
Gold prices declined for two sessions. The continuous rise in the gold rate in India has made it challenging for traditional buyers, especially during Navaratri and ahead of Diwali & Dhanteras, which are major gold-buying festivals.
Gold Prices in India Today
On Sunday, the 22-karat gold rate in India steadied at yesterday’s rate to cost Rs.105,850 per 10 grams. While the 24-carat gold prices today are at Rs. 115,480 per 10 grams. Similarly, the 18-carat gold rate today retails at Rs 86,610.
In a similar line, 100 grams of 22-carat gold stand at Rs 1,058,500. While the 24-carat gold price in India per 100 grams is now retailing at Rs. 11,54,800.
MCX Gold and Silver Futures Update
At the end of Friday’s trading, gold futures prices on the Multi Commodity Exchange (MCX), expected to mature on October 3rd, slipped by 0.02%, trading at Rs 1,13,766. Similarly, silver futures, with an expiry date of December 5th, settled at Rs. 142,147, after rising 0.18%.
City-Wise Gold Rates Today
Here’s the latest city-wise update on 22-carat and 24-carat gold rates on 28th September.
Silver Price Movement in India
Silver prices in India today are stable, so 1 kg of silver in India costs Rs. 149,000. While 100 g of silver rates in India cost Rs 14,900.
Market OutLook
According to an analyst report from Way to Wealth, “Gold held near record highs at $3,750 per ounce on Thursday, supported by strong demand amid Fed rate cut expectations and geopolitical tensions in Ukraine. Markets now await speeches from Fed officials and the US PCE inflation report, both of which could influence upcoming rate decisions. China’s push to become a custodian of foreign sovereign gold reserves also adds to the bullish momentum.”
“On the technical front, MCX gold trades within its all-time high range, with no visible weakness on the daily chart. It is comfortably trading above the short-term and long-term 10-, 20-, 50-, 100-, and 200-day EMAs. A bullish higher high and higher low pattern remains intact on the charts. Immediate support is placed at 112,350, while resistance is seen at 113,800- 114,150. Traders can consider buying MCX gold near 112,350 for a target of 113,800-114,150. A drop below 112,000 should be used as a stop-loss for this view.” the report further added
Spot Gold Prices + Spot Silver Price Today
As per data from Goldprice.org, spot gold ended Friday’s trading session at $3,759.86 per ounce, up 0.53%. Meanwhile, spot silver prices saw a sharper rally, closing at $46.05 per ounce, rising 2.79% on the day. Both precious metals posted gains as traders turned to safe-haven assets.