Gold Rates Crash Over Rs 5,000 In India Today After Fed Rate Cut: MCX Gold Near Record High

Gold rates in India today, on Thursday, 18th September, witnessed a sharp fall after the US Fed reduced benchmark interest rates by 25 bps as expected. The price of gold fell precipitously today in India across all purity categories, from 18k to 24k. After rising by about 12% in only one month, MCX gold is still trading close to its all-time high. However, after the Fed's quarter-point rate cut, gold momentarily reached a record $3,704 before easing to about $3,656 per ounce on Thursday on the global market.

Gold & Silver Rates In India Today

Gold prices in India are now Rs 11,117 per gram for 24 carat gold, Rs 10,190 per gram for 22 carat gold, and Rs 8,338 per gram for 18 carat gold. Today, 24k of 10 grams of gold would cost Rs 1,11,170 in India, down Rs 540 from Rs 1,11,710. Similarly, 24k of 100 grams of gold rates in India on Thursday dropped to Rs 11,11,700, a sharp fall by Rs 5,400 from Rs 11,17,100 it was on Wednesday.

In contrast, 22k of 10 grams of gold will cost Rs 1,01,900 in India on Thursday, down Rs 500 from Rs 1,02,400 yesterday. Similarly, 22k of 100 grams of gold will cost Rs 10,19,000 in India today, down Rs 5,000 overnight from Rs 10,24,000.

In India, the price of 18k of 10 gms of gold reached Rs 83,380 today, down Rs 400 from yesterday's price of Rs 83,780. Similarly, customers would profit from an Rs 4,000 price difference on Thursday for 18k of 100 grams of gold.

Silver prices in India today are at Rs 131 per gram and Rs 1,31,000 per kilogram, down from Rs 132 and Rs 1,32,000 yesterday.

MCX Gold Outlook Today

"On the technical front, MCX gold continues to hover near its all-time high, having surged nearly 12% within a month. In the last two sessions, MCX gold has witnessed some supply pressure, forming an inverted hammer followed by another red hammer candlestick on the daily chart. However, there are no major signs of weakness yet. We believe MCX gold could consolidate in a narrow range going forward. Immediate support lies at 108,900, while resistance is seen at 109,950-110,650. Traders can look to buy near support with a stop-loss at 108,850 and sell near the first resistance with a stop-loss at 109,970," said Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

Gold & Silver Price Fundamental Outlook Today

"Gold and silver prices are trading slightly lower today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly lower for the day; as traders discerned the Fed's tone on future monetary-policy decisions was less dovish than expected," commented the research analysts of Nirmal Bang Securities.

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