Big Rally In Gold Rates In India Today, 29 Sep: 24K/10 G Crosses Rs 1.16 Lakh, 22K Tops Rs 1.06 Lakh

Backed by the likelihood of a rate cut and a declining dollar, gold prices in the global market moved up to $3,770 per ounce, close to last week's record high, while gold rates in India saw a dramatic surge today, Monday, September 29.

Gold & Silver Prices In India Today

In comparison to yesterday, the price of gold has gone up across all weights, resulting in today's 24 carat gold rate per gramme in India. Today's price of Rs 11,640 for 1 gramme of 24-carat gold is Rs 92 more than yesterday's price of Rs 11,548. For higher quantities, this upward tendency is constant: Eight grams now cost Rs 93,120, up Rs 736 from the previous price level; ten gms are now Rs 1,16,400, up Rs 920; and one hundred grams is now Rs 11,64,000, up Rs 9,200 from yesterday.

The price of 22-carat gold has increased today over yesterday for all weights. In particular, the price of one gram of 22-carat gold is now Rs 10,670, which is Rs 85 more than it was yesterday at Rs 10,585. Today, 8 grams costs Rs 85,360 (up Rs 680), 10 grams costs Rs 1,06,700 (up Rs 850), and 100 grams costs Rs 10,67,000 (up Rs 8,500). In conclusion, the price of 22-carat gold is currently demonstrating a steady upward trend.

India's gold prices increased today, with 18-carat gold prices rising steadily across all weight ranges. One gram cost Rs 8,730, which was Rs 69 more than it was yesterday (Rs 8,661). In a similar vein, the price of 8 grams of gold has increased by Rs 552 to Rs 69,840. In the case of 10 grams, the prices went up by Rs 690 to Rs 87,300 from Rs 86,610 yesterday. The price of 100 grams of gold is Rs 8,73,000, Rs 6,900 more than it was the day before at Rs 8,66,100.

Silver today costs Rs 150 per gram and Rs 1,50,000 per kilogram in India, compared to Rs 149 and Rs 1,49,000 yesterday.

MCX Gold Outlook Today

"On the technical front, MCX Gold is trading near its all-time high levels. The daily, weekly, and monthly charts remain bullish. It is trading above the short-term 10- and 20-day EMAs, as well as the longterm 50-, 100-, and 200-day EMAs on the daily chart. The RSI is above 75. A bullish full-body green candlestick was formed in Friday's session. Most technical indicators point to a bullish trend and strong momentum. Immediate support is placed at 112,500, while resistance is seen at 113,940-115,000-115,900. Since the overall trend is bullish, traders can consider buying near 112,500 for targets of 113,940-115,000115,900. Any dip below 112,100 should act as a stop-loss," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

Gold & Silver Price Fundamental Outlook Today

"Gold and silver prices are trading higher today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly higher for the day; as gold prices climbed to record as precious metals surged on Monday, with traders weighing a potential US government shutdown that could delay the release of pivotal jobs data this week and potentially cloud the Federal Reserve's monetary policy path," commented the research analysts of Nirmal Bang Securities.

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