Gold Price Outlook On Friday, September 20, 2024: What Will Drive 22K, 24K, 18K Prices Today?

Gold prices in India have been volatile and continued to fall sharply for three consecutive days despite the positive sentiment of traders after the US Federal Reserve trimmed its key rates by 50 bps for the first time. Also, 22K, 24K, and 18K prices at retail stores in India dipped despite gains in international prices and MCX bullion. Weakness in dollar providing the support.

On Friday, September 20, 10 grams of gold is likely to find support near Rs 73,000, while resistance could be around Rs 74,000 levels. Hopes of two more rate cuts in the upcoming months of 2024 are expected to offer support to the precious metals.

Gold Prices In India: 24K gold price is at Rs 74,440 per 10 grams as of September 19, 2024, while 22K of the same is priced at Rs 68,240 per 10 grams. Also, 18 grams of gold is priced at Rs 55,830 in 1o grams. Gold prices are getting cheaper at retail stores in India due to strong demand during the festive season and customs duty cuts.

Gold Prices In Major Cities: 24K gold prices in 10 grams is at Rs 74,440 in cities like Chennai, Mumbai, Kolkata, Bangalore, Hyderabad, Kerala, and Pune. While gold prices in 24K/10 grams are priced at Rs 74,590 in Delhi and at Rs 74,490 each in Vadodara and Ahmedabad.

Gold Prices In Major Countries:

- The gold price in United States in 1 gram is at USD78.50 or Rs 6,564.

- While 1 gram of gold price in Dubai is at AED288.75 or Rs 6,573.

- Further, gold price in Qatar is at QAR293.50 or Rs 6,732 per 1 gram in 22K.

- Gold price in Singapore in 22K/10 grams is SGD104.20 or Rs 6,742.

- Gold price in England is at GBP57.48 or Rs 6,382.

- Gold price in Canada is at CAD109.25 or Rs ₹ 6,735

- Meanwhile, gold price in Australia is at AUD117.90 or Rs 6,714.

MCX Gold Prices: Gold prices at MCX with October 2024 expiry is at Rs 73,450 per 10 grams, up by Rs 395 or 0.54% on Thursday.

Spot Gold, US Gold Futures: As per a Reuters report, gold prices rose over 1% on Thursday as the U.S. Federal Reserve launched its monetary easing cycle with a half-percentage point move, boosting bullion to an all-time high and just a few cents shy of the key $2,600 ceiling in the previous session. Spot gold rose 1.2% to $2,590.47 per ounce, while U.S. gold futures settled 0.6% higher at $2,614.60. Notably, spot prices scaled a record high of $2,599.92 on Wednesday after the Fed lowered the benchmark policy rate by 50 basis points to 4.75%-5.00%.

Gold Price Outlook On September 20:

According to Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, Gold prices gained higher above 2585$ in Comex and MCX saw a rise towards 73500 with gains of 475rs due to dollar weakness which fell below 100.25$ after testing highs of 101$ yesterday late night on back of FED's policy curve turning the rates from higher levels of 5.5% to 5.00% with cuts of 0.50% pumping liquidity which added boost to gold prices.

Looking forward, Trivedi said, "Going ahead, a series of cuts will be seen with another 2 rate cuts in 2024 of 0.25% each, which will keep gold prices supportive. Gold faces strong support near 73000 and resistance at 74000. With technical pointing towards 74000 likely."