Gold Price Outlook On Monday, September 9: What Are Key Factors To Drive 24K, 22K, 18K Prices Today? BUY/SELL

Gold prices in India maintained a steady performance last week owing to tumbling dollar and treasury yields amidst split expectations of a 25 bps to 50 bps rate cut by the Federal Reserve in the upcoming policy. Going ahead, bullion will see momentum due to a slew of economic data, geopolitical tensions, and development that would give clarity on the Fed's upcoming policy decision.

Gold Price In India:

Gold prices in India get cheaper at the early start of Monday. 24K gold of 10 grams is at Rs 72,680, while 22K and 18K prices are at Rs 66,790 and Rs 54,650 in the same gram. The cheapest gold price is 1 gram in 18K to the tune of Rs 5,465, while the most expensive gold is 100 grams in 24K to Rs 7,28,600 currently.

Gold prices have been broadly volatile in the past 10 days. The only time gold saw a massive jump was Rs 5,500 on September 6, while the rest of the days between September 1-9, gold prices were either down or unchanged.

Gold Prices In Major Cities:

24K gold price in 10 grams is at Rs 72860 in cities like Chennai, Mumbai, Kolkata, Bangalore, Hyderabad, Kerala and Pune. While the same gold is at Rs 72,910 in Vadodara and Ahmedabad. Meanwhile, in the national capital, Delhi, gold price in 24K of 10 grams is above the Rs 73,000 mark to Rs 73,010.

Gold Prices In Major Countries:

1 gram of gold in 24K in India is Rs 7,286, which is more expensive than the prices of gold in other major countries. Here are the latest prices of gold in major countries:

In Bahrain, 1 gram of gold is at BHD30.90 or Rs 6,884, while in Qatar, the price is at QAR303.50 or Rs 6,995. Further, in Saudi Arabia, 1 gram of gold in 24K is at SAR308 or Rs 6,894, in the United Arab Emirates, the price is at AED302.50 or Rs 6,917, which is also similar in major emirate cities like Abu Dhabi and Dubai.

Furthermore, the 24K gold price in England is at GBP61.20 or Rs 6,750 per 1 gram. In Canada, the price is at CAD111.25 or Rs 6,893 per 1 gram, and in Australia, the yellow metal is at AUD127 or Rs 7,131.

MCX Gold, Silver Prices:

Last week, on Friday, MCX gold futures with October expiry ended at Rs 71,460 per 10 grams, marginally up ahead of Ganesh Chaturthi.

While MCX silver futures with December expiry ended at Rs 82,864 per 1kg, also higher compared to the previous session.

International Gold Prices:

In the early trade of Monday, September 9, 2024, Gold Spot US Dollar aka XAU/USD traded marginally up to $2,498 per ounce. The bullion is in the range of $2,494.89-2,499.18 per ounce currently.

Additionally, US gold futures with December expiry also edged higher to trade around $2,527 per ounce. The commodity is ranging between $2,523.75-2,528.3 per ounce.

Gold Price Outlook On Monday, September 9, 2024:

Earlier, as per Nirmal Bang's report, Lower rates are often seen as bullish for non-interest-bearing gold. "Gold stands out as the commodity where we have the highest confidence in near-term upside," Goldman Sachs Group Inc. said in a report dated Sept. 2. The bank maintained its $2,700 an ounce target for early 2025. Bullion is up more than 20% this year. Along with expectations of rate cuts, it's been supported by central bank buying and haven demand given conflicts in the Middle East and Ukraine."

The brokerage's latest commodity report said, "Bullion has surged more than 20% this year, supported by growing optimism the Fed will pivot to monetary easing. Robust over-the-counter purchases and strong haven demand due to conflicts in the Middle East and Ukraine have also helped the advance."

Further, data from the brokerage stated that State Street's SPDR Gold Shares, the biggest precious metals ETF, maintained its holdings in the last session. The fund's total of 27.7 million ounces has a market value of $69.2 billion. ETFs added 627,621 troy ounces of silver to their holdings in the last trading session, bringing this year's net purchases to 16.9 million ounces. Also, Total silver held by ETFs rose 2.4 per cent this year to 716.9 million ounces. Silver advanced 19 per cent this year to $28.27 an ounce and by 0.8 per cent in the latest session.

Nirmal Bang stated that gold prices are expected to test 72200-72300. One can buy at 71800 with a stop loss of 71550. While Silver prices are expected to test 85500-86200. One can buy at 84500 with a stop loss of 83800.