Gold Price Outlook On Tuesday, September 17: What Will Drive 24K, 22K, 18K Prices On Ganpati Visarjan 2024?

Gold prices in India will be highly influenced by the expectations of a rate cut from US Federal Reserve who will commence 2-day monetary policy meeting from September 17 onward. A moderate rate cut of 25 bps is a welcome move for traders, but a surprise 50 bps cut will be the icing on the cake. On Tuesday, gold is likely to see resistance between Rs 74,150 to Rs 74,250.

Gold Price In India: 24K gold price is at all-time high of Rs 75,060 per 10 grams, followed by 100 grams gold at Rs 7,50,000. The cheapest gold is of Rs 7,506 in 24K. Notably, the 10 gram gold is just Rs 40 away from hitting Rs 75,100 mark, which will be yet another new record level.

Further, 22K gold price in India is at Rs 68,810, and 18K in 10 grams is at Rs 56,300. The cheapest gold in 22K and 18K is of Rs 6,881 and Rs 5,630 respectively.

Gold Prices In Major Cities:

Gold Prices In Chennai: The price of gold in Chennai is ₹ 6,881 per gram for 22-karat gold and ₹ 7,506 per gram for 24-karat gold (also called 999 gold).

Gold Prices In Bangalore: The price of gold in Bangalore is ₹ 6,881 per gram for 22-karat gold and ₹ 7,506 per gram for 24-karat gold (also called 999 gold)

Gold Prices In Mumbai: The price of gold in Mumbai is ₹ 6,881 per gram for 22-karat gold and ₹ 7,506 per gram for 24-karat gold (also called 999 gold).

Gold Prices In Hyderabad: The price of gold in Hyderabad is ₹ 6,881 per gram for 22-karat gold and ₹ 7,506 per gram for 24-karat gold (also called 999 gold).

Gold Prices In Delhi: The price of gold in Delhi today is ₹ 6,896 per gram for 22-karat gold and ₹ 7,516 per gram for 24-karat gold (also called 999 gold).

Spot Gold, US Gold Prices: As per a Reuters report, gold prices charged to a record high on Monday as a weaker dollar and the prospects of aggressive U.S. monetary policy easing boosted non-yielding bullion's appeal. Spot gold XAU= was up 0.1% at $2,579.09 an ounce, after touching a record peak of $2,589.59. U.S. gold futures GCcv1 edged down by 0.1% to $2,606.80. The dollar index.DXY eased by 0.4%. A weaker U.S. currency makes dollar-priced gold more attractive to buyers using other currencies.

Gold Price Outlook On September 17:

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, Gold remained positive with gains of ₹100 at ₹73,600 in MCX and $10 higher at $2,585 in Comex. The continued decline in the dollar index, now at 100.35, has been a key driver for gold's strength, having dropped nearly $6 from its May 2024 peak of 106 in just 4.5 months. This weakening of the dollar has been pivotal in sustaining gold's bullish momentum."

Trivedi added, "All eyes are on the Federal Reserve's upcoming policy meeting on 18th September 2024, where a 0.25% rate cut is expected, accompanied by a dovish stance. Support for gold is placed around ₹72,800-₹73,100, with resistance near ₹74,150-₹74,250. In Comex, major support is seen at $2,565-$2,560, with resistance around $2,600-$2,610.

Meanwhile, Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services said that gold continues to trade firm with the International spot price moving close to $2600 per ounce, supported by a weaker U.S. dollar and falling bond yields, amid rising expectation of a bigger rate cut by the U.S. Federal Reserve at its policy meeting on Wednesday. Traders have priced in a cut of 25bps, but the odds of a 50bps cut are rising with both having a probability of near 50:50 now.

"On chart... trend remains positive with support at 73299/ 73000, while on the upside prices may test 74200/ 74550," Mer added.

On September 17, many regions of India will be celebrating the visarjan of Lord Ganesha.