Gold Price Rallies In India, Sept 11: 22k/100 Grams Gold Prices Rise 3800, Silver Shines Too

Gold prices in India today recorded rally as traders are eagerly looking forward to US inflation data for more cues on size of Federal Reserve's likely interest rate cut in upcoming September meeting. Silver prices too witnessed rally in India today. 22k gold prices today surged by Rs 380 to Rs 67,150/10 grams and 100 grams of 22 carat precious metal prices rallied by Rs 3,800. Meanwhile, 24k gold prices soared by Rs 410 to Rs 73,250 and 100 grams of 24k yellow metal prices rose by Rs 4100 to Rs 7,32,500 on Wednesday.

18k gold prices today jumped by Rs 310 to Rs 54,940/10 grams and 100 grams of 18k yellow metal prices today gained by Rs 3100 to settle at Rs 5,49,400. 1 gram gold rate today for 22k gold prices turned dearer by Rs 38 to Rs 6,715 and 1 gram gold price today for 24k gold jumped by Rs 41 to Rs 7,325. 1 gram gold prices today for 18 gram gold rallied by Rs 31 to Rs 5,494 in India.

Spot Gold, Spot Silver Prices Today: Spot gold surged 0.1% to $2,517.80 per ounce, as of 0021 GMT. US gold futures jumped 0.1% to $2,546.50. Investors are also keenly awaiting for the US Consumer Price Index (CPI) data scheduled to come later today along with the Producer Price Index reading and initial jobless claims on Thursday. Spot silver stayed unchanged at $28.38 per ounce, platinum rallied 0.3% to $940.35 and palladium soared by 0.83% to $973.16, according to Reuters.

Speaking on where gold prices could head in the coming days, Renisha Chainani, Head Research - Augmont - Gold For All said, "gold prices are on the verge of reaching a new high following the first debate between Democratic Vice President Kamala Harris and Republican Presidential contender Donald Trump. The vital US CPI report will have a significant impact on expectations regarding the extent of the Federal Reserve's rate decrease at the September 17-18 policy meeting, providing some substantial momentum to the non-yielding yellow metal. According to the CME FedWatch Tool, the markets are presently pricing in a 67% likelihood of a 25 basis point rate drop at the upcoming FOMC policy meeting on September 17-18."

If gold breaks its previous high of $2530, we could see new highs of $2550 (~Rs 73000) and $2600 (~Rs 75000) in the short term. While on the downside, if $2470 is broken, we might see profit-booking up to $2430 (~Rs 70000) and $2400 (~Rs 69000), emphasised Renisha Chainani.

Silver Prices Today In India: Silver price in India today turned dearer. 1kg silver prices today surged by Rs 500 to Rs 85,500. 100 grams silver price today in India stood at Rs 8,650 after gain of Rs 50.

22k Gold Price Movement In Last 10-Days In India (1 gram)
22k gold price in India today recorded surge of Rs 38, slipped by Rs 3 on September 10, remained stable on September 9, stayed steady on September 8, fell by Rs 40 on September 7, surged by Rs 55 on September 6, stayed steady on September 5, recorded slight decline of Re 1 on September 4, remained stable on September 3, and slipped by Rs 25 on September 2.

According to Reuters, "I see good support for gold prices around $2,450-$2,460. By year-end, gold should trade around $2,600, driven by Fed policy easing and persistent geopolitical tensions," said Peter Fung, head of dealing at Wing Fung Precious Metals.

1kg Silver price India movement in last 10-days
Silver price in India today jumped by Rs 500, remained steady on September 10, jumped by Rs 500 on September 9, remained neutral on September 8, declined by Rs 2500, recorded steep surge of Rs 2000 on September 6, stayed steady on September 5, slipped by Rs 1000 on September 4, remained steady on September 3, and slipped by Rs 1000 on September 2.

1 Gram of 22k Gold prices In 5 Major Metropolitan Cities Of India On September 11, 2024:

Gold Price Chennai: Price of 1 gram of 22 carat gold rate in Chennai today is Rs 6,715

Yellow Metal Price Mumbai: 1 gram of 22 carat gold price in Mumbai on September 11 is Rs 6,715

Gold Price Delhi: 1 gram of 22 carat yellow metal price in Delhi on September 11 is Rs 6,730

Gold Price Kolkata: 1 gram of 22 carat of yellow metal price in Kolkata on September 11, 2024 is Rs 6,715