Gold Price Slips In India, Sept 17: 24k/100 Grams Yellow Metal Dips Rs 1600, Silver Dives

Gold prices in India witnessed decline after 3-consecutive days rally as trades expect the start of US easing cycle with prospects that it is likely to begin with an outsized rate cut. Silver prices today also recorded decline today. 22k gold prices today declined by Rs 150 to Rs 68,650/10 grams and 100 grams of yellow metal prices today fell by Rs 1500 to Rs 6,86,500 in India on Tuesday. 24k gold prices today fell by Rs 160 to Rs 74,890/10 grams and 100 grams of precious metal prices today turned cheaper by Rs 1600 to settle at Rs 7,48,900.

18k gold prices today dived by Rs of 120 to Rs 56,170/10 grams and 100 grams of 18 carat gold price today slipped by Rs 1200 to Rs 5,61,700. 1 gram gold rate today for 22k gold prices fell by Rs 15 to 6,865 and 1 gram gold price today for 24k gold prices dipped by Rs 16 to Rs 7,489. 1 gram gold prices today for 18k gold declined by Rs 12 to 5,617.

Spot Gold, Spot Silver Prices Today: Spot gold remained flat at $2,582.84 per ounce, as of 0020 GMT. Bullion zoomed to a record high of $2,589.59. Spot silver slipped 0.2% to $30.70 per ounce, platinum surged 0.4% to $984.81 and palladium rallied 0.4% to $1,080.78, according to Reuters.

According toAccording to Renisha Chainani, Head Research - Augmont - Gold For All, "the gold price is consolidating after reaching a new high of $2590 (~Rs 73750), as bulls get cautious ahead of the critical FOMC policy meeting commencing today. Investors are now pricing in a higher probability of an enormous interest rate decrease by the Federal Reserve on Wednesday. According to CME Fedwatch, traders expect the Fed to decrease rates by 50 basis points (68% likelihood) and 25 basis points (32% chance) after its meeting on Wednesday."

This keeps US Treasury bond rates near one or two-year lows and prevents the USD from seeing a major recovery, which should continue to support the gold price. Aside from that, risk-averse traders should exercise caution due to concerns about a slowdown in China, political instability in the United States, and significant geopolitical threats from ongoing Middle Eastern wars. Gold is moving towards its next resistance level of $2600 (~Rs 75000) as it has cleared $2550 (Rs 72500) resistance, added Renisha Chainani.

Silver Prices Today In India: Silver price in India today witnessed decline after rising for 3-days in a row. 1kg silver prices today fell by Rs 1000 to Rs 92,000. 100 grams silver price today in India slipped by Rs 100 to Rs 9,200.

22k Gold Price Movement In Last 10-Days In India (1 gram)

22k gold price in India today declined by Rs 16, zoomed by Rs 15 on September 16, rose by Rs 40 on September 14, soared by Rs 120 on September 13, slipped by Rs 10 on September 12, registered rally of Rs 38 on September 11, fell by Rs 3 on September 10, stayed neutral on September 9, steadied on September 8, and slipped by Rs 40 on September 7.

1kg Silver price India movement in last 10-days

Silver price in India today fell by Rs 1000, rallied by Rs 1000 on September 17, zoomed by Rs 2500 on September 14, zoomed by Rs 3000 on September 13, stayed neutral on September 12, zoomed by Rs 500 on September 11, remained unchanged on September 10, rallied by Rs 500 on September 9, stayed stable on September 8, and fell by Rs 2500 on September 7

1 Gram of 22k Gold prices In 5 Major Metropolitan Cities Of India On September 17, 2024:

Gold Price Chennai Today	1 gram of 22 carat gold rate is Rs 6,865
Yellow Metal Price Mumbai Today	1 gram of 22 carat gold price is Rs 6,865
Gold Price Delhi Today	1 gram of 22 carat yellow metal price is Rs 6,880
Gold Price Kolkata Today	1 gram of 22 carat of gold price is Rs 6,865
Gold Price Kerala Today	1 gram of 22K gold prices is Rs 6,865
Yellow Metal Price Bangalore Today	1 gram of 22 carat gold rate is Rs 6,865

According to Reuters, "Fifty basis points rate cut (from the Fed) is priced in the market right now. That's why gold futures are as high as they are and I think that gold futures will come down if we only see a 25 basis point cut," Phillip Streible, chief market strategist at Blue Line Futures, said.

The focal point of this week is the Fed interest rate decision due on Wednesday. Traders' expectations are for a 63% chance of a cut of 50 basis points, according to the CME FedWatch tool, added Reuters.