Gold Prices Fall For 2nd Day In India, Sept 18: 24K/100 Grams Yellow Metal Prices Decline By Rs 1600

Gold prices in India registered decline for second day in a row as traders are geared up for a likely Federal Reserve move to slash interest rate for first time in a span of 4-years. 22k gold price today declined by Rs 150 to Rs 68,500/10 grams and 100 grams of 22 carat precious metal prices slipped by Rs 1500 to Rs 6,85,000 in India on Wednesday. 24k gold prices today dived by Rs 160 to Rs 74,730/10 grams and 100 grams of 24 carat precious metal prices turned cheaper by Rs 1600 To 7,47,300.
18k gold prices today fell by Rs 120 to Rs 56,050/10 grams and 100 grams of 18 carat prices dipped by Rs 1200 to Rs 5,60,500.

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 inched lower by Rs 15 to 6,850 and 1 gram gold price today for 24k gold prices fell by Rs 16 to Rs 7,473. Meanwhile, 1 gram gold prices today for 18k precious metal prices dipped by Rs 12 to 5,605.

On factors that will impact gold rate in the coming days, Renisha Chainani, Head Research - Augmont - Gold For All said, "the gold market is attempting to recapture the all-time high just shy of $2600, with eyes on the Fed judgment, Chairman Jerome Powell's press conference, and the Dot Plot chart. These events will assist measure the US central bank's future policy action. The CME Group's FedWatch Tool indicates that markets expect a 65% chance of a 50 basis point interest rate decrease on Fed Day. This has led to renewed selling activity in the US Dollar, while US Treasury bond rates have also become defensive due to market nervousness."

If the Fed cuts interest rates by 25 basis points today, the US dollar may rise sharply. However, the immediate reaction to the Fed announcements may be overshadowed by the implications of the Fed's predictions and Powell's comments. As a result, the gold price stayed very volatile during the Fed's event. Gold is heading towards its next resistance level of $2600 (Rs 74000) and $2625 ( Rs 74750) as it has cleared $2550 (Rs 72500) resistance, added Renisha Chainani.

Spot Gold, Spot Silver Prices Today: Spot gold gained 0.1% to $2,572.11 per ounce by 0018 GMT. Earlier, bullion jumped to a record high of $2,589.59 on Monday. Spot silver slipped by 0.1% to $30.69 per ounce, platinum gained 0.1% to $982.79 and palladium steadied at $1,115.69, according to Reuters.

Silver Prices Today In India: Silver price in India today declined for 2nd consecutive day. 1kg silver prices today fell by Rs 1000 to Rs 91,000. 100 grams silver price today in India declined by Rs 100 to Rs 9,100.

22k Gold Price Movement In Last 10-Days In India (1 gram)
22k gold price in India today fell by Rs 15 declined by Rs 15 on September 17, surged by Rs 15 on September 16, jumped by Rs 40 on September 14, rose 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, and steadied on September 8

1kg Silver price India movement in last 10-days
Silver price in India today slipped by Rs 1000, dived by Rs 1000 on September 17, soared by Rs 1000 on September 16, 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, and remained neutral on September 8.

1 Gram of 22k Gold prices In 6 Major Metropolitan Cities Of India On September 17, 2024:

CITY	22 carat price per gram
Gold Price Chennai Today	1 gram of 22 carat gold rate is Rs 6,850
Yellow Metal Price Mumbai Today	1 gram of 22 carat gold price is Rs 6,850
Gold Price Delhi Today	1 gram of 22 carat yellow metal price is Rs 6,865
Gold Price Kolkata Today	1 gram of 22 carat of gold price is Rs 6,850
Gold Price Kerala Today	1 gram of 22K gold prices is Rs 6,850
Gold Price Bangalore Today	1 gram of 22 carat gold rate is Rs 6,850
Gold Prices Hyderabad Today	1 gram of 22 carat gold rate is Rs 6,850

According to Reuters, Goldman Sachs reiterated its optimistic outlook on gold prices, citing central bank demand and the imminent interest rate cut from the U.S. Federal Reserve at its policy meeting.

"While we see some tactical downside to gold prices under our economists' base case of a 25bp Fed cut on Wednesday, we reiterate our long gold trading recommendation and our price target of $2,700/toz by early 2025," the investment bank said in a note.