Gold Prices Rally In India, Sept 16: 18k, 22k, 24K Gold Price Surges, Silver Up 8,500 In 8-Days

Gold prices in India today registered rally yet again amid hopes of a sharper interest rate cut by the US Federal Reserve later this week and softer dollar. Silver prices in India rallied by Rs 8500 in last 8 days. 24k gold prices today zoomed by Rs 160 to 75,050/10 grams and 100 grams of 24k yellow metal prices gained 1600 to settle at Rs 7,50,500 in India on Monday. 22k gold prices today also hit new high to settle at Rs 68,800/10 grams after gain of Rs 150 and 100 grams of 22 carat precious metal prices today surged by Rs 1500 to Rs 6,88,000.

18k gold prices today witnessed rally of 120 to Rs 56,290/10 grams and 100 grams of 18 carat gold price today became dearer by Rs 1200 to Rs 5,62,900. 1 gram gold rate today for 22k gold prices zoomed by Rs 15 to 6,880 and 1 gram gold price today for 24k gold prices rallied by Rs 16 to Rs 7,505. 1 gram gold prices today for 18k gold jumped by Rs 12 to 5,629.

Spot Gold, Spot Silver Prices Today: Spot gold surged 0.4% to $2,585.54 per ounce, as of 0338 GMT, after touching an all-time high of $2,588.81 earlier in the session. Spot silver zoomed 1% to $30.95 per ounce, marking it highest level in two months. Platinum zoomed 0.5% to $1,000.35 and palladium rose 0.1% to $1,069.52, according to Reuters.

Silver Prices Today In India: Silver price in India today recorded rally yet again for 3rd consecutive session. 1kg silver prices today surged by Rs 1000 to Rs 93,000. 100 grams silver price today in India rose by Rs 100 to Rs 9300.

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

22k gold price in India today zoomed by Rs 15, 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, slipped by Rs 40 on September 7, and surged by Rs 55 on September 6.

According to Renisha Chainani, Head Research - Augmont - Gold For All, "gold prices reached a record high of $2589 (~ Rs 73700) on speculation that the Federal Reserve may lower interest rates by 50 basis points this week. The central bank will likely start an easing cycle this week, with at least 100 basis points of rate decreases by the end of the year. The rise in the probability of potentially more dovish Fed policy pulled the dollar down, as the US dollar Index plummeted to its lowest level of 100.5 in over nine months."

Reports of a second assassination attempt on Republican presidential nominee Donald Trump sparked an interest for safe havens, even though Trump seemed unscathed and the perpetrator was captured. If Gold continues its upward trajectory, it will face resistance at the psychologically critical level of $2600 (~Rs 75000). Support for a pullback is $2500 (about Rs 71000), added Renisha Chainani.

1kg Silver price India movement in last 10-days

Silver price in India today rallied by Rs 1000, 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, fell by Rs 2500, and witnessed sharp rally of Rs 2000 on September 6.

1 Gram of 22k Gold prices In 5 Major Metropolitan Cities Of India On September 16, 2024:

Gold Price Chennai Today	1 gram of 22 carat gold rate is Rs 6,880
Yellow Metal Price Mumbai Today	1 gram of 22 carat gold price is Rs 6,880
Gold Price Delhi Today	1 gram of 22 carat yellow metal price is Rs 6,895
Gold Price Kolkata Today	1 gram of 22 carat of gold price is Rs 6,880
Gold Price Kerala Today	1 gram of 22K gold prices is Rs 6,880
Yellow Metal Price Bangalore Today	1 gram of 22 carat gold rate is Rs 6,880

According to Reuters, ""The prospect of the Fed potentially wielding the axe by delivering a 50 basis point cut this week has sent gold and the dollar in opposite directions," said Tim Waterer, chief market analyst at KCM Trade.