Gold Rate Drops In India Today, 24 Sept: 22K/10 Gms Still Over Rs 1.05 Lakh Mark; MCX Gold Prediction Today?

Gold rates in India today, on Wednesday, 24th September witnessed a sharp drop after recording an all-time high level yesterday. Despite domestic demand picking up due to the festival season, gold prices in India have seen a sharp fall. Spot gold rose to a near-record high level of $3,771 an ounce as the Fed signalled more easing following last week's rate drop. Traders are now waiting for Fed Chair Powell's comments and Friday's PCE inflation data for further indications.

Gold & Silver Rates In India Today

In India, 24 carat gold now costs Rs 11,537 per gramme, 22 carat gold costs Rs 10,575 per gramme, and 18 carat gold costs Rs 8,653 per gramme. In India, the price of 24k gold for 10 grams hit Rs 1,15,370 today, down Rs 320 from yesterday's price of Rs 1,15,690. Similarly, 24k gold for 100 gms will cost Rs 11,53,700 on Wednesday, down Rs 3,200 from yesterday's price of Rs 11,56,900.

22k of 10 grams of gold will cost Rs 1,05,750 in India today, which was Rs 1,06,050 yesterday representing a price drop of Rs 300 similarly 22k of 100 grams of gold prices reached Rs 10,57,500 in India on Wednesday which was Rs 10,60,500 on Tuesday representing a price drop of Rs 3,000.

Gold rates in India today for 18k of 10 grams reached Rs 86,530 compared to Rs 86,770 representing a price drop of Rs 240 whereas 18k of 100 grams of gold will cost Rs 8,65,300 on Wednesday which was Rs 8,67,700 on Tuesday, representing a price savings of Rs 2,400.

MCX Gold Outlook Today

"On the technical front, MCX Gold made a new all-time high in the last trading session, marked by a strong bullish Marubozu candlestick on the daily chart. For two consecutive sessions, it has been surging, forming bullish Marubozu candlesticks, indicating full dominance of the bulls. MCX Gold continues to remain in a strong uptrend, with a bullish higher-high pattern intact. Yesterday's candlestick indicates a continuation of the bullish momentum. Immediate support lies at 112174, while resistance is seen at 115500," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

Gold & Silver Price Fundamental Outlook Today

"Gold and silver prices are trading slightly lower today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly higher for the day; as investors assessed a raft of commentary from Federal Reserve policymakers including Chair Jerome Powell, and geopolitical tensions over Russia," commented the research analysts of Nirmal Bang Securities.

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