Gold Rate in India Today Drops After 6-Day Rally; Check 24K, 22K, 18K Gold Prices and Silver Rates On Sept 13

Gold prices this week have been rising relentlessly, taking all purities of the yellow metal to record-high levels. After six straight sessions of gains, gold rates finally fell today, offering some relief to buyers. Over the past week, gold has jumped nearly 4%, pushing prices to historic highs.

The sharp rise in gold rate in India has become a concern for retail buyers, especially with the festive season approaching, as high prices are making it difficult for people to purchase gold jewellery. Any further decline in gold prices in India will bring some relief to consumers.

Meanwhile, spot gold prices surged past the $3,600 per ounce mark, trading close to record highs. The market is now expecting a rate cut from the U.S. Federal Reserve in the upcoming policy meeting.

Gold Rate in India Today

As of September 13th, Saturday, 24-carat gold rates in India fell Rs. 110 per 10 grams to cost Rs. 1,11,170. While the 22-carat gold price in India slipped sharply. At Rs. 100 per 10 grams, it costs Rs. 1,01,900. Similarly, the smaller 18-carat gold rates declined by Rs. 90 to retail at Rs. 83,370 per 10 grams.

And just like that, 100 grams of 24-carat gold rates now retail at Rs 11,11,170, and the 22-carat gold rates per 100 grams now cost Rs 10,19,000.

Silver prices in India today

Silver rates in India today jumped for the second consecutive time. On the 13th of September, 1 kg of silver in India cost Rs. 133,000. While 100 g of silver rates in India retail at Rs 13,300.

City-Wise Gold Rates: Latest 22-Carat & 24-Carat Prices Across India

The latest gold prices for 22-carat and 24-carat gold in major Indian cities are similar to national gold prices today.

Gold Price in Chennai

Gold Price in Bangalore

Gold Price in Hyderabad

Gold Price in Mumbai

MCX Gold and Silver Prices

Currently, gold futures prices on the MCX, which are going to mature on October 3rd, closed on Friday at Rs. 1,09,356, jumping 0.34%. Similarly, silver futures prices set to mature on December 5th settled at Rs. 1,28,840 with no major gains.

Spot Gold Price and Spot Silver Rate

"Spot Gold is likely to trade higher on growing prospects of a 75 bps rate cut this year. A sign of a slowdown in the US labour market and a sign of cooling US inflation would strengthen the chances of a jumbo rate cut in September. As per the CME FedWatch tool, a 25 bps rate cut stands above 92%. Additionally, prices will get support from geopolitical risks. Meanwhile, investors will keep an eye on key US economic numbers for further movement. ICICI Direct Daily Commodity Outlook, said.
According to the latest report from Reuters, "Spot gold was up 0.4% at $3,648.55 per ounce as of 02:25 p.m. EDT (1825 GMT), close to Tuesday's all-time high of $3,673.95. U.S. gold futures for December delivery settled 0.3% higher at $3,686.40. Spot silver rose 1.7% to $42.26 per ounce."

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