Gold Prices In India: After ending last week on a mild positive note, gold prices in India are steady on Sunday, September 8, 2024. Going ahead, in the commodities trading week from September 9-13, yellow metal is expected to range between Rs 70,000 to almost near Rs 74,000 levels, while silver is likely to be around Rs 82,500 to near Rs 88,000 mark. Key factors to drive these precious metals would be US economic data and key developments in the Fed's upcoming policy decisions.
Gold Prices In India On September 8:
Currently, 24K of 10 grams is mere Rs 130 away from its Rs 73,000 mark, to Rs 72,870 on September 8, unchanged from the previous day. While 22K gold is at Rs 66,800 per 10 grams, while 18K gold is at Rs 54,660 per 10 grams.
The cheapest gold price is Rs 5,466 in 1 gram of 18K, while 22K and 24K of the same are Rs 6,680 and Rs 7,287 respectively. Meanwhile, the most expensive gold price is 100 grams of 24K to Rs 7,28,700, while 22K and 18K gold in 100 grams is priced at Rs 6,68,000 and Rs 5,46,600 respectively.
24K gold prices are at Rs 72,870 per 10 grams in cities like Chennai, Mumbai, Kolkata, Bangalore, Hyderabad, Kerala, and Pune. While 24K of 10 grams is higher in Delhi at Rs 73,020, while in Vadodara and Ahmedabad, the price is at Rs 72,920 each.
Last week, on Friday, MCX gold futures with October expiry ended at Rs 71,460 per 10 grams, marginally up ahead of Ganesh Chaturthi.
Silver Prices In India On September 8:
1 kg silver is at Rs 84,500 on Sunday, while 100 grams is at Rs 8,450, and the 10 grams price is at Rs 845. The prices of silver are also steady.
Meanwhile, on Friday last week, MCX silver futures with December expiry ended at Rs 82,864 per 1kg, also higher compared to the previous session.
Gold, Silver Weekly Outlook:
As per SMC Global Securities, gold prices saw a positive movement throughout the week, supported by a weakening U.S. dollar and treasury yields. This shift came after reports highlighted a slowing U.S. labor market, solidifying expectations that the Federal Reserve may begin lowering interest rates later this month.
SMC cited that a key report, the JOLTS survey, revealed that U.S. job openings dropped to 7.7 million in July, down from 7.9 million in June, and falling short of the expected 8.1 million. These weak labor indicators come ahead of the U.S. Employment Report for August, which is expected to show 161,000 new jobs, up from 114,000 in July. Labor market softness is drawing attention to the upcoming two-day Federal Reserve policy meeting concluding on September 18.
Further, SMC's note said, "While a 25 basis point rate cut is widely anticipated, the weak job market could prompt the Fed to consider a larger 50 basis point cut. The CME FedWatch tool now shows a 45% probability of this more significant reduction. Global gold exchange-traded funds saw inflows for the fourth consecutive month in August, with Western funds leading the way, according to a new report."
Looking ahead, SMC's note added, "On the COMEX, gold prices are encountering resistance around $2,580. A break above this level could push prices higher toward $2,640, with support seen near $2,500. Silver is expected to trade within a range of $26.60 to $31.80. Looking ahead, gold prices may fluctuate between ₹70,000 and ₹73,500 in the Indian market, while silver is forecasted to move within the range of ₹82,500 to ₹87,800. These key levels will be influenced by further U.S. economic data and developments in the Federal Reserve's policy decisions."
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