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Indian Gold Rates Fall By Rs. 550, On Sept 16, More Decline Possible
Indian gold rates fell by Rs. 550 per 10 grams, today, on September 16, mirroring the international price trend. In India, 22 carat gold is quoted at Rs. 45,780 and 24 carat gold is quoted at Rs. 46,789 per 10 grams, thereby exhibiting a fall of Rs. 550 per 10 grams, than yesterday's prices. In the international spot market gold prices dropped by a 0.71% till 3.04 PM IST, at $1782.3/oz, whilst the US dollar index was up by a 0.31% today. Showing the same trend, Comex gold rates dropped by a 0.60% at $1784, and the MCX gold in October future was down by a 0.61% as of 3.06 PM IST, today.
Gold rates in different Indian cities are quoted differently, daily. Today's gold rates in major Indian cities follow:
| City | 22 carat (INR/10 Grams) | 24 carat (INR/10 Grams) |
|---|---|---|
| Mumbai | 45,780/- | 46,789/- |
| Delhi | 46,150/- | 50,350/- |
| Bangalore | 44,000/- | 48,000/- |
| Hyderabad | 44,000/- | 48,000/- |
| Chennai | 44,300/- | 48,330/- |
| Kerala | 44,000/- | 48,000/- |
| Kolkata | 46,000/- | 49,000/- |
The recently published US CPI data showed a little improvement ahead of US Fed meet next week. This is keeping the bullion market under pressure. The risk sentiment has failed the yellow metal to gain today in the international markets, thus impacting the Indian gold rates negatively.
A report mentioned, "A stronger-than-expected Empire State manufacturing survey released earlier today fell into the camp of the US monetary policy hawks, and that helped to pressure the gold and silver markets." It added, "Bulls' next upside price objective is to produce a close above solid resistance at the July high of $1,836.20. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,750.00." However, if the yellow metal loses its resistance, the gold rates will fall again in the upcoming days, in the global markets.
