Latest Gold Prices: 22 Carat Gold Rate Falls By Rs 1600, 24 Carat Dips By Rs 1750

Gold Prices have been witnessing sharp decline for the past five consecutive days in India. Current market price of 22 carat of 10 grams gold in India on September 30, 2023 is Rs 53,350, after a fall of 300 today. Meanwhile, price of 24 carat of 10 grams gold is Rs 58,200 after price crashed by Rs 330 on Saturday.

It is important to mention that prices of 22 carat of 10 grams gold declined by Rs 1600 in a span of just 5 days and 24 carat gold rates in India fell by Rs 1750 in past 5 days only.

Meanwhile, spot gold price breached its key support of $1,880 per ounce levels and ended at $1,848 levels on September 29. Gold future contract for October 2023 expiry on Multi Commodity Exchange (MCX) ended at Rs 57,096 per 10 grams levels.

Price of 100 grams of 22 carat gold in India is Rs 5,33,500, after a fall of Rs 3000 on September 30 and cost of 100 grams of 24 carat gold is quoted at Rs 5,82,000, after fall of Rs 3,300.

Current market price of 22 carat gold in Delhi as on September 30, 2023 is Rs 53,500 and 24 carat gold is retailing at Rs 58,350. In Mumbai, price of 22 carat yellow metal on Saturday is Rs 53,350 and cost of 24 carat gold is Rs 58,200. If you happen to be in Kolkata, you need to shell out Rs 53,350 to buy 22 carat gold and Rs 58,200 for 24 carat gold.

In Chennai, price of 22 carat of 10 grams gold today is Rs 53,600 and cost of 24 carat of 10 grams gold is Rs 58,470.

Commodity market experts said the persistent rise in the US dollar rates has exerted pressure on yellow metal in India. The expert stated that global gold rates have now major support at $1,810 to $1,800 per ounce levels while on MCX, immediate support for the precious metal is at Rs 57,000 and major support has shifted towards Rs 56,100 per 10 gm zone.

According to Sugandha Sachdeva, Executive Director & Chief Strategist at Acme Investment Advisors, "A relentless surge in the dollar index towards a 10-month high, driven by growing concerns over persistently high interest rates in the US, exerted downward pressure on gold prices. Prices even pierced the critical support level of $1,880 per ounce and drifted lower. Surprisingly, gold failed to attract safe-haven demand even amidst a climate of risk aversion prevailing in the financial markets."

Anuj Gupta, Head of Commodity & Currency at HDFC Securities said, "One needs to remain vigilant about the US shutdown news. Market is expecting a partial US shutdown on 1st October 2023. If that happens, then the resurgence in the gold price witnessed on the weekened may extend further."