Gold Prices In India Today: 22K/10 Gm Jumps Over Rs 1.02 Lakh, Silver/Kg Hits Rs 1.35 Lakh; MCX Gold Outlook?

Prior to the major macroeconomic events that will take place next week with US data such as GDP, Manufacturing & Services PMI, and PCE Price Index, gold prices in India saw an enormous rise today, Saturday, September 20. In the global market, gold jumped toward $3,685 per ounce on Friday as a stronger dollar pressured after the Fed's 25 basis point rate cut and cautious stance on future cuts. MCX gold is still trading close to its all-time high.

Gold & Silver Rates In India Today

Today, 24 carat gold costs Rs 11,215 per gram, 22 carat gold costs Rs 10,280 per gram, and 18 carat gold costs Rs 8,411 per gram. In India, 24k of 10 grams of gold today will cost Rs 1,12,150, up Rs 820 from Rs 1,11,330 yesterday. Similarly, 24k of 100 grams of gold would cost Rs 11,21,500 on Saturday, rising Rs 8,200 overnight from Rs 11,13,300 on Friday.

In India today, 22k of 10 grams of gold will cost Rs 1,02,80,0, which was Rs 1,02,050 on Friday, representing a price jump of Rs 750, similarly 22k of 100 grams of gold rates in India on Saturday reached Rs 10,28,000 compared to Rs 10,20,500 on Friday, representing a price surge of Rs 7,500 overnight.

In India, 18k of 10 grams of gold would cost Rs 84,110 today compared to Rs 83,500 yesterday, marking an increase in price of Rs 610. Similarly, the price of 18k of 100 gms of gold on Saturday reached Rs 8,41,100 compared to Rs 8,35,000 on Friday, marking an overnight jump of Rs 6,100.

India's silver prices have increased from Rs 133 and Rs 1,33,000 yesterday to Rs 135 per gram and Rs 1,35,000 per kilogram today.

MCX Gold Outlook

Abhishek M Pelu - Research Analyst at Way2Wealth Brokers, said on Friday that "On the technical front, MCX gold continues to hover near its alltime high. In the last three sessions, MCX gold has witnessed supply at higher levels, closing negative for three consecutive sessions. However, there are no major signs of weakness, and it is now trading near its 10-day EMA support. Immediate support is placed at 108,900, while resistance is seen at 109,800. Positional traders can consider booking partial profits, as MCX gold has rallied strongly in the past month and some pullback may be expected."

Spot Gold Prediction

"Spot Gold is likely to correct further towards $3600 level on strong dollar and rise in U.S treasury yields across curve. Dollar and Yield may move further north as US Fed delivered expected rate cut but warned on sticky inflation seeding doubts over the pace of future policy easing. US Fed Chair Powell statements signaled that central bank is in no hurry to lower borrowing cost quickly in coming months. Additionally, improved economic data from U.S would continue to weigh on gold prices. Meanwhile, demand for safe haven may increase on escalating geopolitical tensions in Middle East and Eastern Europe, political uncertainty in France and Japan and concerns over U.S Fed independence," commented the research analysts of ICICI Direct.

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