Gold Rate in India: September 18 Update

Strategic Insights -

The gold rate in India has been on the rise in the last week, with the 24-carat gold rate increasing by 2.21% in the last seven days. The rate for 24-carat gold per gram is now Rs 7,334. Silver, on the other hand, has been trading at Rs 89,180 per kilogram. Experts predict a retracement towards Rs 72,250 for gold, with strong support expected at this level.

Key Takeaways:

  • The 24-carat gold rate in India has increased by 2.21% in the last week, reaching Rs 73,334 per 10 grams on September 18.
  • The rate for 24-carat gold per gram is now Rs 7,334.
  • The rate of 22-carat gold was Rs 67,228 per 10 grams on September 18.
  • Experts predict a retracement towards Rs 72,250 for gold, with strong support expected at this level.
  • The silver rate is trading at Rs 89,180 per kilogram.
  • Gold traded weaker on the MCX, pressured by a sharp rise in the rupee, causing MCX gold to drop below Rs 73,250, down by 0.35%.
  • Jateen Trivedi, VP Research Analyst at LKP Securities, expects a decline in gold prices towards Rs 72,250 in the coming days.
  • Trivedi also stated that a retracement towards Rs 72,250 is likely, where strong support is expected.
  • Gold is taking support around $2,540-$2,530 in Comex.
  • Traders are advised to exercise strict risk management strategies due to the potential for significant overnight gaps due to the Fed's decision on September 18.
  • The gold rate in Mumbai, Kolkata, Delhi, and Chennai has been reported as follows:

+ Mumbai: Rs 73,440/10 grams on September 18.

+ Kolkata: Rs 73,240/10 grams on September 18.

+ Delhi: Rs 73,210/10 grams on September 18.

+ Chennai: Rs 73,550/10 grams on September 18.

Statistics:

  • 24-carat gold rate increase in the last week: 2.21%
  • Current 24-carat gold rate per gram: Rs 7,334
  • 22-carat gold rate on September 18: Rs 67,228 per 10 grams
  • Silver rate on September 18: Rs 89,180 per kilogram
  • MCX gold decrease: 0.35%
  • Comex gold support: $2,540-$2,530
  • Gold rate in Mumbai on September 18: Rs 73,440/10 grams
  • Gold rate in Kolkata on September 18: Rs 73,240/10 grams
  • Gold rate in Delhi on September 18: Rs 73,210/10 grams
  • Gold rate in Chennai on September 18: Rs 73,550/10 grams

Sources:

  • FE Business
  • Jateen Trivedi, VP Research Analyst, LKP Securities
  • MCX Futures on September 18
  • Contify.com