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Dollar (United States)

Gold and Silver Rates: Market Trends and Analysis

Strategic Insights

— 2 min read

The 24-carat gold rate in India was Rs 73,270 per 10 grams on September 19. Hareesh V, Head of Commodities at Geojit Financial Services, attributed the increase in gold rates to an outsized rate cut by the US, which indicates an economic slowdown and could boost gold and silver prices. The gold rate in Mumbai, Delhi, Kolkata, and Chennai on September 19 saw slight decreases, while the silver rate remained relatively stable across all cities.

Key Takeaways:

  • The gold MCX futures contracts with the expiry of October 2024 were quoted for Rs 72,929 per 10 gm, an increase of Rs 126.
  • The 24-carat gold rate rose by 0.3% in the last week and 2.16% in the last ten days.
  • The silver rate in Mumbai on September 19 was Rs 88,050 per kilogram, a drop of Rs 20 from the previous day.
  • The gold rate in North India (Pitru Paksha or Shradha period) declined due to decreased buying of jewelry and ornaments.
  • The gold and silver rates in Kolkata are expected to remain in focus as they approach Durga Puja.
  • The gold rate in Chennai was Rs 73,440 per 10 grams on September 19, a drop of Rs 110 from the previous day.
  • The silver rate in Chennai was Rs 88,310 per kilogram on September 19, a drop of Rs 1020 from the previous day.
  • The US dollar's rise put pressure on gold and silver prices despite expectations of lower rates causing a decline in US currency value.
  • The US rate cut decision indicates an economic slowdown, which could lead to increased demand for safe-haven assets like gold and silver.

Statistics:

  • The 24-karat gold rate in India was Rs 73,270 per 10 grams on September 19.
  • The gold rate in Mumbai, Delhi, Kolkata, and Chennai saw slight decreases on September 19.
  • The silver rate in Mumbai was Rs 88,050 per kilogram on September 19.
  • The 24-carat gold rate rose by 0.3% in the last week and 2.16% in the last ten days.
  • The gold MCX futures contracts with the expiry of October 2024 were quoted for Rs 72,929 per 10 gm, an increase of Rs 126.

Sources:

  • Hareesh V, Head of Commodities at Geojit Financial Services, (no date)
  • IE Online Media Services Pvt. Ltd., "Gold rate today: Gold, silver rate today, September 19" (no date)
  • Contify.com, "Gold, Silver Price in India on 19th September 2024" (no date)

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