Another Drop in Gold Rate in India Today Ahead of Festive Season; Find Out Latest 24K, 22K,18K Prices, Sept 17

Gold price today underwent a decline, bringing some relief to gold buyers after a sharp rally that has been pushing the precious metal to an all-time high. Just yesterday, 22-carat gold and 24-carat gold rates in India had surged to new record levels. However, the gold price drop today is a welcome sign for retail buyers who have been struggling with the continuous rise in the gold rate in India.

The consistent increase in gold prices had made it difficult for households and small investors to purchase gold jewellery or coins. This rise in rates has also led to weakening demand in the retail market. Still, the upcoming festive season and wedding season in India could push the demand higher, leading to a possible fresh rise in gold rate in india.

Meanwhile, all eyes are on the US Federal Reserve's interest rate decision at the FOMC meeting today. Any rate change by the Fed is expected to have a significant impact on the bullion market and global equity markets.

Gold Rate in India Today

On Wednesday, 17th September, 24-carat gold rates in India slipped by Rs. 220 per 10 grams to cost Rs. 111,710. While the 22-carat gold price today stands at Rs. 102,400 per 10 grams after a decline of Rs. 200. Meanwhile, the 18-carat gold decreased by Rs. 170 to retail at Rs. 83,780 per 10 grams.

The bulkier quantities also experience a decline; 100 grams of 24-carat gold rates now retail at Rs. 1,117,100, after slipping Rs. 2,200, and the 22-carat gold rates per 100 grams now cost Rs. 1,024,000 after slipping Rs. 2,000.

Silver prices in India today

Silver rates in India today saw a massive drop of Rs. 2000 per kg and currently cost Rs. 132,000, and 100 grams of silver cost Rs. 13,200.

Gold prices in Chennai, Bengaluru, and Hyderabad

A similar decline in gold prices across the country was seen. Below are the gold rates in the major cities of India on September 17.

MCX Gold and Silver Futures Prices Today

Currently, gold futures prices due to mature on October 3rd are trading at Rs. 109,710 per 20 grams, down by 0.40%. Silver futures, with an expiration date of December 5th, also dropped slightly by 1.44% and are now trading at Rs. 126,963 per kg.

Global Gold Price and Silver Price Update

As per Reuters, "Spot gold was down 0.2% at $3,683.19 per ounce as of 0515 GMT, after hitting a record high of $3,702.95 on Tuesday. U.S. gold futures for December delivery eased 0.2% to $3,719.50. Spot silver slipped 1.4% to $41.96 per ounce."

"Spot Gold is likely to hold its gains and trade higher ahead of today's FOMC meeting. Growing bets of multiple rate cuts in the coming months will boost gold's demand. Signs of slowdown in the US labour market and steady US inflation numbers have strengthened the chances of more than a 50 bps rate cut this year." As per the ICICI Commodity report.

Gold price Outlook Ahead

As per the commodity report for Nirmal Bang Securities, "Gold prices are expected to correct. Traders can sell at 110400 with a stop loss of 110700 for the target at 110000-109500. One can also buy from 109500, maintaining a stop loss of 109200.

"In the international market, bullion rose above $3,700 an ounce for the first time, supported by a gauge of the US dollar falling to the lowest in more than 10 weeks. While a rate cut this week is priced in by markets, the Fed will also release its quarterly update of economic and rate forecasts, dubbed the dot plot, and Chair Jerome Powell will hold his post-decision news conference," the report further added.

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