Gold rates in India at MCX rebounded and rallied sharply on September 19, after recording decline for two consecutive days. At MCX, gold price neared Rs 1,09,700 levels and MCX silver price climbed more than touched an intraday high of Rs 1,28,500. Gold prices across retail stores in India is likely to have a big jump too.
MCX Gold Price + MCX Silver Price
In the early trade, MCX gold price futures on September 19, jumped by Rs 421 to trade at Rs 1,09,473 per 10 grams. The bullion with October 2025 expiry climbed to hit an intraday high of Rs 1,09,678, which was near its record high of Rs 1,10,666 per 10 grams.
Furthermore, MCX silver price with December 2024 expiry, skyrocketed by a whopping Rs 1,644 or 1.3% to trade at Rs 1,28,755 per 1kg, at the time of writing. This precious metal hit an intraday high of Rs 1,28,756 per 1kg, coming closer to its all-time high of Rs 1,30,284 per 1kg.
Gold & Silver Prices Outlook On September 19:
According to ateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, "Gold opened weak as participants booked profits ahead of the Fed's policy decision, but soon recovered with support from rupee weakness, lifting MCX Gold to ₹1,09,775 from lows of ₹1,08,700. Comex Gold also rebounded from $3,633 to $3,670, aiding the recovery. Volatility is expected to remain high, with profit booking at higher levels and strong buying support on dips. Gold range is seen between ₹1,07,500-₹1,11,000."
However, despite the latest surge, both gold and silver prices are on the path for their first weekly losses in a month.
As per Rahul Kalantri, VP Commodities, Mehta Equities, the U.S. 10-year bond yields also sharply rebound and crossed 4.10% level once again. Adding to the pressure, the Bank of England opted to keep interest rates steady at 4.0%, further restricting bullion's gains. Global equities rose on optimism around Fed rate cuts, softening the demand for safe-haven assets. Still, uncertainties from geo-political fronts and steady central bank purchases may act as a floor for gold and silver prices.
Gold has support at $3625-3605 while resistance at $3670-3700. Silver has support at $41.50-41.30 while resistance is at $42.25-42.50. In INR gold has support at Rs1,08,680-1,08,380 while resistance at Rs1,09,450-1,09,700. Silver has support at Rs1,26,450-1,26,050 while resistance at Rs1,28,050, 1,29,000, as per Kalantri.
Spot Gold Price + Spot Gold Silver Price:
Gold edged up to around $3,650 per ounce on Friday but held most of its two-day decline, positioning the metal on track to pause a four-week rally. Markets continued to digest the Federal Reserve outlook after the central bank eased its benchmark rate for the first time since December, leaving the door open for further reductions. However, policymakers cautioned that persistent inflation could slow the pace of any future cuts, as per Trading Economics. Silver slipped below $41.5 per ounce on Thursday, falling for a third consecutive session after the US Federal Reserve delivered a widely expected quarter-point rate cut but struck a more cautious stance on further easing than markets anticipated.
In India overall, the price of 10 grams of gold prices dropped by Rs 540 in 24 carat to Rs 1,11,170 on September 18, followed by a decline of Rs 220 to Rs 1,11,710 on September 17. Meanwhile, 22 carat in 10 grams also plunged by Rs 500 to Rs 1,01,900 per 10 grams on September 18, extending losses from a Rs 200 decline to Rs 1,02,400 on September 17.
Additionally, the 100-gram gold price declined by Rs 5,400 in 24 carat to Rs 11,11,700 on September 18, extending its losses from drop of Rs 2,200 to Rs 11,17,100 on September 17. Prices were down by Rs 5,000 on Thursday after falling by Rs 2,000 on September 17 in 22 carat of 100 grams.
From September 18 to 17, gold rates have dropped by Rs 7,600 in 24 carat of 100 grams, and down by Rs 7,000 in 22 carat of 100 grams.
Gold prices are expected to rebound on September 19, as the festival cheer appears.
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