Gold Rate in India Today Rallies to All time High on Sept 23; Festive Season Demand Lifts 24K, 22K, 18K Gold

Gold price in India today rallied once again, the fourth surge in the last five trading sessions, indicating a strong start to the festive season. With Navratri beginning yesterday, demand for gold and silver jewellery has already picked up in the market and is expected to rise further in the coming days.

In just four sessions, gold rates in India have surged by nearly Rs. 29,000 per 100 grams of 24-carat gold, taking prices to a fresh lifetime high. However, the huge rise in prices has made it difficult for buyers to make big-ticket jewellery purchases, especially ahead of Diwali, Dhanteras, and the wedding season.

On the global front, international spot gold prices touched a record high, crossing $3,700 per ounce. Now the investors await Federal Reserve Chair Jerome Powell's speech for policy cues, which could further influence gold's rally in the international market.

Meanwhile, silver prices are also on the rise, inching closer to the Rs. 1.5 lakh per kg mark in India, mainly because of the festive season spike in demand.

Gold rates in India today

On Tuesday, September 23rd, the 22-carat gold rate in India spiked once again by Rs. 1150 per 10 grams to cost Rs. 104,800. While the 24-carat gold rate zoomed by Rs. 1260 per 10 grams to retail at Rs. 114,330 per 10 grams. In a similar manner, the 18-carat gold rates in India increased by Rs. 940 to cost Rs. 85,750 per 10 grams.

Just like that, 100 g of 24-carat gold surged by Rs. 12,600 to cost Rs. 11,43,300,and the 22-carat gold per 100 grams also saw a jump of Rs. 11,500 to retail at Rs. 10,48,000. Similarly, 100 grams of 18-carat gold jumped by Rs. 1200 and now cost Rs. 769,500.

According to a prediction report by Nirmal Bang Securities, "Gold prices are expected to pull back. Traders can buy at 111700 with a stop loss of Rs. 111400 for the target at Rs. 112100-Rs. 112500."

Silver prices in India today

Since the last two days, silver prices in India have jumped sharply, and currently 1 kg of silver costs Rs. 140,500 after rising Rs. 1900, and 100 grams of silver cost Rs. 14,500 after rising Rs. 190.

Gold prices city-wise On Sept 23

The back-to-back sharp rally in gold prices in India was reported across major cities in Below are the gold rates in the metropolis on September 23rd:

Gold Price in Chennai

Gold Price in Bengaluru

Gold Price in Hyderabad

Gold Price in Mumbai

Gold and Silver Futures Prices on the Multi Commodity Exchange

Gold prices on the MCX (Multi Commodity Exchange) are in the red zone today. Currently, gold futures prices due to mature on October 3rd are trading at Rs. 101,412 after slipping by 0.13%. Silver futures, which are set to mature on September 5th, rose today, trading 0.27% higher at Rs. 116,412.

Gold Price Outlook

"Gold powered to a record in the week's opening session on Monday after flows into exchange-traded funds hit a three-year high, with investors betting that the Federal Reserve's rate-cutting cycle has further to run. Silver also rose, with year-to-date gains topping 50%. The more expensive metal spiked to an all-time high above $3,700 an ounce, building on a run of five weekly gains, as the Fed cut rates and flagged further easing through to year-end. We expect precious metals prices on Indian bourses to trade range-bound to slightly higher for the day, as gold prices held a fifth weekly advance, boosted by the Federal Reserve's first rate cut of the year, with investors looking to a key inflation print due Friday for more clues about the US central bank's monetary path."as per India Jewellers and Biullion Association Ltd.

Spot Gold Price and Silver Price Update

According to the latest Reuters report, spot gold held its ground at $3,744.68 per ounce as of 0412 GMT, after hitting a record high of $3,759.02 earlier in the session. U.S. gold futures for December delivery rose 0.1% to $3,779.40. Spot silver fell 0.5% to $43.84 per ounce."

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