Gold Rate in India Today, Sept 4: Prices DROP Ahead of Onam; Latest 22K, 24K, 18K Gold Prices in Major Cities

Gold prices in India slipped slightly today after touching an all-time high yesterday, after a continuous upward rally. The dip in gold rates comes as a relief for buyers, especially in southern India, ahead of the Onam festival, which will be celebrated tomorrow. Traditionally, demand for gold and silver jewellery surges during this festive season, pushing the prices higher.

Additionally, the recent GST revamp announced by Finance Minister Nirmala Sitharaman is also being seen as an important factor influencing gold and silver movements, although no specific tax changes were made on gold and silver jewellery.

Meanwhile, in the international market, gold prices soared to a historic $3,600 per ounce for the first time. The rally is mainly because of the tariff games and rising expectations of a possible September rate cut by the U.S. Federal Reserve. So far this year, gold rates have jumped nearly 30% due to ongoing economic uncertainty.

Gold Rate in India Today

As of today, 4th September, 24-carat gold rates in India slipped by Rs. 110 per 10 grams to cost Rs. 1,06,860. While the 22-carat gold price today stands at Rs. 97,950 per 10 grams after a decline of Rs. 100. Meanwhile, the 18-carat gold decreased by Rs. 90 to retail at Rs. 80,140 per 10 grams.

The bulkier quantities also experience a decline; 100 grams of 24-carat gold rates now retail at Rs. 10,68,600, after slipping Rs. 1,100, and the 22-carat gold rates per 100 grams now cost Rs. 9,79,500 after slipping Rs. 1,000.

Silver prices in India today

Silver rates in India today are stable after rising by about Rs.7000 per kg in the last 5 days. Currently, 1 kg of silver costs Rs. 1,27,000 and 100 grams of silver costs Rs. 12,700.

Gold Price Outlook Ahead

"Gold surged above $3,570 per ounce, driven by softer US jobs data boosting Fed rate cut bets and strong safe-haven demand amid global uncertainties. Political risks and upcoming labour reports are expected to keep bullion's rally well supported in the near term. On the technical front, MCX Gold continues to be in an uptrend, with strong momentum as it surged for the 11th straight session yesterday. It is comfortably walking along its upper Bollinger Band without any breach. However, after such a stupendous rally, a pullback can be expected, and the risk-reward is not favourable for bulls. Existing traders can hold MCX Gold, but new investments should be avoided at these extended levels. Immediate support is placed at 105850, while resistance is seen at 107226- 108200. Traders can buy MCX Gold near 105850 for a target of 107,225-108200, with sustained weakness below 105800 acting as a stop-loss." said Abhishek M Pelu of Way2Wealth Brokers.

Gold prices in Chennai, Bengaluru, and Hyderabad Ahead Of Onam

A similar decline in gold prices across the country was seen. Below are the gold rates in the South Indian cities of India:

CHENNAI: 10 grams of 24-carat gold rates in Chennai stand at Rs. 1,06,860 per 10 grams, while the 22-carat gold prices in Chennai cost Rs. 97,950 per 10 grams.

BENGALURU: Likewise, gold rates in Bangalore for 22 carats are now at Rs. 97,950 per 10 grams, while the 24-carat gold price in Bangalore is now at Rs. 1,06,860 per 10 grams of yellow metal.

HYDERABD: Gold prices in Hyderabad are also mirroring the gold rates in India today, where the price of 22-carat gold retails at Rs. 97,950 per 10 grams. 24-carat gold retails at Rs. 1,06,860 per 10 grams.

Spot Gold Price and Silver Price Update

As per Reuters, spot gold fell 0.8% to $3,530.69 per ounce as of 0511 GMT. Bullion hit a record high of $3,578.50 on Wednesday. U.S. gold futures for December delivery were down 1.3% to $3,590. Spot silver fell 0.8% to $40.82 per ounce, after hitting its highest since September 2011 in the last session."

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