Gold Rates In India Today, Sept 22: 22, 24 & 18K Surge Sharply As New GST Rates Take Effect; MCX Gold Outlook?

Today, Monday, September 22, saw an enormous spike in gold prices in India as the new GST rates announced by the Modi administration went into effect. Gold prices rose in the domestic market as investors closely watched the week's major US data, including GDP, Manufacturing & Services PMI, and PCE Price Index, even though the GST 2.0 reforms for jewelry products would not change the 3% GST on gold and silver jewelry and add 5% on making charges. Gold coins and bars, on the other hand, would still have a 3% GST.

Gold & Silver Rates In India Today

Current gold prices in India are Rs 11,258 per gram for 24 carat gold, Rs 10,320 per gram for 22 carat gold, and Rs 8,444 per gram for 18 carat gold. The price of 24k of 10 grams of gold in India today is Rs 1,12,580, up from Rs 1,12,150 yesterday. Similarly, the price of 24k of 100 grams of gold in India on Monday reached Rs 11,25,800, an overnight spike of Rs 4,300 from yesterday's price of Rs 11,21,500.

Gold rates in India today for 22k of 10 grams reached Rs 1,03,200 compared to Rs 1,02,800 yesterday representing a price surge of Rs 400, similarly 22k of 100 grams of gold will cost Rs 10,32,000 in India today which was Rs 10,28,000 yesterday representing a costlier rate of Rs 4,000 overnight for retail investors.

18k of 10 grams of gold now costs Rs 84,440 in India, up Rs 330 from yesterday's price of Rs 84,110. Similarly, 18k of 100 gms of gold will cost Rs 8,44,400 in India on Monday, up Rs 3,300 from yesterday's price of Rs 8,41,100.

Silver now costs Rs 138 per gram and Rs 1,38,000 per kilogram in India, up from Rs 135 and Rs 1,35,000 yesterday.

MCX Gold Outlook Today

"On the technical front, MCX gold continues to hover near its all-time highs. In Friday's session, it formed a bullish green candlestick pattern after a minor pullback toward the 10-day EMA support line. So far, every dip has been bought aggressively. Immediate support lies at 108,950, while resistance is seen at 109,900-109,950-110,650. Overall trend remains bullish, and traders can look to buy MCX gold near 108,950 for targets of 109,900-109,950-110,500, with a stop loss placed below 108,820," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

Gold & Silver Rates Fundamental Outlook Today

"Gold and silver prices are trading slightly higher today on the international bourses. 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," commented the research analysts of Nirmal Bang Securities.

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