Gold prices in India are at a new all-time high with 24/10 grams above the Rs 76,000 mark in major cities like Delhi, Jaipur, Lucknow, and Chandigarh among others. In the trading week from September 23-27, Gold and silver prices are anticipated to trade in a range of 72000-75000 and 86000-94000.

Gold, Silver Price In India:

Currently, the average gold price in 24K of 10 grams is at Rs 75,920 in India, while 22K and 18K prices are at Rs 69,590 and Rs 56,940 levels. The price of gold in India today is Rs 6,959 per gram for 22-karat gold and Rs 7,592 per gram for 24-karat gold (also called 999 gold).

In cities like Delhi, Jaipur, Lucknow, Chandigarh, Ayodhya, Gurgaon, Noida, Ghaziabad, Kanpur, and Varanasi – the price of 24K/10 grams is at Rs 76,070 each.

Overall, in September month, gold prices are up nearly 4% each.

Also, 1 kg of silver is priced at Rs 92,900, while 100 grams and 10 grams of the same metal are available at Rs 9,290 and Rs 929 respectively.

Meanwhile, MCX gold futures with October expiry is at Rs 74,014 per 10 grams, and silver price with December expiry is at Rs 90,080.

Brokerage SMC Global Securities in its latest note said, ” In the commodities market, gold prices on COMEX hit a record high of $2,572.5, but failed to sustain those levels as the rate cut shifted interest towards equities, prompting participants to redirect their investments. Silver faced resistance at $31.7, witnessing a pullback from there. Similarly, MCX gold and silver also saw declines from their highs. Silver faced resistance at $31.7, witnessing a pullback from there.”

Gold, Silver Price Weekly Outlook For September 23-27:

According to SMC’s note, Gold prices surged to a new record after the U.S. Federal Reserve made its first rate cut since 2020. The Fed lowered its benchmark interest rate by 0.5 percentage points, marking the beginning of a policy shift aimed at supporting the U.S. labour market.

Explaining further in detail, SMC highlighted that projections from the Fed’s two-day meeting showed a narrow majority of officials supporting further rate cuts, with 10 of 19 favoring an additional half-point reduction over the central bank’s two remaining meetings this year. In response to the Fed’s decision, both Treasury yields and the U.S. dollar weakened. Gold, which typically benefits from lower interest rates, initially rose by 1.2% before trimming gains.

Also, it said, Fed Chair Jerome Powell cautioned that this should not be viewed as the start of a “new pace” of cuts. Gold prices have already surged by more than 24% this year, reaching successive record highs. The rally in early 2024 was largely driven by strong demand from emerging markets, especially central banks and investors in Asia.

However, SMC also said that in recent months, the focus has shifted to the Federal Reserve’s policies and the outlook for the U.S. economy. In a low-rate environment, gold thrives as a safe-haven asset, particularly amid recessionary fears. Tensions in the Middle East have also contributed to safe-haven demand for gold.

For the trading week from September 23-27, SMC’s note said, COMEX gold looks strong, with the potential to target $2,700 and support near $2,520. Silver is expected to trade between $30 and $33. On the MCX, gold could move with a bullish bias, with support around Rs. 72,000 and resistance near Rs. 75,000. Silver is projected to trade between Rs. 84,000 and Rs. 93,000.