Gold prices witnessed an outstanding last week, hitting back t0 back record highs. Now, 22K of 10 grams is just Rs 50 away from the Rs 71,000 mark, while 24K of the same is racing to touch the Rs 78,000 level. A similar trend was seen in silver last week with prices even crossing Rs 1 lakh in major cities before slightly correcting. In the coming trading week from September 30 to October 4, gold prices could achieve new heights, and silver prices may range between Rs 90,000 to Rs 96,000.

Gold Prices In India: 22K of 10 grams is priced at Rs 70,950 currently as of September 29, 2024. While 24K and 18K of 10 grams of gold are available at Rs 77,400 and Rs 58,050 respectively. The cheapest gold is at Rs 5,805 per 1 gram of 18K, while the most expensive gold to buy is at Rs 7,74,000 which is of per 100 grams in 24K.

Gold Prices In Major Cities: In cities like Chennai, Mumbai, Kolkata, Bangalore, Hyderabad, Kerala and Pune, the 24K of 10 grams is priced at Rs 77,400. Gold price is high at Rs 77,550 in Delhi, while the price is at Rs 77,450 in Vadodara and Ahmedabad.

Silver Prices In India: 1 kg of silver price is available at Rs 95,000, while the cheapest price of this precious metal is Rs 95 in 1 gram, followed by 8 grams price at Rs 760. Further, 100 grams and 10 grams of silver is at Rs 9,500 and Rs 950 respectively.

Silver Prices In Major Cities: In Chennai, Kerala and Hyderabad, 1kg silver price is highest at Rs 1,01,000. While silver price is at Rs 95,000 in cities like Mumbai, Delhi, Kolkata, Pune, Vadodara, and Ahmedabad. The price is low at Rs 88,000 in Bangalore.

MCX Gold, Silver Prices: By the end of September 27, MCX gold futures with December expiry stood at Rs 75,730 per 10 grams. On the other hand, silver price with December expiry stood at Rs 91,400 per 1Kg, after hitting the Rs 93,248 mark on September 27.

Spot Gold, US Gold Futures: The XAU/USD aka spot gold ended at $2,658.32 on September 27, after hitting a new lifetime high of $2,685.96 per ounce which was recorded earlier last week. Furthermore, US Gold Futures ended the week at $2,680.80 an ounce, after touching a new record high of $2,696.9 an ounce.

According to SMC Global Securities, Gold had a standout week, repeatedly hitting record highs, reaching $2,697 on COMEX and ₹76,000 on MCX. Silver followed gold’s trend, closing above $32.50 on COMEX and ₹93,000 on MCX.

Gold, Silver Price Outlook For Trading Week Of September 30 To October 4:

Talking about gold performance, SMC’s note said that gold prices experienced strong weekly gains, driven by growing expectations of another significant U.S. interest rate cut this year. Markets are closely watching a key inflation report for further guidance. Gold surged to a record high of $2,686 per ounce, fuelled by anticipated Federal Reserve rate cuts and increased gold purchases by emerging market central banks.

In the case of silver prices, SMC’s note added silver also saw a sharp rise, following gold’s momentum and China’s massive stimulus measures. However, some analysts caution that silver’s rally may face challenges due to concerns over industrial demand.

As per SMC, the Federal Reserve’s recent half-percentage-point rate cut sparked a rally in gold, which has gained approximately 1.8%. The weaker U.S. dollar, now down for the fourth consecutive week, has further supported gold prices by making dollar-denominated commodities cheaper for holders of other currencies.

It revealed further that currently, traders expect a 49% chance of another half-point rate cut in November, according to the CME FedWatch Tool. Lower interest rates reduce the opportunity cost of holding non-yielding assets like gold, which also benefits from its safe-haven appeal during times of economic and political uncertainty.

Furthermore, the brokerage stated that investors are now focused on the upcoming Core PCE Price Index data, the Fed’s preferred inflation measure.

Looking ahead, SMC added, “On the Comex, gold is trading near $2,665, with eyes on the psychological level of $2,700. Near-term support is seen around $2,580. Silver, meanwhile, is expected to trade in the range of $31- $33.80. In the Indian markets, gold may continue to trade between Rs 73,500- Rs 76,000, while silver is projected to range from Rs. 89,200-Rs. 94,500 in the week ahead.”

Story first published: Sunday, September 29, 2024, 23:26 [IST]