Gold rate today: Yellow metal rises nearly Rs 200; silver nears Rs 55,000 on MCX

Synopsis

The European Central Bank raised its key interest rates by an unprecedented 75 basis points on Thursday and promised further hikes to combat inflation even as the bloc is likely heading towards a winter recession and gas rationing.

NEW DELHI: Gold prices rose on Friday as the weakness in the US dollar boosted the sentiments for the yellow metal. However, the gains were capped following hawkish comments by the US Fed chair.

The European Central Bank raised its key interest rates by an unprecedented 75 basis points on Thursday and promised further hikes to combat inflation even as the bloc is likely heading towards a winter recession and gas rationing.

Gold futures on MCX were trading firmer by 0.37 per cent or Rs 184 at Rs 50,540 per 10 grams. However, silver futures rallied 1.17 per cent or Rs 634 at Rs 54,915 per kg.

Gold Rates – Spot & Futures (.995 purity) (MCX)

Date Gold Spot Price
Rs/10 grms (AHMEDABAD)
Gold Future Price
Rs/10 grms Expiry: 05-Oct-2022
09-09-2022 50727 50421
07-09-2022 50353 50469
06-09-2022 50518 50280
05-09-2022 50570 50438
02-09-2022 50381 50373
01-09-2022 50216 50056
31-08-2022 50986 50402
30-08-2022 50986 50755
29-08-2022 51022 51278
26-08-2022 51458 51248
25-08-2022 51856 51714
24-08-2022 51402 51450
23-08-2022 51220 51395
22-08-2022 51205 51175
19-08-2022 51845 51505

GoldGold Technical Charts

The dollar index was down 0.3 per cent, having hit its lowest level in a week, making the greenback-priced bullion less expensive for those holding other currencies.

The number of Americans filing new claims for unemployment benefits fell last week to a three-month low, underscoring the robustness of the labour market.

Tapan Patel, Senior Analyst (Commodities), HDFC Securities said gold prices traded higher on Friday with spot gold prices trading over half a per cent up in the morning trade.

“Gold prices recovered on the weaker dollar which was trading 0.65 per cent down at 109 against six major currencies. The market players digested hawkish remarks from US Fed,” he added.

Gold Rate in Different Cities in India

Standard Gold (22 Carat) Pure Gold (24 Carat)
City Name 1 gram 8 grams 1 gram 8 grams
Ahmedabad ₹4,825 ₹38,600 ₹5,090 ₹40,720
Delhi ₹4,970 ₹39,760 ₹5,252 ₹42,016
Chandigarh ₹5,085 ₹40,680 ₹5,366 ₹42,928
Mumbai ₹4,919 ₹39,352 ₹5,185 ₹41,480
Pune ₹4,832 ₹38,656 ₹5,086 ₹40,688
Kolkata ₹5,078 ₹40,624 ₹5,369 ₹42,952
Ranchi ₹4,976 ₹39,808 ₹5,252 ₹42,016
Jaipur ₹4,882 ₹39,056 ₹5,147 ₹41,176
Hyderabad ₹4,841 ₹38,728 ₹5,106 ₹40,848
Chennai ₹4,845 ₹38,760 ₹5,116 ₹40,928
Bangalore ₹4,874 ₹38,992 ₹5,138 ₹41,104
Kerala ₹4,863 ₹38,904 ₹5,120 ₹40,960
Trivandrum ₹4,864 ₹38,912 ₹5,121 ₹40,968

In the spot market, the highest purity gold was sold at Rs 50,902 per 10 grams while silver was priced at Rs 54,320 per kg on Wednesday, according to the Indian Bullion and Jewellers Association.

The spot prices of gold have plunged as much as Rs 1,200 per 10 grams in the last two weeks, whereas silver has dropped about Rs 1,600 per kg in the same period under review.

Trading Strategy
“We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1,710 and resistance at $1,730 per ounce. MCX Gold October support lies at Rs 50,100 and resistance at Rs 50,800 per 10 grams,” said Patel from HDFC Securities.

Global markets
Spot gold rose 0.4 per cent to $1,713.62 per ounce as of 0110 GMT. US gold futures were up 0.3 per cent at $1,724.90.

Spot silver gained 0.5 per cent to $18.66 per ounce, platinum rose 0.1 per cent to $880.27 and palladium fell 0.5 per cent to $2,127.57.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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    Updated: 09/09/2022 — 19:00