Gold and Silver Rate Today: The yellow metal remained under pressure on Monday as it was seen trading below the psychological level of Rs 50000. Silver too showed weakness as it declined 1%, nearly Rs 600, in the morning session.
On Multi Commodity Exchange (MCX), the Gold October futures were trading 0.17 per cent down at Rs 49,315 per 10 grams at 10:30 am.
Whereas Silver December futures were trading in at Rs 55,584 per kg. The metal was trading in red and down by 1.15 per cent.
Notably, commodities are under pressure and one of the major reasons is the strength in the US dollar index. The rupee depreciated 43 paise to an all-time low of 81.52 against the US dollar in early trade, as per the PTI report.
BUY call for the Gold by Kedia Commodity
Buy – Rs 49,200
Price target – Rs 49,600
Stop loss – Rs 49,000
Meanwhile, Sriram Iyer, Senior Research Analyst at Reliance Securities, said that the Indian rupee is likely to remain weaker as investors expect that the US Fed will continue to hike interest rates aggressively to cool inflation.
“Focus now shifts to RBI’s meeting this week, with its decision due on Friday. We expect RBI to hike rates by 50 bps to cool stubbornly high inflation and prevent the currency from weakening further,” Iyer said.
On the domestic equity market front, the 30-share BSE Sensex was trading 797.73 points or 1.37 per cent lower at 57,301.19 points while the broader NSE Nifty fell 260.80 points or 1.51 per cent to 17,066.55 points, PTI said.
Gold rates city-wise today, September 26, for 22 Carat:
Chennai : Rs 46,510
Mumbai : Rs 46,000
Delhi : Rs 46,150
Kolkata : Rs 46,000
Bangalore : Rs 46,050
Hyderabad : Rs 46,000
Kerala : Rs 46,000
Ahmedabad : Rs 46,050
Lucknow : Rs 46,150
Patna : Rs 45,030
Chandigarh : Rs 46,150
Bhubaneswar : Rs 46,000
(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before investing/purchasing.)