Global gold prices edged higher on Tuesday, September 22, as ongoing tensions between the US and Iran supported demand for the precious metal. However, a stronger US dollar and profit booking limited gains. In India, gold and silver futures moved lower during the session.
Analysts expect bullion prices to remain volatile in the near term while trading within a defined range. Softer crude oil prices are providing some support to gold sentiment, although currency movements and market positioning continue to influence prices.
Gold Prices Show Marginal Gains in Global Markets
Spot gold was trading slightly above $4,350 per ounce in early Tuesday trading, gaining 0.14%. US gold futures also moved marginally higher, rising 0.03% to $4,385.40 per ounce at 02:03 GMT.
The movement in international gold prices came against the backdrop of heightened US-Iran tensions, profit-taking activity and a stronger dollar.
In the Indian spot market, gold had settled at Rs 1,52,620 per 10 grams, while silver closed at Rs 2,35,054 per kilogram.
On the Multi Commodity Exchange (MCX), October gold futures declined 0.85% to Rs 1,53,069 per 10 grams. Silver futures also slipped 0.89% to Rs 2,39,455 per kilogram compared with the previous close.
Gold and Silver Rates Today: City-Wise Prices
| City | 22K Gold (Rs/10g) | 24K Gold (Rs/10g) | Silver (Rs/kg) |
|---|---|---|---|
| Delhi | Rs 1,39,544 | Rs 1,52,230 | Rs 2,32,770 |
| Mumbai | Rs 1,39,783 | Rs 1,52,490 | Rs 2,33,180 |
| Kolkata | Rs 1,39,599 | Rs 1,52,290 | Rs 2,32,870 |
| Chennai | Rs 1,40,195 | Rs 1,52,940 | Rs 2,33,850 |
| Bengaluru | Rs 1,39,893 | Rs 1,52,610 | Rs 2,33,440 |
| Hyderabad | Rs 1,40,012 | Rs 1,52,740 | Rs 2,33,590 |
Gold May Remain Volatile Within a Range
Jateen Trivedi, VP Research Analyst at LKP Securities, said gold was facing mild profit booking as the Dollar Index moved above 100. At the same time, lower crude oil prices continued to provide support to the bullion market.
According to Trivedi, the absence of major US economic data this week, apart from manufacturing data expected in the middle of the week, could keep gold prices range-bound while volatility remains elevated.
The analyst identified $4,250 as an important technical support level. On COMEX, gold is expected to trade in the $4,250-$4,450 range, while the expected MCX range is Rs 1,51,000 to Rs 1,56,000.
Retail Gold Rates May Differ Across Cities
Gold prices available to retail buyers can vary from one city to another due to factors such as local taxes, transportation expenses, dealer margins and other market conditions.
The listed rates for 22K and 24K gold are based on prices per 10 grams, while the silver rates are for 999-purity silver per kilogram. These figures are intended as market references.
Gold and silver prices can change throughout the trading session. The final amount paid for jewellery may also be higher because of GST, making charges and other applicable costs. Therefore, retail buyers should check the prevailing rate and complete pricing with their jeweller before making a purchase.
Disclaimer: Gold and silver prices are subject to market fluctuations and may vary across locations and sellers. The rates mentioned above are for reference purposes only and should not be considered the final purchase price. Jewellery costs may also include GST, making charges and other applicable fees.