Comex Gold, Comex Silver, MCX Gold, MCX Silver, Gold Outlook, Gold Forecast, Gold Price Prediction: On Monday, gold and silver exhibited mixed performance in international markets. Gold December futures closed at $2,652.50 per troy ounce, marking a 0.33% gain, while silver December futures settled at $31.085 per troy ounce, down by 1.30%. The domestic markets reflected a similar trend, with gold October futures ending at Rs 74,295 per 10 grams, up 0.34%, while silver December futures fell by 1.00%, closing at Rs 89,231 per kilogram.
Gold experienced high volatility but managed to reach new lifetime highs due to mixed U.S. economic data. In contrast, silver retreated from its peaks. The U.S. manufacturing sector contracted to 15-month lows in September, while service sector activities, though mostly in line with expectations, dropped to two-month lows. These economic indicators supported gold prices, but profit-taking in silver ensued due to the contraction in manufacturing activities. A rebound in the dollar index further restricted gains for precious metals.
Data to Watch Today
Tuesday, September 24, 2024:
06:30 PM: US House Price Index MoM (JUL)
07:30 PM: US CB Consumer Confidence (SEP)
Manoj Kumar Jain, Director at Prithvi Finmart, commented:
“Gold is in a long-term bull run and continues to show strength, but silver could experience some profit-taking at higher levels. We expect gold and silver prices to remain volatile this week amid fluctuations in the dollar index and geopolitical tensions. Gold has support at $2,634-$2,618, with resistance at $2,666-$2,684 per troy ounce, while silver has support at $30.88-$30.50 and resistance at $31.40-$31.74 per troy ounce in today’s session. On MCX, gold has support at Rs 74,040-Rs 73,800 and resistance at Rs 74,500-Rs 74,720, while silver has support at Rs 88,650-Rs 88,000 and resistance at Rs 89,900-Rs 90,450.”
Nirmal Bang Securities noted:
“Gold and silver prices are trading higher on international bourses. We expect them to continue trading higher for the day, as gold prices remain steady near record highs after several Federal Reserve officials left the door open for additional rate cuts.”
Kedia Commodity Key Levels to Watch
MCX Gold (October Futures):
Resistance: Rs 74,475 – Rs 74,660 – Rs 74,905
Support: Rs 74,045 – Rs 73,800 – Rs 73,615
MCX Silver (December Futures):
Resistance: Rs 90,190 – Rs 91,155 – Rs 92,080
Support: Rs 88,300 – Rs 87,375 – Rs 86,410
Spot Gold ($):
Resistance: $2,638.4 – $2,647.94 – $2,659.14
Support: $2,616.46 – $2,604.06 – $2,592.86
Spot Silver ($):
Resistance: $31.19 – $31.71 – $31.93
Support: $30.25 – $29.83 – $29.61
LBMA Spot Gold Update: According to a report by Geojit Group, the bullish outlook for gold will continue as long as prices remain above $2,600. A drop below $2,540 could trigger a further correction. For silver, breaking above $31.50 is crucial for a bullish rally, while a fall below $29.50 could push prices lower.
In domestic trading, a break above Rs 74,500 in MCX Gold October futures could trigger fresh rallies, while MCX Silver December futures might see initial choppy trading. A break above Rs 91,600 could spark rallies.
India IBJA Gold Price Today in Carats, fineness and Purity:
Without GST
999 Rs 74467
995 Rs 74169
916 Rs 68212
750 Rs 55850
585 Rs 43563
Silver Price
999 Rs 87756
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Note: The prices listed on Gold Price Today are sourced from various jewellers and bullion associations across the country. The price of gold and silver in your city may vary, as local jewellers add GST, making charges, and hallmarking fees to the base price. Additionally, many jewellers charge a premium for their brand, leading to differences in gold and silver prices at different shops.
Disclaimer: The information in this article is intended for informational purposes only and reflects the views of the expert. Before making any investment decisions, it is recommended to seek the advice of a financial advisor. The individuals associated with Gold Price Today do not engage in the personal buying, selling, or trading of gold or silver. We cannot be held liable for any gains or losses incurred.
