
Gold prices remained in focus on Tuesday, September 22, as spot gold edged higher in early trading while US gold futures also posted a marginal gain. Spot gold was hovering just above $4,350 per ounce, up 0.14%, while US gold futures were up 0.03% at $4,385.40 per ounce at 02:03 GMT. The movement came amid heightened US-Iran tensions, profit booking and a stronger dollar.
In the domestic market, spot gold had closed at Rs 1,52,620 per 10 grams, while silver remained at Rs 2,35,054 per kilogram. On the Multi Commodity Exchange, October gold futures declined 0.85% to Rs 1,53,069 per 10 grams, while silver futures fell 0.89% to Rs 2,39,455 per kilogram from the previous close.
Jateen Trivedi, VP Research Analyst at LKP Securities, said, "Gold prices remained under mild profit booking as the Dollar Index moved above 100, keeping some pressure on bullion. However, weaker crude prices continue to support gold sentiment. With limited major US economic data this week, except for manufacturing data in the middle of the week, gold could remain range-bound but volatile."
The analyst expects gold to remain within a defined range in the near term. According to Trivedi, $4,250 is a strong technical support level, with gold expected to trade between $4,250 and $4,450 on COMEX and Rs 1,51,000 to Rs 1,56,000 on MCX.
For retail buyers, gold rates can vary between cities because of local taxes, transportation costs, dealer margins and other market factors. The rates for 24K and 22K gold per 10 grams, along with 999-purity silver per kilogram, are listed below for major Indian cities.
Gold and silver prices can change during the trading session, while the final price paid by jewellery buyers may differ because of GST, making charges and other applicable costs. The quoted rates should therefore be treated as market references rather than the final jewellery bill.
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