Gold Rate Today, Gold Price in India on September 29,2023: In INR terms yellow metal has support at Rs 56,810-56,540, while resistance is at Rs 57,480-57,650.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX gold prices traded flat on Friday, while silver rates soared 1.47%. On the Multi Commodity Exchange, gold October futures were trading at Rs 57854 per 10 grams, up marginally to Rs 8, or 0.01%. Silver December futures were trading up Rs 1039 at 71639 per kg on the MCX.
Gold was flat on Friday and braced for its biggest monthly fall since February, hovering around more than six-month lows on the prospects of higher-for-longer interest rates ahead of a widely watched US inflation print due later in the day, according to Reuters. Spot gold held its ground at $1,865.11 per ounce, while US gold futures rose 0.2% to $1,882.
Gold to remain Volatile
Gold and silver prices were highly volatile on Thursday and gold prices slipped to 9-month lows in the international markets. Commenting on the gold movement, Rahul Kalantri, VP Commodities, Mehta Equities said, “We expect gold and silver to remain volatile in today’s session. Gold has support at $1855-1846 while resistance is at $1892-1908. Silver has support at $22.42-22.28, while resistance is at $22.84-23.05. In INR terms gold has support at Rs 56,810 – 56,540, while resistance is at Rs 57,480 – 57,650. Silver has support at Rs 70,100 – 69,550, while resistance is at Rs 71,340 – 71,950.
US Core PCE price index data eyed
“Gold prices braced for their biggest monthly fall since February, hovering around levels at over six-month lows on the prospects of higher for longer US interest rates ahead of a widely watched US inflation data due today. US pending home sales dropped 7.1% in August from the month prior as mortgage rates surging over 7% in August to levels not seen in 20 years packed a punch. Federal official Barkin said that it’s unclear whether more monetary policy changes will be needed in the coming months. Focus today will be on US Core PCE price index data,” said Manav Modi, Analyst- Commodity and currency, Motilal Oswal Financial Services.