Gold rate today: Gold prices gain Rs 517 to Rs 75,375/10 gm, silver also up near Rs 92,000/kg

Gold price (September 30): Gold price in Monday's trade (September 30) traded subdued tracking international gold rate move. At around 10:05 am, MCX gold was up by 0.69 per cent or Rs 517 at Rs 75,375 per 10 gm, while at the day's high it scaled to Rs 75,649 per 10 gm.

Spot gold in Ahmedabad quoted at Rs 75,340 per 10 gm on September 27.

COMEX Gold also surpassed $2.675 levels, and last traded 0.33 per cent higher at $2,676.9 per ounce. In the previous session, gold internationally marked a new high.

Silver price (December futures), meanwhile, traded 0.35 per cent higher or Rs 319 per kg even at Rs 91,717. The Spot silver, however, was down at $31.58 per ounce level. Last Thursday, spot silver rose to its highest level since December 2012 of $32.71 per ounce. 

Gold and silver are showing solid strength amid interest rate cuts by global central banks, Chinese stimulus, and geo-political tensions. The dollar index also slipped to 14-month lows and supported gold and silver prices.

Manoj Jain, Director- Prithvimart said, "We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, geo-political tensions and Fed Chairman’s speech and it is expected to hold its support level of $2,600 and $30.40 per troy ounce respectively on a weekly closing basis"

Any correction due to profit taking in gold and silver could be a buying opportunity at lower levels. Gold has support at $2664-2650, while resistance at $2696-2720 per troy ounce and silver has support at $31.64-31.40, while resistance is at $32.20-32.50 per troy ounce in today’s session.

At MCX, gold is having support at Rs 75440-75200 and resistance at Rs 76000-76330 while silver is having support at Rs 90650-90000 and resistance at Rs 92100-92750. We suggest buying silver on dips around Rs 90800 with a stop loss of Rs 90150 for the target of Rs 92100.

Factors helping gold/silver price gains 

The ongoing conflict in the Middle East, particularly Israel's airstrikes on Hezbollah targets in Lebanon, has heightened concerns, resulting in over 100 fatalities and many injuries. The assassination of Hezbollah leader Hassan Nasrallah has further escalated tensions, increasing the appeal of gold as a safe haven investment. Additionally, recent data indicating easing price pressures in the U.S. has led to speculation about further interest rate cuts by the Federal Reserve, which also supports gold prices.

Weekly gold/ silver price outlook

Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & CurrenciesAs gold prices continue to perform well, with an impressive 8% return in September, the market enters a seasonally strong period in India due to the festive and wedding season.

However, macroeconomic indicators from China will be essential to watch, especially since prices on the Shanghai exchange are currently at a discount to the LBMA benchmark, suggesting lower physical demand. Despite a slight pullback in prices, significant corrections seem unlikely in the near term, with prices expected to consolidate at higher levels.

Momentum indicators are showing overbought conditions, indicating potential dips to initial support levels around $2655-$2650, while resistance remains at $2720-$2730, she added.