Gold price today: Yellow metal briefly jumps Rs 50,000; Buy October contract - price target | Check rates in your city

Gold and Silver Rate Today: The price of the yellow metal briefly jumped above Rs 50,000 on Friday. It, however, slipped below the psychologically important level and was seen in a rangebound. 

Notably, commodities are under pressure due to the strength in US dollar following the Federal Reserve's Wednesday decision to hike the benchmark interest rates by 75bps. The US dollar index has scaled above 20-year high following the Fed policy announcement.

On Multi Commodity Exchange (MCX), the Gold October futures were trading 0.11 per cent down at Rs 49,947 per 10 grams at 10:30 am.

Similarly, Silver was also trading in red but still manages to be above the level of Rs 57000. December futures were trading in at Rs 57,995 per kg. The metal was down by 0.06 per cent.

IIFL Securities gave a BUY call for the Gold October contract.
Buy - Rs 49,700
Price target - Rs 50,200
Stop loss - Rs 49,400

Weighed down by the strong American currency and risk-off sentiment among investors, the rupee depreciated 44 paise and slipped below the 81-mark against the US dollar for the first time in early trade on Friday, as per PTI report.

On Thursday RBI was conspicuous by its absence from the spot market as the rupee fell by 1 per cent possibly as it wanted the rupee to do the catching up, said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.

"All major events are over for this month as we await RBI's MPC to give its verdict on September 30, 2022," Bhansali added.

On the domestic equity market front, the 30-share BSE Sensex was trading 558.59 points or 0.94 per cent down at 58,561.13, while the broader NSE Nifty fell 153.10 points or 0.87 per cent to 17,476.70, said PTI.

Gold rates city-wise today, September 23, for 22 Carat:

Chennai : Rs 46,900

Mumbai : Rs 46,500

Delhi : Rs 46,650

Kolkata : Rs 46,500

Bangalore : Rs 46,550

Hyderabad : Rs 46,500

Kerala : Rs 46,500

Ahmedabad : Rs 46,550

Lucknow : Rs 46,650

Patna : Rs 45,530

Chandigarh : Rs 46,650

Bhubaneswar : Rs 46,500

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before investing/purchasing.)