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Gold prices advanced on Monday, 22 September, reflecting strong international bullion trends and support from a weaker rupee and subdued equity market sentiment. Both Mumbai and Chennai saw respectable increases in gold prices.
In Mumbai, 24-carat gold prices climbed to Rs. 11,258 per gram, compared with Rs. 11,215 in the previous session. The 10-gram price rose to Rs. 1,12,580, a gain of Rs. 430, while the 100-gram price advanced to Rs. 11,25,800, higher by Rs. 4,300.
The price of 22-carat gold also increased, with one gram now costing Rs. 10,320, an increase of Rs. 40. The prices for 10 grams and 100 grams are Rs. 1,03,200 and Rs. 10,32,000, marking increases of Rs. 400 and Rs. 4,000, respectively.
Chennai witnessed a sharper rally compared with Mumbai, reflecting regional buying momentum ahead of the festive season. The 24-carat price per gram reached Rs. 11,302, a rise of Rs. 76 from yesterday. The 10-gram rate surged to Rs. 1,13,020, while the 100-gram rate jumped to Rs. 11,30,200, recording gains of Rs. 760 and Rs. 7,600.
Similarly, 22-carat gold prices were firm, with one gram priced at Rs. 10,360, up by Rs. 70. The 10-gram rate advanced to Rs. 1,03,600, and the 100-gram rate increased to Rs. 10,36,000, higher by Rs. 700 and Rs. 7,000.
On the MCX, October gold futures opened higher at Rs 1,10,402 per 10 grams and quickly advanced to Rs. 1,10,524, up by Rs. 677 or 0.62%. Silver futures also rallied, crossing Rs. 1,32,200 per kg, gaining nearly 2% on the day.
Technically, MCX gold has support at Rs. 1,09,680-Rs. 1,09,380 and resistance at Rs. 1,10,350-Rs. 1,10,600. A breakout above resistance could push gold towards fresh record highs, while failure to hold support may invite profit-booking.
Internationally, spot gold was trading at US$3,688/oz, and US gold futures climbed to US$3,723/oz. Silver was priced just above US$43.20/oz, close to a 14-year high. Investors are watching US inflation data and comments from Federal Reserve officials later this week to dictate monetary easing going forward.
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With domestic gold prices nearing record highs and MCX futures comfortably above Rs. 1.10 lakh per 10 grams, sentiment remains bullish. Analysts expect India's festival-driven demand, along with supportive global factors, to keep gold well-bid in the short term. Traders should watch near-term resistance at the Rs. 1,10,600 mark on MCX, as a breakout above this could lead to more upside.
