Gold price slips below Rs 50,000; should you buy? | Check rates in your city
Gold and Silver Rate Today: On the MCX, the yellow metal today, September 16, started trading below Rs 50,000. Gold October futures were trading in red at 0.17 per cent low at Rs 49,227 per 10 grams.
Gold and Silver Rate Today: Gold price has slipped below Rs 50,000 per 10 gram due to elevated US dollar against Rupee and other factors. The international price of the precious yellow metal is also at a two-year low.
On the MCX, the yellow metal today, September 16, started trading below Rs 50,000. Gold October futures were trading in red at 0.17 per cent low at Rs 49,227 per 10 grams.
Tradebulls Securities gave a Sell call for October futures with a price target of Rs 49,150.
Zee Business panellist Sumit said that the pressure in Gold price is mainly due to rate hike and the pressure will remain for 3 to 6 months. He said that Gold price could dip Rs 500-700 further from the current level, adding that a good momentum is expected once it breaks Rs 50,000-level.
The Dollar index, he said, is playing a crucial role in the fall. Any 5 to 7 per cent fall in the index will be a reversal for God. He suggested to buy and hold Gold for three months.
Likewise, the Silver December futures were also trading in red at Rs 56,230 per kg. The metal was down by 0.33 per cent at 11:30 am.
Tracking the strength of the American currency and a negative trend in domestic equities, the rupee depreciated by 11 paise to 79.82 against the US dollar in opening trade on Friday.
Gold rates city-wise today, September 16, for 22 Carat
Chennai : Rs 46,260
Mumbai : Rs 45,800
Delhi : Rs 45,950
Kolkata : Rs 45,800
Bangalore : Rs 45,850
Hyderabad : Rs 45,800
Kerala : Rs 45,800
Ahmedabad : Rs 45,850
Lucknow : Rs 45,950
Patna : Rs 45,830
Chandigarh : Rs 45,950
Bhubaneswar : Rs 45,800
(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before investing/purchasing.)
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