Gold price today: Yellow metal in range-bound due to weak Dollar; Buy October contract – price target

Gold and Silver Rate Today: Gold price on Tuesday remained under pressure due to weak US Dollar and positive trend in domestic equities. The yellow metal on the MCX was seen trading below Rs 50,000 as it extended the loss for the second consecutive in the week. Gold October futures were trading 0.06 per cent lower at Rs 49,274 per 10 grams.

Opposite to this, the Silver was showing some strength as it approached the level of Rs 57000. December futures were trading in green at Rs 56,896 per kg. The metal was up by 0.37 per cent at 11:00 am.

IIFL Securities gave a BUY call for Gold October contract.
Buy – Rs 49200
Price target – Rs 49550
Stop loss – Rs 49000

In line with a positive trend in domestic equities, the rupee appreciated 16 paise to 79.65 against the US dollar in early trade on Tuesday, as per PTI report.

“Markets were awaiting the US Fed’s decision as the two-day meeting starts on Tuesday. A few players expected the US FED to not sound too hawkish least it hampers the US growth expectations,” Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors , said.

In the domestic equity market, the 30-share BSE Sensex was trading 627.68 points or 1.06 per cent up at 59,768.91. Similarly, the broader NSE Nifty rose 190.80 points or 1.08 per cent to 17,813.05, said PTI.

Gold rates city-wise today, September 19, for 22 Carat:

Chennai : Rs 46,400

Mumbai : Rs 45,950

Delhi : Rs 46,100

Kolkata : Rs 45,950

Bangalore : Rs 46,000

Hyderabad : Rs 45,950

Kerala : Rs 45,950

Ahmedabad : Rs 46,000

Lucknow : Rs 46,100

Patna : Rs 45,980

Chandigarh : Rs 46,100

Bhubaneswar : Rs 45,950

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

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