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.

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. Pic: Pixabay

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.

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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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