Gold rate today: Yellow metal falls after hitting lifetime highs, check latest prices in your city on September 17

Gold rate on September 17

Gold prices dropped on September 17, as investors may have resorted to profit booking a day after the precious metal hit fresh all time highs. Gold's October contracts on the Multi Commodity Exchange of India (MCX) opened at Rs 1,09,956 per 10 grams today.

Gold futures on MCX with October expiry had hit a lifetime high of Rs 1,10,666 per 10 grams earlier yesterday. Gold futures with December expiry had hit a fresh lifetime high of Rs 1,11,703 per 10 grams.

Let's check the latest prices of 10 grams of 22 carat and 24 carat gold in major cities of the country on September 17:

"After a sharp rally, some profit booking is warranted," said Motilal Oswal Financial Services. The domestic brokerage advised a staggered approach of investment with a possibility of 5-7% dips from current level for targets of Rs 1,13,000 and Rs 1,20,000 on domestic front.

How has gold performed this year?

"Gold kicked started the year with impressive momentum, delivering over 30% returns YTD. Geopolitical tensions, tariff wars, and investment demand are a few factors driving gold’s bull run. Risk premium eased as US-China trade tiff gets a 90-day breather, and ceasefire talks parallelly continue. President Trump’s pressure on the Fed hasn’t changed rates so far, but there are increasing chances for a 25bps rate cut in Sept. policy meeting," the brokerage added.

"Physical demand and central bank buying slowed through the year amid higher prices. Strong ETF flows continue to lend support to gold prices. Geopolitical tensions have been intermittent, not continuous. Economic data points continue to demonstrate resilience. Real interest rates will be key from current levels; as higher inflation is a good hedge, but also increases long pause scenario. Dollar index is trading steady after falling below 100 while, volatility in Rupee is significantly impacting domestic prices," it further said.

Should you buy gold?

The brokerage advised investors to buy gold on dips,  with a medium to long term perspective. Long term support is near Rs 99,500-1,00,000.

Also read: Sovereign Gold Bonds: RBI announces early redemption for another SGB series; investors to get 183% return