Gold rate today: Yellow metal rebounds, check latest prices in your city on September 12

Gold, silver prices

Gold prices rebounded on September 12 after recording losses in the past few sessions amid profit booking. Gold's October contracts on the Multi Commodity Exchange of India (MCX) opened at Rs 1,09,352 per 10 grams today.

Let's check the latest prices of 10 grams of 22 carat and 24 carat gold in major cities of the country on September 12:

Silver futures hit record high:

Silver prices jumped on September 12, outperforming gold. Future contracts of the precious-industrial metal hit fresh record highs, pushing the shares of MCX and Hindustan Zinc higher into the green.

Silver futures with December expiry hit a fresh all time high of Rs 1,28,612 per kilogram on the Multi Commodity Exchange (MCX) today. Silver contracts with March expiry rose nearly Rs 1,600 (over 1 percent) to hit Rs 1.3 lakh per kilogram for the first time ever.

The US Federal Reserve is set to hold its FOMC meeting from September 16 to September 17. Analysts increasingly expect the American central bank to cut its rates this time, amid weakening jobs data and rising pressure from President Donald Trump's administration.

The US economy likely created 911,000 fewer jobs in the 12 months through March than previously estimated, according to the latest data from Labor Department's Bureau of Labor Statistics. This further hiked rate cut hopes, which in turn boosted precious metals.

Also read: RBI announces premature redemption of Sovereign Gold Bonds; investors to get 156% return

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