Gold rate at six-month low

NEW DELHI, Sept 24 (PTI): On account of dollar index climbing to two decades high and Indian National Rupee (INR) hitting its record low, multi commodity exchange (MCX) gold rate and spot gold price witnessed sharp fall on Friday session.

The October contract for the yellow metal price on MCX ended at Rs49,399 per 10 gm after hitting its 6-month low of Rs49,250 per 10 gm on the weekend session. Spot gold price finished at 2-year low of $1,643 per ounce after hitting its intraday low of $1,639 per ounce.

According to commodity market experts, spot gold price has immediate support placed at $1,620 whereas it has strong support at $1,580 per ounce levels. Similarly, MCX gold rate has immediate support placed at Rs48,800 whereas its strong support is now placed at Rs47,700 per 10 gm levels.