Gold prices rose sharply above the Rs 51,500 level

Gold prices rose sharply above the Rs 51,500 level

Gold prices rose sharply above the Rs 51,500 level on September 18 and experts say if the momentum continues, the metal could retest Rs 51,600-51,800.

On the Multi-Commodity Exchange (MCX), October gold contracts were trading higher by 0.23 percent at Rs 51,572 per 10 gram at 0920 hours. September silver futures were trading 0.28 percent higher at Rs 68,330 per kg.

Both the Sensex and the Nifty50 showed weakness after the US Federal Reserve meeting.

Gold slipped 1.05 percent and settled at $1,949.90 per troy ounce and silver slipped 1.38 percent to end at $27.10 per troy ounce at the Comex division.