Gold prices in India saw an enormous spike on Wednesday, November 20, as global tensions heightened and concerns about nuclear threats in the continuing war between Russia and Ukraine resurfaced. As these geopolitical events play out, the commodity market is predicted to stay extremely unpredictable. Gold prices are in the spotlight after suffering a downturn following Donald Trump’s victory in the US presidential election. In addition, Goldman Sachs Group Inc. reaffirmed its prediction that prices will hit $3,000 an ounce next year, with experts encouraging investors to purchase gold at the correct moment.

Gold Price In India Today

Today, 22-carat gold costs Rs 7,115 per gramme in India, whereas 24-carat gold costs Rs 7,762 per gramme. While the price of 22k of 100 grammes of gold in India climbed by Rs 5,000 to Rs 7,11,500 on Wednesday from Rs 7,06,500 yesterday, the price of 22k of 10 grammes of gold jumped to Rs 71,150 today, up Rs 500 from Tuesday’s price of Rs 70,650.

In India, 24k of 10 grams of gold would cost Rs 77,620 on Wednesday, up Rs 550 from Rs 77,070 on Tuesday. In contrast, 24k of 100 grams of gold is on sale at Rs 7,76,200, up from Rs 7,70,700 yesterday, reflecting a Rs 5,500 rise in the price.

The price of 18k of 10 grams of gold in India went up by Rs 410 to Rs 58,220 today from Rs 57,810 on Tuesday. Meanwhile, the price of 18k of 100 grams of gold in India surged to Rs 5,82,200 on Wednesday from Rs 5,78,100 on Tuesday, indicating a costlier rate of Rs 4,100.

Spot Gold Today

Due to a weaker dollar and growing tensions between Russia and Ukraine, gold prices climbed for the third straight session to reach a one-week high on Wednesday. By 0323 GMT, spot gold had gone up by 0.32% to $2,640.19 per ounce, the highest level since November 11, according to Reuters. At $2,643.70, U.S. gold futures climbed by 0.5%. Palladium remained constant at $1,035.43, platinum jumped 0.1% to $975.10 at $973.90, and spot silver was stable at 31.22 an ounce.

Silver Rates Today In India

Silver rates in India rose in tandem with gold today as market sentiment had its sights on the dollar and the Federal Reserve’s interest-rate path, which at first indicated that volatility may continue to be high owing to ongoing geopolitical tensions. In India, silver currently costs Rs 92,000 per kilogramme and Rs 92 per gramme. In India, 10 grams of silver will cost Rs 920 today, compared to Rs 915 yesterday. Similarly, the price of 100 grams of silver increased to Rs 9,200 today, from Rs 9,150 on Tuesday, and 1 kilogramme of silver will cost Rs 92,000 today, compared to Rs 91,500 yesterday, which represents a 500 rupee rise in price.

Gold Outlook Today

Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said, “Gold prices moved higher as geopolitical tensions escalated, with renewed fears surrounding nuclear risks in the ongoing Russia-Ukraine conflict driving a surge in safe-haven demand. boosting gold’s appeal. On Comex, gold rose sharply by $24 to $2,635, while on MCX, prices saw a Rs 700 jump.”

“Technically, gold faces stiff resistance in Comex around $2,640-2,650, with support zones near $2,600-2,610. In MCX, Rs 76,100-76,300 acts as a strong resistance, while Rs 75,000-75,200 serves as key support. The market is expected to remain highly volatile as these geopolitical developments unfold. Safe-haven buying is likely to persist, keeping gold prices elevated in the short term,” the analyst further added.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.

Story first published: Wednesday, November 20, 2024, 11:29 [IST]