Gold Price In India Outlook On November 6, 2024: What Will Drive 24K, 22K, 18K Prices On Wednesday?

Gold Price In India Outlook On November 6, 2024: What Will Drive 24K, 22K, 18K Prices On Wednesday?

Business oi-Pooja Jaiswar

Gold prices in India have been steady with 24K/10 grams of yellow metal holding above the Rs 80,000 mark. The international gold prices surged during the US election day, as uncertainties about the winner between Kamala Harris and Donald Trump took a toll on the dollar index. However, the upside was restrained owing to strong US economic data. Going ahead, gold and silver prices will be influenced by the developments in the US Presidential election and FOMC statement.

Gold Prices In India:

24K/10 grams gold price is at Rs 80,230 as of now, while its most expensive yellow metal is priced at Rs 8,02,300 per 100 grams. The cheapest 24K is Rs 8,023 per 1 gram.

Further, 22K gold prices stood at Rs 73,540 in 10 grams, while its cheapest gold is at Rs 7,354 in 1 gram. 100 grams of 22K is priced at Rs 7,35,400 in 22K.

Also, 18K gold prices came in at Rs 60,170 per 10 grams, meanwhile, the cheapest gold is Rs 6,017 for 1 gram, and the most expensive yellow metal is at Rs 6,01,700 per 100 grams.

Gold Prices In Major Cities:

In Chennai, 24K/10 grams is available at Rs 80,230, which is also similar in Mumbai, Bangalore, Hyderabad, Kerala, and Pune. However, gold prices are higher in Delhi at Rs 80,380 for 24K/10 grams, followed by Rs 80,280 per 10 grams in Vadodara and Ahmedabad.

Gold Prices In Major Countries:

In Indian rupees, the gold price is currently at Rs 7,324 per 1 gram of 24K in Bahrain, while the price is at Rs 7,553 in Oman. 24K/1 gram gold price is at Rs 7,451 in Malaysia, Rs 7,609 in Qatar, Rs 7,775 in Singapore, Rs 7,597 in the United Arab Emirates, Rs 7,323 in the United States, and Rs 7,437 in England.

Silver Prices In India:

1Kg silver price is at Rs 95,900 in India. In cities like Chennai, Hyderabad and Kerala, the price is at Rs 1,04,900 per 1kg.

MCX Gold, Silver Prices:

MCX gold futures with December 2024 expiry stood at Rs 78,333 per 10 grams, while MCX silver futures stood at Rs 93,182 per 1kg on Tuesday.

US Gold Futures, Spot Gold:

As per a Reuters report, gold held steady on Wednesday as investors keenly awaited the outcome of a tightly contested U.S. presidential race. Spot gold held its ground at $2,745.42 per ounce, as of 0218 GMT. Bullion hit a record high of $2,790.15 last Thursday. U.S. gold futures edged 0.2% higher to $2,754.10.

Gold Price In India Outlook On November 6, 2024, Wednesday:

Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said, gold prices are currently facing minor resistance near the ₹78,500 level, with a similar hurdle in the international market at around $2,745-$2,750. This resistance is holding firm, as the upcoming US election adds a layer of caution for investors. Additionally, the Federal Reserve’s interest rate cut decision on November 7th is expected to keep gold prices volatile throughout the week.

Trivedi added, should gold fail to hold above the $2,725 level, it may see further weakness, potentially targeting levels around $2,680 to $2,650. These technical thresholds will be critical for determining the near-term trend in gold prices amidst the heightened market sensitivity to these major events.

Story first published: Wednesday, November 6, 2024, 9:19 [IST]

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Original news source Credit: www.goodreturns.in

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