Gold prices in India are expected to be volatile amidst rate cut expectations, geopolitical uncertainties, and movement in the dollar index. The short-term outlook for gold prices is uncertain as per experts. However, on Friday, November 29, 2024, a slew of economic data will be released such as India’s Q2 GDP data, China’s manufacturing PMI, and Eurozone CPI. These factors are likely to impact tone in buying or selling in yellow metal.

Gold Prices In India:

Currently, the 24K gold price is at Rs 7,73,400 in 100 grams, while the 10-gram gold is at Rs 77,340. Further, 22K and 18K of 10 grams price is at Rs 70,920 and Rs 58,000 respectively.

In cities like Delhi, 24K of 10 grams of gold is at Rs 77,490, while the price is also higher in Ahmedabad and Vadodara to Rs 77,390 per 10 grams. In cities like Mumbai, Kolkata, Pune, Hyderabad, Kerala, Bangalore, and Chennai, 24k/10 grams gold is at Rs 77,340.

Silver Prices In India:

The price of silver in India is currently at Rs 89.40 per gram and at Rs 89,400 per kilogram. In Hyderabad, 1kg of silver is at Rs 98,100, while in cities like Chennai and Kerala, the price is at Rs 97,900 per 1kg. In other cities, the silver price is around Rs 89,400.

MCX Gold, Silver Prices:

After a volatile trading session in commodities, on November 28, MCX gold price with December expiry ended marginally up to Rs 75,749 per 10 grams. Further, MCX silver price edged higher to Rs 88,060 per 1kg.

Spot Gold:

As per Trading Economics, spot gold erased its early pullback and rose past the $2,645 per ounce mark on a Thursday of thinner trading due to the US holiday, extending the rebound from Monday’s plunge for a third straight session as investors continued to assess the latest economic data for hints on the Fed’s policy path. Core PCE prices refrained from surpassing the market’s consensus in October, holding the investors to expect that the Federal Reserve is due to deliver another rate cut in December.

Gold Prices In India Outlook On Friday, November 29:

Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said, “Gold prices exhibited significant volatility, starting on a weaker note but quickly finding support amid renewed geopolitical tensions between Russia and Ukraine, which continue to bolster safe-haven buying. Immediate support is at $2,625, while resistance lies at $2,655-2,665. A decisive fall below $2,620 could drive prices toward $2,580, while a breakout above $2,665 could trigger a sharp rally toward $2,690. Dollar index movements and geopolitical updates will likely keep gold’s momentum uncertain in the short term.”

Also, Pranav Mer, Vice President, EBG – Commodity & Currency Research, JM Financial Services said, gold prices are likely to see some consolidative moves in the session ahead as the U.S market is closed on account of Thanksgiving holiday, while the incoming U.S data continue to show steady growth with strong labour market along with stick inflation above the Fed’s 2% target. Focus in the session ahead will be on the geo-political developments in the middle-east, Russia-Ukraine conflict, and trade tariffs as proposed by Donald Trump.

Mer added, on chart, momentum looks down with resistance at 75900/ 76110, while on the downside prices may test 75320/ 75100.