Gold prices in India will likely be influenced by the development in the Ukraine war, movement in dollar and treasury yield, and performance of US jobless claims, and service PMI data on Friday, November 22, 2024. Currently, 24k of 10 grams of gold is nearing the Rs 78,000 mark. Gold prices have surged for the fourth consecutive day this week.

Gold Prices In India:

The price of 24K in 10 grams of gold is Rs 77,960, while 100 grams of gold is Rs 7,79,g00. Further, the 22K gold price stood at Rs 71,460 in 10 grams and the price came in at Rs 7,14,600 in 100 grams currently. Also, 10 grams and 100 grams of gold in 18k climbed were at Rs 58,470 and Rs 5,84,700.

Silver Prices In India:

1 kg silver is at Rs 91,900, while 100 grams and 10 grams of silver are at Rs 9,190 and Rs 919. Further, 8 grams of silver is Rs 735.20 and the cheapest price is Rs 91.90 for 1 gram.

MCX Gold, Silver Prices:

After market hours of November 21, MCX gold futures with December expiry, rose by Rs 493 or 0.65% to end at Rs 76,527 per 10 grams, which was a couple of rupees from its intraday high of Rs 76,728 per 10 grams.

However, MCX silver price with December expiry, dropped by Rs 549 or 0.61% to close at Rs 89,540 per 1kg, which was near Rs 90,927 per 1 kg.

Spot Gold:

On Thursday, spot gold touched a $2,673.55 an ounce high, while US gold futures with December expiry hit an intraday high of $2,676.15 an ounce.

Gold Prices Outlook On November 22:

According to Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, the Russia-Ukraine conflict intensified, particularly after Russia threatened to use nuclear weapons, although Moscow’s assurances that every effort would be made to avoid nuclear war helped ease market concerns. Meanwhile, Federal Reserve officials presented contrasting views, leaving markets divided on the likelihood of a rate cut or pause in the December meeting. Fed Governor Michelle Bowman and Federal Reserve Bank of Boston President Susan Collins favored a cautious approach to rate cuts, while Fed Governor Lisa Cook cited continued disinflation as justification for more rate cuts.

However, Kaynat believes the upside in gold could be capped ahead of US Jobless Claims, the Philly Fed Manufacturing Index, and existing home sales data, as stronger-than-expected US data could support a dollar recovery. Market expectations currently suggest less than a 50% chance that the Fed will cut rates in December.

Further, Pranav Mer, Vice President, EBG – Commodity & Currency Research, JM Financial Services said, gold continues to trade positive – adding to its weekly gains with support from rise in safe-haven demand due to escalation in the Russia-Ukraine war and some chart based buying as well after prices rebound from above its 100-day SMA earlier in the week. The bullion also remains supported by slight weakness in the dollar against major currencies, so far this week. In the session ahead, focus will be on the U.S jobless claims/ housing data later Thursday, and the mfg./ service PMI data’s Friday.

“On chart… momentum now looks sideways/ consolidative with resistance at 76950/ 77000, while on the downside support holds at 75200,” Mer concluded.

Story first published: Friday, November 22, 2024, 7:34 [IST]