Gold prices in major cities of India continued its record rally with 24k of 10 grams crossing over Rs 81,300 mark, and 22K above Rs 74,500 levels. Also, 18K of 10 grams touched Rs 61,000. All carats of yellow metal are at new lifetime high. Also, at MCX gold prices touched new high to Rs 79,681 per 10 grams. Gold prices is expected to hit Rs 83,000 in the short to medium term, while the highest target is set at Rs 86,000 during these period.
Here are the latest gold prices as of October 31, 2024:
Gold Prices (Rs) | 24K/10 Grams | 22K/10 Grams | 18K/10 Grams |
---|---|---|---|
Gold Prices In Chennai | 81,330 | 74,550 | 61,400 |
Gold Prices In Mumbai | 81,330 | 74,550 | 61,000 |
Gold Prices In Delhi | 81,480 | 74,700 | 61,120 |
Gold Prices In Kolkata | 81,330 | 74,550 | 61,000 |
Gold Prices In Bangalore | 81,330 | 74,550 | 61,000 |
Snce the start of 2024, gold has experienced a significant upward surge, reaching record-high prices and delivering an impressive return of 24% on domestic exchanges to date, as per Religare Broking.
Data from the brokerage showed that gold has continued to give double-digit returns annually since 2022, despite escalation of geopolitical tensions in that year. In 2022 alone, gold annual returns stood at 14.38%, followed by returns or 14.88% and skyrocketing to gains of 24% so far in 2024.
The outlook of gold is bullish with short term corrections in the offing too. However, the next target price by Religare is of Rs 83,000 and highest to Rs 86,000 in gold.
In its technical outlook report, Religare’s note said, “This sharp rally has driven prices to levels where buyers are now looking for opportunities to re-enter the market. Currently, gold is trading near the upper trend line of its upward channel on the weekly chart, with all technical indicators showing overbought conditions.
This suggests that prices may face short-term resistance around Rs.79,800 per 10 grams ($2,800 per ounce). Technically, we expect the rally to encounter some hurdles before continuing its upward momentum, the brokerage added.
Also, Religare stated that prices are trading well above moving averages, such as the 50 and 100 EMAs, on the weekly chart, indicating the possibility of a short-term correction toward Rs.76,700 per 10 grams ($2,675 per ounce).
What should investors do?
Religare suggests traders to start accumulating gold around Rs. 76,500 per 10 grams and can continue accumulating until Rs. 74,800 per 10 grams, aiming for an initial upside target of Rs. 83,000 per 10 grams, followed by a potential rise to Rs. 86,000 per 10 grams.
On the other hand, it added, a decisive break below the previous swing low of Rs. 72,300 per 10 grams would weaken the bullish sentiment and could lead to a further decline toward Rs. 70,000 per 10 grams.
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Original news source Credit: www.goodreturns.in
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