Gold prices saw an impressive rise on November 21st, amid growing US inflation that has dampened expectations of a rate cut by the US Fed and a strengthening US dollar. Gold rates are anticipated to return to their previous highs as the geopolitical environment takes the front stage and the US Fed and RBI ease interest rates in the first half of CY25. On Wednesday, gold continued to rise as traders found a haven in the precious metal amid the most recent news on Russia’s conflict with Ukraine.

Gold Rates In India Today

Today, 22 carat gold costs Rs 7,145 per gramme in India, whereas 24-carat gold costs Rs 7,795 per gramme. In India, the price of 22k of 10 grams of gold rose to Rs 71,450 on Thursday, from Rs 71,150 on Wednesday, signifying a 300 rupee gain. Meanwhile, the price of 22k of 100 grams of gold climbed to Rs 7,14,500 today, from Rs 7,11,500 yesterday, signifying a 3,000 rupee climb.

On the other hand, 24k of 10 grams of gold rates in India today stood at Rs 77,950 which was Rs 77,620 up by Rs 330 whereas 24k of 100 grams of gold rates in India on Thursday reached Rs 7,79,500 up by Rs 3,300 from Rs 7,76,200 on Wednesday.

Today, 18k of 10 grams of gold will cost Rs 58,460 in India, up Rs 240 from yesterday’s price of Rs 58,220. Meanwhile, for retail investors in India, 18k of 100 grams of gold will cost Rs 5,84,600, up Rs 2,400 from yesterday’s price of Rs 5,82,200.

Spot Gold Today

Wednesday saw gold prices rise for the third straight session to reach a one-week high. At 01:42 p.m. EST (1842 GMT), spot gold was up 0.6% at $2,647.43 an ounce, its highest level since November 11. Reuters reports that U.S. gold futures ended the day 0.8% higher at $2,651.70. Among other metals, palladium dropped 1.8% to $1,016.73, platinum dropped 1.8% to $956.87, while spot silver dropped 0.9% to $30.92 an ounce.

Silver Rates In India Today

India’s silver rates are stable today despite the possibility of more interest cuts in the US. As of November 21st, silver costs Rs 92 per gramme and Rs 92,000 per kilogramme in India. In India, 10 grams of silver will cost Rs 920 today, 100 grams of silver will cost Rs 9,200, and 1 kilogramme of silver will cost Rs 92,000, the same as yesterday.

Gold Price Outlook Today

“At the time of writing this piece, U.S. gold futures are trading around $2,660.00. This marks the fourth day and a one week high , when gold has recovered from near our support levels of around 2500 USD. The sudden spike of conflict in the Russia Ukraine is most likely behind this move. Ukraine fired a series of British Storm Shadow cruise missiles into Russia on Wednesday, marking the latest use of Western weapons on Russian targets, just a day after U.S. missiles were used. The United States also vetoed a U.N. Security Council resolution calling for a ceasefire in Gaza, adding more uncertainty in that geography,” said Mr. Sandip Raichura, CEO – Retail Broking and Distribution, Director – PL Broking and Distribution.

“Gold, which is considered a hedge against inflation, also will benefit from expectations that US President-elect Donald Trump’s proposed tariffs could spur inflationary. However, worries that Trump’s debt-funded tax cuts would lead to larger budget deficits remain supportive of elevated US Treasury bond yields which implies that Gold gains may be capped. From a technical perspective, a 50% retracement level of around $2,660 area may act as a resistance, above which Gold prices could sharply accelerate again. A break of 2550 USD levels on may lead to weakness as the $2,537 area is the near term swing low,” added Sandip Raichura.

“Today, gold prices are likely to trade higher on account of intensifying war between Russia and Ukraine war. Ukraine fired a volley of British Storm Shadow cruise missiles into Russia, the latest Western weapon it has been permitted to use on Russian targets a day after it fired U.S. ATACMS missiles,” said the research analysts of Angel One Ltd.

Gold & Silver Rates Outlook Today

“Gold and silver prices are trading marginally higher today on the international bourses. We expect gold and silver prices to trade range-bound to higher for the day; as gold prices held a three-day advance, with gains supported by haven demand and prospects for further cuts in US interest rates,” said the technical research team of Nirmal Bang Securities Pvt. Ltd.

MCX Gold Outlook Today

“The domestic yellow metal MCX Gold (Dec 2024 Contract closed firm near the highs for the day forming a strong bullish candle on the daily chart. The commodity is presently approaching its crucial supply zones around 75550-76000 levels and a sustained move above 76000 can pull the price higher till the next supply zone which comes near 77000 which could be the target levels. On the downside, support for MCX Gold lies at 75750/74800 levels, with a break below 74800 level potentially dragging prices toward 73500/73000 levels. Traders are advised to trade with strict stoploss as volatility may remain high due to ongoing geopolitical issues,” said the brokerage firm Way2Wealth Brokers Private Limited.

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: Thursday, November 21, 2024, 10:52 [IST]