In the midst of persistent geopolitical worries, gold prices in India fell precipitously on Saturday, November 30. Gold prices fluctuated on Saturday amid global uncertainty and concerns about a trade war. Gold rates lost steam in anticipation of a 25 basis point rate drop in December. Investors will keep an eye on Fed signals and geopolitical events to determine what lies ahead for gold.

Gold Prices In India Today

Gold currently costs Rs 7,150 per gramme in India for 22 carat gold and Rs 7,800 per gramme for 24 carat gold. In India, the price of 22k of 10 grams of gold dropped by Rs 100 to Rs 71,500, which was Rs 71,600 on Friday. In contrast, the price of 22k of 100 grams of gold dropped by Rs 1000 to Rs 7,15,000 today from Rs 7,16,000 yesterday.

While 24k of 100 grammes of gold prices in India stayed at Rs 7,80,000 on Saturday, which was Rs 7,81,100 on Friday, signifying a price decline of Rs 1,100, 24k of 10 grammes of gold prices hit Rs 78,000 today, which was Rs 78,110 yesterday.

In India, 18k of 10 grammes of gold sold for Rs 58,500 today, down by Rs 80 from yesterday’s price of Rs 58,580, while 18k of 100 grammes of gold sold for Rs 5,85,000 today, down by Rs 800 from yesterday’s price of Rs 5,85,800.

Spot Gold Today

As of 01:40 p.m. ET (1840 GMT), spot gold had increased 0.5% to $2,652.71 per ounce, although following a steep drop earlier this week, it was expected to fall more than 2% this week. At $2,681, U.S. gold futures ended the day 0.6% higher. Spot silver jumped 0.9% to $30.54 an ounce, platinum climbed 1.7% to $946.83, and palladium rose 0.7% to $981.63 as per Reuters.

Silver Rates Today In India

On November 30, silver rates in India were unchanged following the recent decline in US Treasury bond yields and the Dollar Index because of predictions of Fed rate cut in December. Today, silver costs Rs 91.50 per gramme and Rs 91,500 per kilogramme in India. In comparison to yesterday, the price of one kilogramme of silver in India was constant at Rs 91,500, while 10 grams of silver will cost Rs 915 today and 100 grams will cost Rs 9,150.

Gold Price Outlook

“Amid worries about a trade war and geopolitical uncertainties, the price of gold saw new bids on Thanksgiving Thursday and Black Friday. In retaliation to Ukraine launching Western weapons against its territory, Russian President Vladimir Putin stated Russia may deploy its new hypersonic missile to hit Ukrainian decision-making centres. In addition, the recent drop in US Treasury bond yields and the Dollar Index on expectations that the Fed would reduce borrowing costs once more in December also provides more support for the yellow metal,” said Dr. Renisha Chainani, Head Research – Augmont – Gold For All.

“The US Dollar Index is hovering at a two-week low around 106 due to the Fed’s potential to lower interest rates further. Gold is affected by Trump’s tariff threats, but a shift in tone toward Canada and Mexico gives some relief. Prices are expected to trade between $2600 (~Rs 75000) and $2700(~Rs 77000) for the next few days,” commented Dr. Renisha Chainani.

Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said, “Gold traded positively, registering a gain of Rs 700 to close at Rs 77,225 in MCX, supported by safe-haven demand amid ongoing geopolitical concerns. On Comex, gold saw an uptick of $26, trading at $2,665 as bullish momentum continued. The overall trend remains strong, with key resistance at $2,690 and support at $2,620 in the short term.”

Spot Gold Outlook

“Spot gold is expected to move in the range of $2620 to $2660 amid lack of any major economic events today. Meanwhile, softness in dollar and higher probability of December rate cut would support the bullions to regain its strength. Moreover, increasing trade war concerns and escalating geopolitical tension between Russia and Ukraine would increase demand for safe haven. Meanwhile, investors focus will turn towards next week’s key US job report. Spot gold is likely to stay in the range of $2620 and $2660 with a positive bias. A move above $2660 would open the doors towards $2700. MCX Gold February is expected to consolidate in the band of 75,500 and 76600. Only above 76,600 it would rise towards 77,200. On the other hand a move below 75,500 it would slide towards 75,000,” said the research analysts of ICICI Direct Research.

Gold Rates In Major Cities In India Today

Disclaimer

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