Big Fall In Gold Prices India Nov-14: 24K/100 Grams of Gold Dips Rs 12,000; 1Kg Silver Drops Rs 1,500

Gold rates in India sharply dropped on Thursday, November 14, 2024, after the dollar index hovered around 106, holding close to its highest levels in more than six months, and after US consumer price index (CPI) inflation surged slightly to 2.6% in October 2024, remaining higher than the US Federal Reserve's target of 2%. Given that investors' attention will be on the US PPI, weekly jobless claims, and retail sales data this week, gold rates are predicted to continue to be volatile.

Gold Rates In India Today

In India, the current price of gold is Rs 7,565 per gramme for 24 carat gold and Rs 6,935 per gramme for 22 carat gold.

In India, the price of 22k of 10 grammes of gold fell by Rs 1,100 to Rs 69,350 from Rs 70,450 yesterday, while the price of 22k of 100 grammes of gold fell by Rs 11,000 to Rs 6,93,500 on Thursday from Rs 7,04,500 on Wednesday. However, the price of 24k of 10 grams of gold fell to Rs 75,650 today from Rs 76,850 yesterday, marking a 1,200-rupee decline in a single day.

In a similar vein, the price of 100 grams of 24k gold in India fell by Rs 12,000 in a single day, from Rs 7,68,500 yesterday to Rs 7,56,500 today.

In India, the price of 10 grammes of 18k gold fell to Rs 56,740 on Thursday from Rs 57,640 on Wednesday, a drop of Rs 900, while the price of 100 grammes of 18k gold fell to Rs 5,67,400 today from Rs 5,76,400 yesterday, a fall of Rs 9000.

Spot Gold Today

Under pressure from a stronger U.S. dollar, gold dropped for the fifth consecutive session on Thursday, reaching its lowest level in eight weeks. Earlier in the day, spot gold fell 0.6% to $2,559.39 an ounce at 02:44 GMT, after plunging to its lowest level since September 19. According to Reuters, U.S. gold futures dropped 0.9% to $2,564.00. The price of spot silver dropped 0.9% to $30.05 an ounce, the lowest since September 19. Palladium fell 0.8% to $925.75 while platinum lost 0.5% to $933.10.

Silver Rates Today In India

Today, silver costs Rs 89.50 per gramme and Rs 89,500 per kilogramme in India. In India, the price of one hundred grams of silver fell by Rs 150 to Rs 8,950 on Thursday from Rs 9,100 on Wednesday, while the price of one thousand grams of silver fell by Rs 1,500 in a single day to Rs 89,500 from Rs 91,000 yesterday.

MCX Gold Outlook Today

"The domestic yellow metal MCX Gold extended its weak sentiment for the fourth consecutive session and closed with the formation of a bearish candle on the daily chart. The commodity is currently trading near a significant demand zone around the 74000-74800 range, if prices do not find support at these levels, further selling pressure could emerge, potentially pushing prices down to the 72750/72200/71000 levels. On the upside, resistance is anticipated at the 75800/76350 levels. Traders are advised to use strict stop losses, as volatility may remain high due to ongoing geopolitical issues," said the research analysts of Way2Wealth Brokers Private Limited.

Gold Price Outlook Today

"Gold prices have seen pressure from a stock market rally, a stronger dollar index, and reduced geopolitical tensions, with Trump advocating for the end of war. Additionally, a slower pace of interest rate cuts has further contributed to gold's recent sell-off. However, downside for gold appears limited, with support expected around $2,575-$2,600 per ounce internationally and near Rs 74,000 on MCX. As December approaches, market expectations for a potential 25 bps rate cut from the Fed could prompt fresh buying interest in gold, strengthening its upward momentum," said Ajay Garg, Director and CEO, SMC Global Securities Ltd.

"Investor Strategy: Investors are advised to buy within the Rs 73,500-74,500 range on MCX, as the long-term outlook for gold remains robust. This range provides a strategic entry point, particularly with supportive factors like potential Fed rate cuts and continued economic uncertainty bolstering gold's appeal as a safe-haven asset," he further added.

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.