Gold Prices On November 11: While gold prices in India witnessed a decline, tracking spot gold and US gold futures on Monday, November 11, 2024, the prices of 24K, 22k, and 18K yellow metal recorded massive jumps in the retail stores of United States of America (USA). In dollar terms, the prices of gold in the USA were up by 1 to 100 dollars. While in Indian rupees, the prices surged by Rs 68 to Rs 8,441 in a single day. It also needs to be noted that prices in USA stores soared on Veterans Day.
Gold Prices In The USA In USD:
24K gold price climbed by 100 $100 to $8,700 on November 11, while 10 grams price were up by $10 to $870. Further, in 22K gold, prices surged by $100 to $8,200 per 100 grams, while 10 grams were up by $10 to $820. In the case of 18K gold, prices surged by $80 to $6,710 in 100 grams, and that of 10 grams gold price is up by $8 gram to $671.
Gold Prices In USA In INR:
In Indian rupees, the highest jump was witnessed in 24K of 100 grams gold by Rs 8,441 to Rs 7,34,360. While 10 grams of 24K is available at Rs 73,436 up by Rs 844.
Further, gold price in 22K jumped by Rs 8,440 to Rs 6,92,155 in 100 grams, and 10 grams gold is up by Rs 845 to Rs 69,216. Also, in 18K gold, prices were up by Rs 6,753 in 100 grams to Rs 5,66,386 and 10 grams gold is up by Rs 676 to Rs 56,639.
Gold Prices In India On November 11:
Despite the sharp jump, gold prices are more expensive in India than compared to the USA in terms of Indian rupees. 24K gold price is Rs 7,87,600 for 100 grams and Rs 78,760 for 10 grams. While 22K gold prices are at Rs 7,22,000 in 100 grams and at Rs 72,200 in 10 grams. Further, gold prices are at Rs 5,90,700 in 100 grams of 18K, and at Rs 59,070 in 10 grams.
Gold prices in India witnessed a big drop in the range of Rs 45 to Rs 6,000 on Monday.
Spot Gold, US Gold Futures:
Spot Gold price dipped by 2.6% to trade at $2,613 an ounce, and is near its day's low of $2,612.78 an ounce. While US spot gold futures plunged by 2.8% to trade at $2,620 an ounce, which is also near its day's low of $2,619.40 an ounce.
Why Gold Prices Are Down?
As per Trading Economics, gold prices reached their lowest level in 1 month, amid pressure from a rally for the dollar while investors pivoted out of safer assets ahead of key economic data releases this week. Investors continued to pile onto risk assets due to the expansionary fiscal outlook following Donald Trump's Presidential election victory, limiting demand for the safety of bullion assets and Treasury securities, and consistent with the surges for US growth equities and bitcoin.
Trading Economics data added that the possibility of higher tariffs by the Trump administration also pressured gold prices amid growing expectations that higher inflation will drive the Federal Reserve to limit the magnitude of rate cuts it delivers next year. Markets now expect the Fed to lower the funds rate until an upper threshold of 4% by the fourth quarter of 2024, compared with a terminal rate of 3% last quarter.
Gold Prices Last Week:
Kaynat Chainwala, AVP-Commodity Research, Kotak Securities said, that COMEX Gold prices fell to a one-month low of $2,650.30 per ounce last week, as investor sentiment shifted toward risk assets following Trump's election victory and the Republican Party's successful bid to regain control of the US Senate. Gold briefly rebounded above $2,700 after the Federal Reserve's widely anticipated 25-basis point rate cut. However, a stronger dollar and rising Treasury yields kept gold under pressure, and it closed the week down 2% at $2,694.80 per ounce.
Click it and Unblock the Notifications
Sign in with Google