Gold Price Dips In India For 3rd Day: 24K/100 Grams Gold Drop By Rs 4,400; Silver Steady At Rs 91,000

As investors get ready for this week's U.S. economic data and comments from Federal Reserve officials, which will provide additional insight into the potential trajectory of U.S. interest rates, bullion prices have been under pressure on Wednesday. Following Donald Trump's victory in the U.S. presidential election, pressure mounted on gold prices in India. Gold prices are predicted to remain volatile throughout the week as investors await the October Consumer Price Index data on Wednesday, the Producer Price Index and weekly jobless claims on Thursday, and retail sales and industrial production on Friday.

Gold Rates In India Today

The price of gold in India is Rs 7,045 per gramme for 22-carat gold and Rs 7,685 per gramme for 24-carat gold as of Wednesday, November 13. For the third consecutive day, the price of gold fell in India, falling to Rs 70,450 for 10 grams of 22k gold, down from Rs 70,850 yesterday, or a drop of Rs 400. Meanwhile, the price of 100 grams of 22k gold fell to Rs 7,04,500 today, down from Rs 7,08,500 on Tuesday, or dropping by Rs 4,000 for retail investors.

In India, the price of 10 grams of 24k gold was Rs 76,850 today, down Rs 440 from yesterday's price of Rs 77,290. Meanwhile, the price of 100 grams of 24k gold appeared at Rs 7,68,500 on November 13, down Rs 7,72,900 on November 12, a drop of Rs 4,400.

In India today 10 grams of 18k gold is priced at Rs 57,640 which was Rs 57,970 yesterday representing a fall of Rs 330 whereas 100 grams of 18k gold is priced at Rs 5,76,400 today in India which was Rs 5,79,700 on Tuesday representing a fall of Rs 3,300.

Spot Gold Today

Wednesday saw a little rise in gold prices as spot gold, which had fallen to its lowest level since September 20 on Tuesday, firmed 0.5% at $2,610.99 per ounce at 0437 GMT. According to Reuters, U.S. gold futures increased 0.4% to $2,617.20. Palladium gained 1% at $953.84, platinum added 0.6% to $953.22, and spot silver increased 1% at $31.

Silver Rates Today In India

The price of silver in India is steady today at Rs 91 per gram and Rs 91,000 per kilogram. 100 grams of silver costs Rs 9,100 while 1 kg of silver costs Rs 91,000.

While MCX Silver opened higher by 0.16 per cent and concluded at Rs. 89327/kg, spot silver closed at 30.7 per ounce on Tuesday after trading in a range-bound fashion with a small positive bias.

Gold Outlook Today

"The Fed's policy rate continues to act as a brake on the resilient labor market and on inflation that is still above the 2% target, two U.S. central bankers said, a view that appears to argue for more rate cuts, even as both signaled they were not ready to judge how fast or by how much. Along with US CPI data scheduled today, focus this week will be on US PPI, weekly jobless claims and retail sales data. Remarks from Fed Chair Jerome Powell and other officials are also on investors' radar. Gold on domestic front is expected to trade between the range of 74,700 -75,700," said the research analysts of Motilal Oswal on Wednesday.

MCX Gold Outlook Today

"The domestic yellow metal MCX Gold extended its weak sentiment for the third consecutive session and closed with the formation of a bearish candle on the daily chart. The commodity is nearing 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 ahead of US Inflation data scheduled later in the day," the research analysts of Way2Wealth Brokers Private Limited said.