Gold Price Drop In India Today: 22K/100 Grams Gold Rates Plunges Rs 1000; Silver Steady On 9th Nov

Given that the economy is under a low-interest setting following two consecutive rate cuts issued by the US Fed, that the RBI is expected to cut repo rates next month, and the broader considerations of the US presidential election, gold prices in India fell today, November 9. Gold rates have been slightly lower on international exchanges since the Federal Reserve dropped interest rates and investors evaluated the effects of Donald Trump's election to the White House. This is because traders evaluated the comments made by Federal Reserve Chair Jerome Powell following the US central bank's by 25 bps.

Gold Rates In India Today

In India, the price of gold today is Rs 7,936 per gramme for 24-carat gold and Rs 7,275 per gramme for 22-carat gold. While 22k of 100 grammes of gold is priced at Rs 7,27,500 on Saturday compared to Rs 7,28,500 on Friday, reflecting a price drop of Rs 1000, 22k of 10 grammes of gold is priced at Rs 72,750 today, which was Rs 72,850 yesterday, signifying a price loss of Rs 100.

The price of gold in India today is Rs 79,360 for 24k of 10 grams of yellow metal which was Rs 79,470 yesterday representing a price drop of Rs 110 whereas 24k of 100 grams of gold is priced at Rs 7,93,600 today which was Rs 7,94,700 yesterday representing a price drop of Rs 1,100 in a single day.

In India, one gramme of 18k gold is now worth Rs 5,952, up from Rs 5,961 yesterday. In India, the price of 10 grams of 18k gold dropped by Rs 90 in a single day, from Rs 59,610 yesterday to Rs 59,520 today. Retail investors in India can now purchase 18k of 100 grams of gold for Rs 5,95,200, a drop of Rs 900 from yesterday's price of Rs 5,96,100.

Spot Gold

The sharp drop in US yields and the Dollar Index yesterday helped spot gold to end at $2707, up about 1.78%. As the Fed cut the benchmark rate by 0.25% to the target range of 4.50%-4.75% and the Dollar Index stabilises, the metal was down about 0.80%.

According to Praveen Singh - Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas, gold is expected to trade with a downward bias as US yields may not fall much unless we get a string of weak data. Support is at $2639/$2600. Resistance is at $2710/$2730.

Silver Rates Today In India

In India, silver today costs Rs 94,000 per kilogramme and Rs 94 per gramme. After a tumultuous week of trading, silver prices in India stayed stable on Saturday. Ten grams of silver cost Rs 940 in India, the price of 100 grams of silver was constant at Rs 9,400 today, and the price of one kilogramme of silver stayed steady at Rs 94,000 today.

Gold Price Outlook

As per SMC Global Securities, "Given the current market conditions, the World Gold Council maintains a bullish outlook on gold, driven by its enduring appeal as a safe-haven asset. Both central banks and investors continue to turn to gold in search of stability amidst on-going global volatility fuelled by geopolitical tensions, inflation concerns, and economic uncertainty. India is poised for a strong year, with year-to-date investment already nearing the total figures of the past four years. Wedding-related demand is expected to remain robust throughout the December quarter, further driving growth in the market."

"On the Comex, gold is expected to trade between $2,580 and $2,760, with silver in the $30-$33 range. In the Indian market, gold could see volatility within Rs. 75,000-Rs. 79,000, and silver may trade in a wide range of Rs. 88,000-Rs. 94,800 levels," the research analysts of SMC Global Securities said in a note.