Gold Price In India Outlook On October 11, 2024: What Will Drive 24K/22k/18K Prices On Friday?

Gold Price In India Outlook: Gold prices in India will be influenced by mixed economic data in the United States. The latest US CPI inflation print eased, but hotter-than-expected and still above the Fed's target. While weekly job report of the country was higher than anticipated. Equity markets have taken a setback as investors observed the economic data. On Friday, October 11, MCX gold is seen to range between Rs 74,800 to Rs 75,000.

Gold Prices In India: 10 grams in 24K is priced at Rs 76,630 in 24K, while this yellow metal is available at Rs 70,240 and Rs 57,470 in 22K and 18K. The price of gold in India today is Rs 7,024 per gram for 22 karat gold and Rs 7,663 per gram for 24-karat gold (also called 999 gold).

MCX Gold Prices In India: The MCX gold futures with December 2024 expiry stood at Rs 72,39, up by Rs 359 or 0.5% after market hours of October 10. The bullion had risen to as far as nearing Rs 75,500 levels.

Gold Price Outlook On Friday, October 11:

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, "Gold traded slightly positive at ₹75,100, up by ₹150, while Comex gold remained steady at $2,616. The last two days of profit booking have given bulls a chance to pause, with potential for renewed momentum if today's US CPI numbers come in lower, as anticipated at 2.3% against the previous 2.5%. A lower CPI reading would reinforce the Fed's dovish stance, supporting rate cuts and possibly helping gold prices to recover further."

He added, "In terms of levels, support for MCX gold is seen at ₹75,000-₹74,800, while resistance is expected around ₹75,250-₹75,450.."

US inflation eased for six consecutive month to 2.4% in September 2024, which is also its lowest level since February 2021.

However, as per Trading Economics data figures came above forecasts of 2.3%. Compared to the previous month, the CPI rose 0.2%, the same as in August, and above forecasts of 0.1%. The annual core inflation rate unexpectedly edged up to 3.3%, compared to 3.2% in the previous two months while investors were expecting it would stay at 3.2%. The monthly core inflation rate remained at 0.3%, the same as in August but above forecasts of 0.2%.

Meanwhile, Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services said, "On chart... momentum looks corrective with resistance at 75350, while on the downside support holds at 74840, below which prices may test 74620/ 74450".