Gold Price In India Outlook On October 14, 2024: What Will Drive 24K, 22K, 18 Prices On Monday? Support Levels

Gold prices in India are likely to find support between Rs 75,000 to Rs 75, 2000, while their resistance could go up to Rs 76,500 per 10 grams. A host of factors could influence gold and these are ECB policy outcomes, US economic data, and geopolitical tensions which are at boiling point in the Middle East. Last week, gold prices rallied, leading up to a downside but at a limited space.

Gold Prices In India: In the early hours of Monday, 24K gold price was down by Rs 10 to Rs 77,660 per 10 grams, while 22K and 18K prices also fell by Rs 10 each to Rs 71,190 and Rs 58,250 per 10 grams.

Gold Prices In Major Cities: 24K/10 grams is high at Rs 77,810 in Delhi, followed by Rs 77,710 price level in cities like Vadodara and Ahmedabad. Gold prices are at Rs 77,660 in 24K of 10 grams in cities like Chennai, Mumbai, Kolkata, Bangalore, Hyderabad, and Kerala.

Silver Prices In India: 1Kg of silver is down by Rs 100 in early trade of October 14, to Rs 96,900. In cities like Chennai, Hyderabad, and Kerala, 1 kg of silver is priced at Rs 1,02,900. Further, the price is at Rs 96,900 in Mumbai, Delhi, Kolkata, Pune, Vadodara, and Ahmedabad. Silver is cheap in Bangalore at Rs 93,600 per kg.

MCX Gold, Silver Prices: MCX gold futures with December expiry, ended at Rs 76,325 per 10 grams, which is near its all-time high. While MCX silver with December expiry, jumped to Rs 91,730 per 1kg.

Meanwhile, MCX silver is available at Rs 91,730 per 1kg. This is of December expiry as well.

SMC Global Securities in its report said gold's rally paused, leading to a slight decline, but the downside was limited amid persistent pressure from a stronger dollar, with the focus turning to key upcoming inflation data for more cues on interest rates. Silver experienced a sharper drop, closing near $30.5.

Also, Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, gold prices remained elevated, trading above $2,635 in Comex and rising by over ₹400 to ₹75,750 in MC. The key drivers for the ongoing positive trend include U.S. data that supports the continuation of interest rate cuts, particularly due to high jobless claims and elevated crude oil prices, which indicate persistent inflationary pressures.

Gold Price Outlook:

According to Trivedi, gold support is seen around ₹75,000-₹75,200, with resistance around ₹76,250-₹76,500. The outlook for gold remains supportive, as long as prices hold above $2,580 in Comex.

Further, brokerage Nirmal Bang stated that gold prices are expected to rise. One can buy at 75450 with a stop loss of 75150 for the target at 75700-75900.

On silver, Nirmal Bang said, silver prices are expected to rise. One can buy at 90500 with a stop loss of 89800 for the target at 91500-92200.

US Gold, Spot Gold Prices: In the early trade, spot gold is down by 0.3% to trade at $2,650.10 per ounce. XAU/USD is in the range of $2,643.31 to $2,657.26 per ounce.

While US gold futures with December expiry traded at $2,667.70 per ounce, down by over 0.33%. The day's range is between $2,660.20 to $2,672.70 per ounce.