Gold Price In India Today Nov-19: 24K/100 Grams of Gold Rally Rs 7,600; 1Kg Silver Price Surges Rs 2,000

Gold prices in India saw an enormous rise on Tuesday, November 19, as the dollar index pulled down from recent highs and hawkish sentiments made by Fed members over the likelihood of more rate cuts. After a prolonged period of disappointing sessions, MCX gold prices recovered, mostly as a result of the dollar index's decline. With a number of Fed officials slated to speak this week, gold rates are likely to consolidate after the dollar fell from its one-year highs and gains in the precious metal were restrained by rising yields and aggressive remarks from the Fed.

Gold Rates In India Today

In India, the current price of gold is Rs 7,707 per gramme for 24-carat gold and Rs 7,065 per gramme for 22-carat gold. While the price of 22k of 10 grammes of gold in India increased by Rs 700 to Rs 70,650 on Tuesday from Rs 69,950 on Monday, the price of 22k of 100 grammes of gold increased by Rs 7,000 to Rs 7,06,500 today from Rs 6,99,500 yesterday. Prices for 24k of 10 grams of gold in India increased by Rs 760 on Tuesday to Rs 77,070 from Rs 76,310 on Monday.

The price of 24k of 100 grams of gold in India jumped by Rs 7,600 from Rs 7,63,100 yesterday to Rs 7,70,700 today. In India, the price of 18k of 10 grams of gold surged by Rs 580 to Rs 57,810 on Tuesday from Rs 57,230 on Monday. Meanwhile, the price of 18k of 100 grams of gold zoomed by Rs 5,800 to Rs 5,78,100 from Rs 5,72,300 on Monday.

Spot Gold Today

Supported by a weaker US dollar, gold prices surged to a one-week high on Tuesday as Spot gold jumped 0.4% to $2,623.54 an ounce at 02:46 GMT, the highest level since November 12. According to Reuters, U.S. gold futures gained 0.5% to $2,627.60. Spot silver surged 0.5% to reach a one-week high of $31.32 per ounce, among other commodities. Platinum went up 0.3% to $969.80. Following a more than five per cent spike on Monday, palladium remained stable at 1,005.20.

Silver Rates In India Today

Today, silver costs Rs 91.50 per gramme and Rs 91,500 per kilogramme in India. While the price of 100 grams of silver in India increased by Rs 200 from Rs 8,950 yesterday to Rs 9,150 on Tuesday, 10 grams of silver is going to cost Rs 915, up Rs 20 from Rs 895 on Monday. In India, one kilogramme of silver would cost Rs 91,500 on Tuesday, up from Rs 89,500 on Monday. This is a Rs 2000 rise in price in a single day.

MCX Gold Outlook Today

"On the domestic front, MCX Gold managed to sustain above the key level of 75000 and ended the session with the formation of a bullish candle on the daily chart. A sustained move above the 75300 level could trigger further short covering, propelling prices toward 76000/77000/77600 levels. On the downside, key support for MCX Gold is placed at 74750/74300 levels. Traders are advised to use strict stop losses, as volatility may remain high due to ongoing geopolitical issues," said the technical research analysts of Way2Wealth Brokers Private Limited.

Deveya Gaglani, Research Analyst-Commodities, Axis Securities said, "MCX Gold prices experienced a rebound in the last session after several days of underperformance, largely due to a pullback in the dollar index. In the domestic market, the price of yellow metal surged by over 900 points, marking its best daily gain of more than 1.3% since October 11, 2024, as the greenback dipped below $106, which increased Bullion appeal. However, immediate resistance is placed around Rs 75600, which coincides with 50-EMA on the daily chart. Additionally, street expects that the Fed will not cut the rate in December, which may dampen Gold's appeal. Prices are anticipated to consolidate with a slight downward bias over the week."

Spot Gold & Silver Outlook Today

"Spot gold is to expected to face the hurdle near $2600 and move lower towards $2530 amid strong US dollar and shift in Fed rate- cut expectations. Hawkish comments from the Fed members and declining probability of more rate cuts in the coming year would restrict upside in bullions. Meanwhile, escalating geopolitical tension and risk off sentiments could provide some support to the bullions," said ICICI Direct Research in a note.

"Now, focus will remain on speech from the Fed members which could bring further volatility in price. Breakdown of rising trend channel and key support level at $2600 would limit its upside. On the downside 100 day EMA at $2530 would act as key support to prices. MCX Gold December is expected to face the hurdle near 74400 and decline towards 73,500. Spot Silver is likely to face the resistance near $30.80 and move towards $29.70. MCX Silver is expected to move towards 87,000, as long as it remains under 90,000," the brokerage ICICI Direct Research commented.

Gold & Silver Outlook Today

"Gold and silver prices are trading slightly higher today on the international bourses. We expect gold and silver prices to trade range-bound to higher for the day; as gold prices are steady, after jumping the most since August on Monday, with the market focused on the dollar and the Federal Reserve's interest-rate path," said the technical research analysts of Nirmal Bang Securities Pvt. Ltd.

Disclaimer

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