Gold Prices In India On November 7, 2024: 24K/10 Grams Yellow Metal Dips By Rs 17,900; Silver Drops Too

As the U.S. election result strengthened the dollar index, which rose to 105, gold prices on Thursday, November 7, saw extreme volatility, ranging dramatically between Rs 78,560 for 10 gm of 24k and Rs 72,000 for 10 gm of 22k.

Gold now costs Rs 7,200 per gramme in India for 22 carat gold and Rs 7,856 per gramme for 24 carat gold. The price of gold fell drastically in India today, from Rs 73,650 yesterday to Rs 72,000 per 10 grams of 22k gold today.

In a similar vein, the price of 100 grams of 22k gold in India fell from Rs 7,36,500 yesterday to Rs 7,20,000 today, a drop of Rs 16,500 in a single day. Yet, the price of 100 grams of 24k gold fell to Rs 7,85,600 in India today from Rs 8,03,500 on Wednesday, which is a drop of Rs 17,900 in a single day.

18k Gold Rates In India Today

10 grams of 18k gold in India today dropped to Rs 58,910 compared to Rs 60,260 yesterday representing a price drop of Rs 1,350. Similarly, 100 grams of 18k gold rates in India on Thursday dropped to Rs 5,89,100 as against Rs 6,02,600 on Wednesday representing a cheaper rate of Rs 15.500.

Spot Gold Today

As the dollar gained momentum following Donald Trump's victory in the U.S. presidential election, gold prices fell to a level not seen in almost three weeks on Thursday. As of 0327 GMT, spot gold has dropped 0.1% to $2,656.34 per ounce, according to Reuters, after earlier in the day falling to its lowest level since October 15. Bullion has dropped almost $130 after reaching a record high of $2,790.15 last week. At $2,663.60, U.S. gold futures fell 0.5%. Palladium dropped 0.7% to $1,028.25, platinum dropped 0.3% to $983.73, while spot silver slid 0.4% to $31.03 an ounce. For the second consecutive session, all three precious metals were down.

Silver Rates Today In India

In India, silver currently costs Rs 93,000 per kilogramme and Rs 93 per gramme. 10 grams of silver reached Rs 930 on Thursday compared to Rs 960 on Wednesday representing a price drop of Rs 30. 100 grams of silver rates in India today is Rs 9,300 compared to Rs 9,600 yesterday. 1 kg of silver costs Rs 93,000 in India today as against Rs 96,000 yesterday representing a price drop of Rs 3,000 in a single day.

Gold Price Outlook Today

"Market participants are now looking ahead to the Federal Reserve's interest-rate decision for further clues on the bank's easing cycle that had helped gold's stunning rally to successive record highs this year. Investors widely expect the Fed to announce a quarter-point rate cut after 50-bps reduction in September. focus will also be on China's legislative congress meet this week which could also trigger volatility in market. Gold on domestic front is expected to trade between the range of 76,000 -76,900," said the research analysts of Motilal Oswal in a note.

"Gold and silver prices are trading marginally lower today on the international bourses. We expect gold and silver prices to trade range-bound to lower for the day; as gold prices are after plunging more than 3% in the previous session, with markets weighing the outlook for the US and global economy, following Donald Trump's decisive White House victory," said the research analysts of Nirmal Bang Securities Pvt. Ltd.