Gold Price India: After Falling By Rs 900, Yellow Metal Gains; Should You Buy On Dhanteras?

Gold price in India witnessed a rally today after falling by Rs 900 last 5-days. The price of 22 carat of 10 grams gold in India today is Rs 56,000 after the jump of Rs 300 while price of 24 carat of yellow metal is Rs 61,090 after the surge of Rs 330. 22 carat of 10 grams gold prices have fallen by Rs 1200 so far and appreciated by Rs 500 from November 1, 2023.

MCX gold price has been staying above Rs 60,000 per 10 gm levels while spot gold rate is presently hovering near $11,958 per ounce levels. On the other hand, silver rate on MCX on November 10 opened at 70,998 per kg levels and surged to touch intraday high of Rs 71,155 levels. In global market, silver price is near $22.70 per ounce levels today.

Amit Sajeja, Vice President - Research at Motilal Oswal stated the reason behind the decline in gold prices in last few days saying, "gold and silver prices had ascended near 10% in three weeks due to Israel-Hamas war. Gold prices in international market touched $2,000 levels where invetors were afraid of fresh buying. Apart from this, US Fed's decision to focus on inflation also put breaks on gold price rally and hence profit booking triggered in gold and silver as bullion prices had ascended at overbought levels."

Meanwhile, Anuj Gupta, Head - Commodity & Currency at HDFC Securities explained why US Fed meeting led to profit booking in bullions saying, "The US Fed's chair said after the completion of FOMC meeting that the US Central Bank will focus on inflation. This triggered fresh buying in the US dollar. Hence, after nosediving to the tune of 1.40 per cent last week, US dollar index gained around 0.80 per cent this week, which put pressure on gold and silver prices across world."

Should you buy gold today on the occasion of Dhanteras: It is believed that buying gold is considered auspicious on Dhanteras as it brings good luck. Amit Sajeja said, "Ahead of Dhanteras 2023, one big correction was expected and that has happened. But, there can be one more dip during day time and gold prices may go to the tune of Rs 59,500 per 10 gm levels. So, my suggestion to fresh investors is to wait for one correction in the yellow metal and buy gold in Rs 59,500 to Rs 59,000 Zone." He urged investors to keep stop loss at Rs 58,500 levels while taking fresh position in gold.

Check today's gold prices in various cities across India:

Gold Price Delhi Today: In the national capital, price of 22 carat of 10 grams of yellow metal is Rs 56,150 while price of 10 grams of 24 carat gold is Rs 61,240.

Gold Price Chennai Today: If you are in Chennai, you need to pay Rs 56,450 per 10 grams for 22 carat of gold and Rs 61,580 for 10 grams of 24 carat gold.

Today's Yellow Metal Price Mumbai: The financial capital of India is selling 22 carat of 10 grams gold for Rs 56,000 and 24 carat of 10 grams yellow metal for Rs 61,090.

Today's Gold Price Kolkata: You need to shell out Rs 56000 to buy 22 carat of 10 grams gold in Kolkata and pay Rs 61,090 for 24 carat of 10 grams gold.