Gold Price In India Outlook On Vijayadashami 2024: What Will Drive 24K/22K/18K Prices On Saturday, October 12?

Gold prices in India are steady on the occasion of Vijayadashami, popularly known as Dussehra or Dasara, which will be celebrated on October 12. This is also the last day of Navratri festival. That being said, precious metals such as gold and silver are likely to trend across India on Saturday. The outlook for gold remains supportive.

Gold Prices In India: Currently, gold prices surged marginally in the early hours of Saturday. 24K gold price in 10 grams is at Rs 77,410, while 22K and 18K in 10 grams are priced at Rs 70,960 and Rs 58,060. Gold prices are near their all-time high levels.

Gold Prices In Major Cities: 24K/10 grams gold is at Rs 77,560 in the national capital, Delhi, followed by a price of Rs 77,460 in Vadodara and Ahmedabad. In other cities like Mumbai, Chennai, Kolkata, Bangalore, Hyderabad, Kerala, and Pune, 24K gold is available at Rs 77,410 per 10 grams. Prices were up in the range of 1 to Rs 100.

Silver Prices in India: In the early hours of Saturday, silver prices jumped in the range of Rs 0.10 to Rs 100. 1KG silver is priced at Rs 96,100, followed by 100 grams and 10 grams of silver at Rs 9,610 and Rs 961 respectively. Also, 1 gram and 8 grams of silver is at Rs 96.10 and Rs 768.80 respectively.

Silver Prices In Major Cities: In cities like Chennai, Hyderabad, and Kerala, 1 kg of silver is available at Rs 1,02,100. Meanwhile, in other cities like Mumbai, Delhi, Kolkata, Pune, Vadodara, and Ahmedabad, 1kg of silver is at Rs 96,100. Compared to these cities, the silver price is cheap at Rs 84,900 in Bangalore.

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.

Gold, Silver Prices Outlook On Saturday:

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 Rs 400 to Rs 75,750 in MCX. 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."

Trivedi added, "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." However, MCX is closed on Saturday, so the support and resistance would be seen on Monday, October 14.

Navratri, Vijayadashami 2024:

Vijayadashami, more commonly known as Dussehra, and also known as Dasara or Dashain, is a major Hindu festival celebrated every year at the end of Durga Puja and Navaratri. It is observed on the tenth day of the month of Ashvin, the seventh in the Hindu lunisolar calendar. The festival typically falls in the Gregorian calendar months of September and October, as per Wikipedia.