Gold Price Jumps In India Today But Silver Tanks, MCX Gold Trades Sideways; Muted Outlook For Gold & Silver

On Friday, November 21, gold prices in India saw an enormous rise as the mixed U.S. jobs report influenced sentiment. Today, the price of gold in India climbed to Rs 9,336 per gram for 18 carat gold, Rs 11,410 per gram for 22 carat gold, and Rs 12,448 per gram for 24 carat gold. However, today's domestic market saw a decline in silver prices. While MCX Gold trades sideways, spot gold is under pressure, and prices may drop toward $4,000 amid a strong dollar and rate-cut doubts.

Gold & Silver Rates In India Today

The price of 24k of 10 grams of gold in India today is Rs 1,24,480, up from Rs 1,24,260 yesterday. This is an increase in price of Rs 220. As a result, the price of 24k of 100 grams of gold in India on Friday climbed by Rs 2,200 to Rs 12,44,800. The price of 22k of 10 grams of gold in India reached Rs 1,14,100 today, increasing Rs 200 from Rs 1,13,900 yesterday. As a result, the price of 22k of 100 grams of gold in India on Friday shot up by Rs 2,000 to Rs 11,41,000.

Gold prices for 18k of 10 grams in India jumped by Rs 170 from Rs 93,190 on Thursday to Rs 93,360 on Friday. As a consequence, the price of 18k of 100 grams of gold surged by Rs 1,700 overnight to Rs 9,33,600.

In India, the price of silver is currently Rs 161 per gram and Rs 1,61,000 per kilogram, which is a drop of Rs 4 per gram and Rs 4,000 for one kilogram from Rs 165 and Rs 1,65,000 yesterday.

MCX Gold Outlook Today

"On the technical front, MCX gold witnessed muted price action, consolidating within the short-term DEMA lines without decisive movement on either side. The broader trend remains sideways. Immediate support is placed at 122000, while resistance is seen at 123750. Major support lies at 119350, and major resistance at 127050-127940. Any correction toward the major support levels will offer a good opportunity for positional traders," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

"MCX Gold Dec is expected to slip back towards ₹121,000 level as long as it stays below ₹124,000 level. A break below ₹121,000 will open doors for ₹120,500 level," stated the technical research analysts of ICICI Direct.

MCX Silver Prediction

"MCX Silver Dec is expected to slip towards ₹152,000-₹151,000 level as long as it stays below ₹157,000 level," commented the technical research analysts of ICICI Direct.

Spot Gold Prediction Today

"Spot Gold is likely to trade with the negative bias and slip towards $4000 level on strong dollar. Further, prices may slip as release of delayed job report from U.S painted mixed picture of labor market conditions, reinforcing expectation that US Fed may hold off on cutting rates at its upcoming meeting in December," commented the technical research analysts of ICICI Direct.

"Additionally, Fed officials are signaling caution over further easing, citing worries about inflation. Moreover, job data for October and November will not come before Fed policy meeting, forcing traders to cut bets on interest rate cut next month. As per CME FedWatch tool traders are now pricing almost 39% chance of a rate cut in December, down from about 50% a week ago," they further added.

Gold & Silver Fundamental Outlook Today

"Gold and silver prices are trading lower today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly lower for the day; as gold prices are on track for a small weekly decline, after a mixed US jobs report offered little fresh incentive for the Federal Reserve to cut interest rates," said the research analysts of Nirmal Bang Securities.

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