Gold Price Outlook On October 7, Monday: What Will Drive 10 Grams Gold Price? Find Out!

Gold prices in India witnessed a solid surge due to the escalation of war in the Middle East, with Israel now combating Iran's other proxy that is situated to its north, Hezbollah. With Middle East tensions far from over, MCX is expected to have support around Rs 75,000 per 10 grams, while resistance could be around Rs 77,000 levels on Monday, October 7, 2024.

Gold Price In India: Gold price in 22K of 10 grams is priced at Rs 71,190, while 24K gold is available at Rs 77,660 per 10 grams. Further, 10 grams of 18K is available at Rs 58,250.

Gold Prices In Major Cities: 24K gold is expensive in Delhi at Rs 77,810 per 10 grams, while price in Vadodara and Ahmedabad is at Rs 77,710 per 10 grams. In cities like Chennai, Mumbai, Kolkata, Bangalore, Hyderabad, Kerala, and Pune, gold price in 24K/10 grams is much cheaper to Rs 77,660.

Silver Prices In India: 1kg silver price is available at Rs 96,900, while the cheapest silver of 1 gram is priced at Rs 96.90.

Silver Prices In Major Cities: In cities like Chennai, Hyderabad, and Kerala, 1kg of silver is available at Rs 1,02,900 each. Further, in cities like Mumbai, Delhi, Kolkata, Bangalore, Pune and Ahmedabad, silver is sold at Rs 96,900 per 1 kg.

MCX Gold, Silver Prices: Last week, on Friday, MCX gold price with December expiry ended at Rs 76,190, up marginally at the exchange. The gold futures touched a new high at Rs 76,630 per 10 grams on October 4th. Meanwhile, MCX silver price with December expiry, closed at Rs 93,500, up Rs 151 on Friday. The silver futures touched over Rs 95,300 levels during the trading session of October 4.

Gold Price Outlook On Monday, October 7:

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, last week, that gold prices saw a surge as Middle East tensions between Iran and Israel kept buyers' positions intact even after prices were overbought.

He added, "Anticipating further continued easing of interest rates will keep Gold buyers interested as prices saw a jump of 1% in MCX at 76300rs in MCX & 2660$ in Comex. Support is placed at 75000 whereas Resistance is at 77000."

Spot Gold, US Gold Futures: As per Reuters report, Gold prices eased on Monday as bets firmed for a smaller U.S. rate cut after a surprisingly strong jobs report, while market participants awaited inflation data and comments from Federal Reserve officials for further cues. Spot gold slipped 0.1% to $2,650.79 per ounce, as of 0030 GMT. U.S. gold futures rose 0.1% to $2,670.20.

According to CME's FedWatch tool, market participants now believe there is a 95% probability that the US Federal Reserve will trim key interest rates by only 25 bps in the upcoming November policy. While the probability for a 50 bps cut is now 0% from the earlier 28%.