Gold Prices Cheaper In These Countries Than Gold Prices In India; Comparison Of 24K, 22K, 18K Rates On Nov 18

Gold prices in India made a strong jump on Monday, November 18, 2024, as the dollar traded flat although continued to be around its highest level in two years. 24K gold price in India is currently at Rs 76,310 per 10 grams. But did you know there are countries where gold prices are cheaper than gold sold in India? 24K gold price in countries like the USA, Canada, Bahrain, Saudi Arabia, Australia, and England is cheaper.

Gold Prices In India:

24K gold price is at Rs 76,310 in 10 grams, up by Rs 660 on November 18, 2024. While 100 grams of the same carat jumped by Rs 6,000 to Rs 7,63,100.

Further, the 22K gold price in India soared by Rs 600 in 10 grams to Rs 69,950 and was higher by Rs 6,000 in 100 grams to Rs 6,99,500.

Meanwhile, gold price in 18k surged by Rs 490 to Rs 57,230 in 10 grams, and that of 100 grams of gold is up by Rs 4,900 to Rs 5,72,300.

MCX Gold, Silver Prices In India:

MCX gold with December futures currently traded at Rs 74,369 per 10 grams, up by Rs 423 or 0.6%, at the time of writing. The bullion was near its intraday high of Rs 74,678 per 10 grams.

According to Rahul Kalantri, VP of Commodities, Mehta Equities, gold prices opened with a gap-up despite hawkish remarks from the US Federal Reserve chairman. Last week, gold and silver prices extended their decline, reaching two-month lows in international markets. This sharp drop was primarily driven by the strong performance of Bitcoin and the U.S. dollar. Major global currencies are also under pressure against the U.S. dollar.

Gold Prices In Other Countries:

Compared to developed countries, gold prices are cheapest in England and Australia with 22K prices at Rs 64,450 and Rs 66,440 for 10 grams. While 24K 10 grams of gold price is at Rs 70,370, the cheapest in England, while at Rs 72,070 in Canada.

Gold Prices In Major Countries on Nov 18 (10 Grams)	22K Gold Today	24K Gold Today
Gold Prices In Bahrain	68960	73440
Gold Prices In Kuwait	68140	74340
Gold Prices In Malaysia	69530	72930
Gold Prices In Saudi Arabia	68350	73740
Gold Prices In United State	69200	73420
Gold Prices In England	64450	70370
Gold Prices In Canada	68170	72070
Gold Prices In Australia	66440	72450

Spot Gold Price:

Spot gold touched the $2,600 an ounce level on Monday, rebounding from its biggest weekly decline in over 3 years, due to a pause in the US dollar rally.

As per Trading Economics, the latest data in the US showed retail sales rose more than expected in October, underscoring the economy's resilience. Comments from some Federal Reserve officials last week also added uncertainty regarding the timing and extent of potential rate cuts. Still, markets are currently pricing in around a 65% chance of a 25bps rate cut in December.

Further, the data said that investors are now focused on upcoming remarks from other Fed policymakers this week, seeking clearer guidance on the direction of U.S. interest rates in the months ahead. On the geopolitical front, ongoing tensions in the Middle East and the escalating conflict between Ukraine and Russia could drive safe-haven flows, providing additional support for gold.

Meanwhile, Kalantri said, global equity markets experienced a significant decline, with a heavy sell-off observed in emerging markets following Trump's victory, reducing the safe-haven appeal of precious metals. However, mixed U.S. economic data released last week provided some support for precious metal prices at lower levels. Gold has support at $2,568-2,545, with resistance at $2,610-2,625. Silver has support at $30.38-30.15, while resistance is seen at $30.92-31.20. In INR, gold has support at ₹73,880-73,750 and resistance at ₹74,410-74,680. Silver has support at ₹88,080-87,550, with resistance at ₹89,350-90,980