Gold Prices Record Best Week Of Nov, 100 Grams Gold Up Rs 39,900 In 6 Days; 24K, 22K, 18K's Next Week Outlook

Gold prices in India continued their strong surge on Saturday, November 23, 2024, during the time of assembly election outcomes in Maharashtra and Jharkhand. This will mark the sixth consecutive day when gold prices have risen sharply. 24K of 100 grams has surged by at least Rs 39,900 and up by Rs 3,990 in 10 grams during these six days, making it the best week of November so far. Going ahead, the latest appetite for bullion is expected to continue amidst rising geopolitical tensions. Also, results of Maharashtra and Jharkhand elections will influence the prices of yellow metal.

As per SMC Global Securities, gold regained momentum after a three-week decline from its peak, while silver attracted fresh buying after a sharp four-week fall.

Gold Prices In India:

Gold prices in India surged by Rs 8,200 to Rs 7,96,400 in 100 grams of 24K, while the upside is about Rs 820 to Rs 79,640 in 10 grams. Further, gold prices in 22K rose by Rs 7,500 to Rs 7,30,000 in 100 grams and up by Rs 750 to Rs 73,000 in 10 grams. Additionally, gold prices climbed by Rs 6,100 to Rs 5,97,300 in 100 grams of 18K, and in the same carat, gold was up by Rs 610 to Rs 59,730 in 10 grams.

Gold Prices In India In Six Days:

From November 18 to November 23, 24K of 100 grams gold price skyrocketed by Rs 39,900 in 100 grams. While the price surged by Rs 3,990 for 10 grams.

Gold Prices In India Rally By Rs	24/100 Grams	24/10 Grams
November 23	8200	820
November 22	8700	870
November 21	3300	330
November 20	5500	550
November 19	7600	760
November 18	6600	660

MCX Gold, Silver Prices:

MCX gold futures with December expiry ended the current trading week at Rs 77,685 per 10 grams on November 22, 2024, which was its weekly high. Further, MCX silver price rose to close at Rs 90,791 per 1kg up by Rs 866 or 0.96% on November 22, after hitting an intraday high of Rs 91,213 per 1kg.

Spot Gold Prices:

As per Trading Economics, gold climbed $2,680 per ounce on Friday, rising for the fifth straight run, and on track to gain nearly 5% this week, as investors turned to safe-haven assets amid increasing geopolitical risks. Traders also weighed remarks from Fed Bank of Chicago President Goolsbee, who suggested that interest rates could move "a fair bit lower" and expressed confidence that inflation is easing toward the target. Most of the market still expects a 25bps rate cut in December, which would lower the opportunity cost of holding non-interest-bearing gold.

Gold Prices Outlook Next Week:

In its Wise Money report for weekly outlook in billions, SMC Global Securities said, gold prices surged nearly 5% this week, driven by heightened safe-haven demand amid escalating geopolitical tensions. Ukraine launched a second Western-supplied missile into Russia, and Kyiv's air force reported Russia's first intercontinental ballistic missile strike in retaliation. Russian President Vladimir Putin warned of an escalating global confrontation, citing Ukraine's use of US and British-supplied weapons. In response, Russia deployed a new hypersonic medium-range ballistic missile, with further strikes threatened. Market sentiment was further shaped by speculation around the Federal Reserve's monetary policy.

Furthermore, the brokerage highlighted that US jobless claims unexpectedly fell, raising expectations of a slower pace of Fed rate cuts. Fed Bank of Chicago President Goolsbee expressed confidence that inflation is easing toward the target and suggested that rates could move "a fair bit lower.

In SMC's view, markets remain divided, with a slight majority still anticipating a 25bps rate cut in December, reducing the opportunity cost of holding non-yielding gold. Silver prices climbed above $31, supported by geopolitical risks and safe-haven demand. However, the lack of new Chinese government stimulus tempered optimism about silver's industrial demand. Reports indicated that Chinese-owned solar panel companies are scaling back production amid oversupply concerns, compounded by the potential for higher
tariffs on the sector.

For next week, SMC said, on the Comex, gold prices are expected to trade in the range of $2,560-$2,780, while silver may move between $30 and $33. On MCX, gold prices could trade between Rs. 75,000 and Rs. 78,500, with silver likely to range from Rs. 88,500 to Rs. 93,000 levels. Investors will continue monitoring geopolitical developments and Fed signals for market direction.