Gold prices in India are likely to continue its record rally with resistance seen at Rs 79,600 in MCX, on the occasion of Muhurat Trading, November 1, 2024. The muhurat trading is a special 1-hour session where investors can pitch their money in the commodities market along wither other capital market instruments. This occasionally takes place during Laxmi Pujan in Diwali.
Gold Prices In India:
24K gold in 10 grams ahead of Muhurat trading is at Rs 81,340 per 10 grams, while 22k and 18K prices are at Rs 74,560 and Rs 61,010 per 10 grams. The cheapest gold among the three carats is Rs 6,101 in 1 gram of 18k, while the most expensive yellow metal is available at Rs 8,13,400 per 100 grams of 24K.
Silver Prices In India:
1 kg of silver is available at Rs 99,900 in India. Meanwhile, in cities like Chennai, Hyderabad and Kerala, 1kg silver price is at Rs 1,08,900 each.
MCX Gold, Silver Prices:
At MCX, gold futures with December expiry are at Rs 78,443 per 10 grams after hitting a new record of Rs 79,681 per 10 grams on October 31. Meanwhile, MCX silver price is at Rs 94,735 per kg after closing hours on Thursday.
The performance comes after international gold prices consolidated.
US Gold, Spot Gold Prices:
XAU/USD aka spot gold futures traded in the range of $2,743.90 an ounce to $2,751.05 an ounce in early trade of November 1, which has corrected from its all-time high of $2,790.10 an ounce.
US gold futures with December expiry traded in the range of $2,753.80 to $2,760.80 an ounce on Friday. This bullion has also corrected from its all-time high of $2,801.80 an ounce.
Gold has inched up after pulling back on October 31 in the international market.
On the previous session, as per Reuters report, gold retreated on Thursday as prices consolidated after hitting a record high, while safe-haven demand ahead of the U.S. presidential election helped the precious metal log its fourth straight monthly gain. Spot gold was down 1.6% at $2,740.45 per ounce by 1:40 p.m. ET (1740 GMT), after hitting a record high of $2,790.15 earlier in the session. Prices have firmed around 4% for the month.
Gold Price Outlook:
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, "Gold prices witnessed slight profit-taking as traders preferred to secure gains from recent rallies ahead of Friday's key events-the Non-Farm Payroll (NFP) and unemployment reports. Currently trading around ₹79,400 in MCX, gold faces resistance at ₹79,600, while Comex shows a hurdle near $2,790. The upcoming U.S. election next week is expected to be a decisive factor for gold's trend, with market participants closely watching its outcome for further direction."
Also, Nirmal Bang in its technical report said, gold prices are expected to rise. One can buy at 79550 with a stop loss of 79250 for the target at 79850-80200.
For silver, Nirmal Bang said, Silver prices are expected to rise. One can buy at 97300 with a stop loss of 96500 for the target at 98300-99000.
The one-hour special trading session on Friday will take place from 18:00 PM to 19:00 PM.
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