Gold prices in India are going to trend on Dhanteras festival which will be celebrated on Tuesday, October 29, 2024, as demand for yellow metal is high on this day. However, gold prices could track international prices which will be swayed by the geopolitical tensions and upcoming US election results. On the previous day, gold prices in India recorded a big drop in the range of Rs 3,700 to Rs 4,900 in 100 grams of 22K, 24K, and 18K.
Gold Prices In India:
Currently, 10 grams of 22K is priced at Rs 73,150, while 24K gold price is at Rs 79,800 per 10 grams and 18K gold is available at Rs 59,850 per 10 grams. On October 28, gold prices in 10 grams were down by Rs 370 to Rs 490. The cheapest gold is priced at Rs 5,985 which is 1 gram in 18K among the three carats, while the most expensive gold is of 100 grams of 24K to Rs 7,98,000.
Gold Prices In Major Cities:
Currently, 24K gold prices are at Rs 79,950 per 10 grams in Delhi, while the price is at Rs 79,850 per 10 grams each in Ahmedabad and Vadodara. On the other hand, 24K/10 grams price is cheaper in cities like Chennai, Kerala, Kolkata, Mumbai, Hyderabad, Bangalore and Pune to Rs 79,800.
Silver Prices In India: 1Kg Silver prices in India stood at Rs 98,000. In cities like Chennai, Hyderabad, and Kerala, silver was available at Rs 1,07,000 per 1kg each.
MCX Gold, Silver Prices:
MCX gold futures with December expiry ended at Rs 78,536 per 10 grams, down by Rs 30 or 0.04% on Monday. While MCX silver futures with December expiry dipped by Rs 34 or 0.03% to close at Rs 97,390 per 1kg.
As per Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, COMEX gold prices to a record high of $2,772.60 per ounce last week as the tightly contested race between Vice President Kamala Harris and former President Donald Trump boosted safe-haven demand. However, prices retreated to $2,722 during the week as strong US economic data raised expectations that the Federal Reserve would take a cautious approach to monetary easing. Concerns over the growing US budget deficit and a pullback in the US 10-year Treasury yield from 4.25%, its highest level since late July, helped gold prices rebound to $2,760.90 per ounce on Friday before closing at $2,754.60.
Gold Prices Outlook On Tuesday, October 29, 2024:
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said that gold prices experienced a decline at the beginning of the week, down by ₹350 on MCX at ₹78,150 and weakened by $17 in Comex to $2,730, as profit booking emerged amid signs of de-escalation in the Israel-Iran conflict. The absence of major damage to oil and nuclear sites in Israel's weekend attacks has eased immediate war concerns, reducing the safe-haven demand for gold. Should geopolitical tensions remain subdued, gold's war premium may continue to fade, with potential tests of $2,700 to $2,680 in the near term.
Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services said that gold prices are stuck in a consolidative range, as traders/ investors look for fresh cues from the market with a focus on the U.S. election and the U.S. Fed's policy outcome next week. However, ahead of that few data are lined up this week, starting with U.S. consumer confidence, GDP and inflation data from Germany/Eurozone/ U.S., U.S. payroll data and the manufacturing PMI from across regions.
Mer added prices are trading slightly lower today amid fall in the middle-east risk premium with crude down more than 4%. He said, "On chart... gold trend still remains positive till prices are above support at 77500/ 75750, on the upside prices may test 80000/ 82400 in short-term."
India will be celebrating Dhanteras on October 29, which will be the first day of Diwali festival this year.
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