Gold Prices In India Outlook On November 18, 2024: What Will Drive 24K, 22K, 18K Prices On Monday?

Gold prices in India have witnessed a volatile week and on Monday, November 18, the trend is likely to continue as the expectations of more Fed rate cuts have been dulled. Stronger dollar and treasury yields have kept gold under pressure. 24K gold price in 10 grams is currently above the Rs 75,600 mark, while 22K is more than Rs 69,300. In the international market, gold price has corrected significantly from its all-time high of 2790.07 that was recorded in October month.

Gold Prices In India:

24K gold price is at Rs 75,640 per 10 grams currently, while 22K and 18K gold prices are at Rs 69,340 and Rs 56,730 respectively. Among the three carats, the cheapest gold is at Rs 5,673 for 1 gram to 18K, and the most expensive one is at Rs 7,56,400 for 100 grams of 24K.

Silver Prices In India:

1Kg silver prices in the early hours of Monday were at Rs 89,400 in India. While 100 grams of silver is at Rs 8,940 in 100 grams and at Rs 894 in 10 grams.

MCX Gold, Silver Prices:

Gold prices witnessed their worst week since June 2021. Spot gold fell to $2,561.24 per ounce, touching its lowest since Sept. 12. U.S. gold futures were down to $2,570.10 per ounce.

Last week, US Federal Reserve's chair Jerome Powell signalled that there was no hurry in cutting rates as strong US economic growth is going to allow FOMC to take its time in deciding how far and how fast key federal fund rates could be lowered.

Gold Prices In India Outlook On November 18:

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, "Gold's weakness persisted with price falling below 2550$ and near 73500rs in MCX as the dollar climbed above 106.50 and edged closer to 107. The US CPI data, which came in higher at 2.6% compared to the expected 2.4%, fueled the dollar's strength. While the Fed has been continuing with rate cuts as inflation approached its 2% target, the higher-than-expected CPI reading raises concerns that further cuts may be paused. This development added pressure on gold prices, which reacted negatively to the stronger dollar and the potential shift in Fed policy."

Giving an outlook ahead, Forex.com analyst Fawad Razaqzada told Reuters in a note that gold could benefit if Powell avoids directly linking potential policy shifts to the Fed's decisions, as this could dampen U.S. rate expectations.