Gold Prices In India Outlook On November 19, 2024: How Will 24K, 22K, 18K Prices React On Tuesday?

Gold prices in India started the current week with an upside across 24, 22 and 18 carats. On Tuesday, key support for MCX gold price is seen around Rs 74,250, while resistance is predicted to be above the Rs 75,000 mark. The geopolitical tensions between Russia and Ukraine are seen to be the latest booster for yellow metal prices.

Gold Prices In India:

Currently, the 24K gold price is at Rs 76,320 per 10 grams, while 100 grams of the same is available at Rs 7,63,200. Further, the 22K gold price is Rs 69,960 for 10 grams and Rs 6,99,600 for 100 grams. Additionally, the gold price in 18K is around Rs 57,240 for 10 grams and Rs 5,72,400 for 100 grams.

Silver Prices In India:

The price of 1Kg silver is Rs 89,400, and that of 100 grams and 10 grams of silver is Rs 8,940 and Rs 894 respectively. The cheapest silver is around Rs 89.40.

MCX Gold, Silver Prices:

MCX gold futures with December expiry is at Rs 75,012 per 10 grams, while that of MCX silver prices is at Rs 90,476 per 1kg.

Spot Gold Prices:

On Monday, spot gold touched $2,560 an ounce mark, after recording its largest weekly decline in over 3 years. This is because the strong rally in the US dollar paused, while demand for haven assets picked up with the escalation in the feud between Russia and Ukraine.

Gold Prices Outlook On November 19:

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, gold traded strongly positive due to heightened geopolitical tensions between Russia and Ukraine. President Joe Biden's authorization for Ukraine to use powerful American long-range weapons to strike within Russia escalated the conflict. In response, Moscow deployed around 50,000 troops to the southern region of Kursk, further intensifying concerns.

He further added this geopolitical risk bolstered gold prices as investors turned to safe-haven assets. Key support for gold is seen around 74,200-74,250 INR, while resistance stands at 75,100 INR."

According to Trading Economics, President Joe Biden has approved the use of potent, long-range American weaponry inside Russia by Ukraine, as Moscow positioned almost 50,000 troops in Kursk to retake the territory lost in the summer. Meanwhile, 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 65% chance of a 25bps rate cut in December. 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.