Gold Prices In India Outlook On October 19, 2024: What Will Influence 24K, 22K, 18K Prices On Saturday?

Gold prices in India are likely to trend, tracking a strong upside in international prices as Middle East tensions continue to take twists and turns. Gold prices in India have crossed the Rs 78,000 mark in 24K/10 grams, while the price is now racing towards the Rs 79,000 per 10 grams mark. Both gold and silver prices are at new all-time highs in India, however, this is reportedly impacting demand and Indian jewellers are pushed to sell gold and jewellery at discounts.

Gold Prices In India: In the early hours of Saturday, October 19, gold prices surged from Rs 1 to Rs 100. 24K gold price in 10 grams is at an all-time high of Rs 78,990, while 22K and 18K gold prices are at Rs 72,410 and Rs 59,250 respectively.

Gold Prices In Major Cities: 24K gold prices were above the Rs 79,000 mark in 10 grams in major cities like Delhi, Vadodara and Ahmedabad. While gold price was at Rs 79,140 per 10 grams in 24K in Delhi, the price was at Rs 79,040 in Vadodara and Ahmedabad. Further, gold prices were at Rs 78,990 in cities like Chennai, Kerala, Mumbai, Kolkata, Bangalore, Hyderabad and Pune.

Silver Prices In India: 1 kg silver prices in India are just Rs 900 away from hitting the Rs 1,00,000 mark. In the early hours of Saturday, the precious metal was up by Rs 100 to Rs 99,100.

Silver prices are already above Rs 1 lakh level in cities like Chennai, Hyderabad and Kerala to Rs 1,05,100 per 1kg. While silver is cheap in Bangalore to Rs 85,900 per 1kg compared to other metro cities. In Mumbai, Kolkata, Pune, Delhi and Ahmedabad among others, silver price is at Rs 99,100 per 1kg. That being said, silver prices are also at a new high.

MCX Gold, Silver Prices On Friday, October 19: At MCX, gold futures with December 2024 expiry, surged to hit a new high of Rs 77,839 per 10 grams before ending at Rs 77,750 per 10 grams. Further, MCX silver futures with December expiry climbed to hit an intraday high of Rs 95,521 per 1kg before closing at Rs 95,470 per kg. The precious metals were in green.

US Gold, Spot Gold: After hitting a new lifetime high of $2,722.60 an ounce, spot gold ended at $2,721.68 an ounce up by 1.06% on Friday. While US Gold Futures with December expiry touched its new record high of $ 2,737.80 an ounce, before ending at $2,736.40 an ounce up by 1.07%.

According to a Reuters report, physical gold dealers in India were forced to offer discounts this week, as record high prices dampened demand ahead of a key festival, while discounts in top consumer China narrowed. These dealers offered discount up to $8 an ounce over official domestic prices, - inclusive of 6% import and 3% sales levies, versus last week's $3 premium.

Gold Price Outlook:

Looking ahead, Bajaj Finserv on its website stated that the gold price trends and predictions for the next week indicates a slight fluctuation in the rates.

The brokerage added that the gold market is influenced by various factors such as global tensions, demand and supply and economic uncertainties. Hence, it is important to keep track of these factors and stay updated wit the gold rate predictions.