Gold prices in India will track international prices on Saturday, October 26, 2024, which recovered slightly as tensions in the Middle East escalated and the upcoming US election. In India, yellow metals and silver will see a swirl in demand due to the Diwali festival. In the early hours of Saturday, gold prices were up by Rs 1 to Rs 100, with 24K/10 grams price at Rs 79,590.
Gold Prices In India:
24K/10 grams gold price is at Rs 79,590, while 22K and 18K gold prices stood at Rs 72,960 and Rs 59,700 respectively. The cheapest gold price is 1kg to Rs 5,970. The prices of 1 gram in 22K and 24K are at Rs 7,296 and Rs 7,959 respectively.
Gold Prices In Major Cities:
Gold prices in 24K of 10 grams are at Rs 79,590 in cities like Chennai, Kolkata, Mumbai, Bangalore, Pune, Kerala. and Hyderabad. However, prices of gold are up to Rs 79,740 in Delhi, and at Rs 70,640 in Vadodara and Ahmedabad.
Silver Prices In India:
1Kg silver prices dipped by Rs 100 on Saturday, in early trade. The price of silver in India today is ₹ 97.90 per gram and ₹ 97,900 per kilogram. Silver price in India is determined by international prices, which move in either direction. Other then that it also depends on currency movement of the rupee against the dollar. If the rupee falls against the dollar and international prices remain stable, silver will become more expensive.
Silver prices in cities like Chennai, Hyderabad, and Kerala is at Rs 1,06,900 per 1kg. While the prices are at Rs 97,900 in other cities like Mumbai, Pune, Delhi, Kolkata, Kerala, Pune, and Ahmedabad.
MCX Gold, Silver Prices:
Meanwhile, MCX gold futures with December expiry surged by Rs 101 or 0.13% to end at Rs 78,428 per 10 grams on Friday. Earlier this week, this bullion touched its new all-time high of Rs 78,919.
Additionally, after market hours on October 25, MCX silver with December expiry closed at Rs 97,100 per 1kg, up by Rs 68 or 0.07%. Earlier, this week, silver touched its lifetime high of Rs 1,00,289 per 1kg.
YTD, MCX gold is up nearly 21% from the current price but surged by nearly 22% from its all-time high. Also, silver prices have climbed by 22% from the current price, but skyrocketed more than 26% from its all-time high, as per MCX data.
Gold Price Outlook On Saturday:
According to Trading Economics, gold rose to $2,740 per ounce on Friday recovering from earlier profit-taking as geopolitical tensions in the Middle East and uncertainties surrounding the upcoming US election bolstered safe-haven demand. Latest reports indicated that reports that at least nine Palestinians were killed and several others wounded in an Israeli air strike on Al-Shati. The precious metal has risen over 32% this year, driven by heightened safe-haven demand due to ongoing tensions in the Middle East and a half-point cut in the Federal Reserve's benchmark interest rate. Additionally, uncertainty surrounding the U.S. presidential election has further boosted bullion demand, with opinion polls indicating a tightly contested race. Despite the strengthening U.S. dollar, which is set for its fourth consecutive weekly rise amid increasing odds of a Donald Trump victory, gold prices have managed to rally.
Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd said, "On Chart... momentum looks sideways with resistance at 78500/ 78920, while on the downside support holds at 77700."
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