Gold Prices In India Outlook On Thursday, November 21, 2024: How Will 24K, 22K, 18K Prices React?

Gold prices in India are likely to be driven by the latest escalation in the war between Russia and Ukraine. International prices have shot up to cross $2,660 per ounce in the early trade of Thursday, and this momentum is likely to continue even in India. Currently, 24K of 10 grams is nearing Rs 78,000 mark, while 18k and 22k of the same is above Rs 71,100 and Rs 58,200 levels.

Just two months ahead of Donald Trump's return to the White House, US President Joe Biden's administration has taken some significant moves in the matter of Ukraine and its war with Russia. For the first time since the war broke out in February 2022, Ukraine driven by Biden's administration has launched its first long-range ATACMS missiles deep on Russian soil.

The Kremlin is furious at Ukraine's latest retaliation, and Russian President Vladimir Putin has reportedly lowered the threshold to deploy nuclear weapons against Ukraine.

Gold Prices In India:

24K gold price in India is at Rs 77,630 in 10 grams, while the price is at Rs 7,76,300 in 100 grams. Further, the 22K gold price in India is Rs 71,160 for 10 grams, and Rs 7,11,600 in 100 grams. Also, the 18K gold price is Rs 58,230 in 10 grams and at Rs 5,82,300 in 100 grams.

Silver Prices In India:

1Kg silver price stood at Rs 92,100, while 100 grams and 10 grams of silver were at Rs 9,210 and Rs 921 respectively. The cheapest silver price is at Rs 92.10.

MCX Gold Prices:

After market hours of November 19, MCX gold with December expiry ended flat at Rs 75,585 per 10 grams, while silver of the same expiry date closed at Rs 90,630 per 1kg.

Spot Gold Price:

Spot gold surged to hit an intraday high of $2,660.38 an ounce in the early trade of November 21, while US Gold Futures with December expiry touched the day's high of $2,663 an ounce.

Gold Price Outlook On November 21?

As per Trading Economics, Ukraine fired UK-built missiles into Russian territory, following the strike using US-built long-range missiles yesterday. This was only one day after Russia changed its doctrine to facilitate the use of atomic weapons. Still, investors continued to assess the magnitude of rate cuts to be delivered by the Federal Reserve in upcoming meetings. A slight majority of the market has positioned for a 25bps rate cut in its December meeting, which would lower the opportunity cost of non-interest-bearing bullion assets.

Trading Economics data further said, still, a smaller extent of cuts are expected for next year compared to bets from October, as concerns of stubborn inflation resulted in bets of a less-dovish FOMC.

Global brokerage Goldman Sachs predicts that yellow metal could scale to a new high in 2025, tapped by demand for bullion among central banks alongside expected rate cuts in key US federal fund rates. Also, geopolitical tensions add to their upside.

In a note, Daan Struyven, Managing Director & Head of Research at Goldman Sachs said, "Go For Gold", while maintaining the brokerage's target of $3,000 an ounce by 2025-end.