Gold Prices In India Outlook On Thursday, November 28, 2024; What Will Drive 24K, 22K, 18K Prices?

Gold prices in India are likely to be influenced by factors like geopolitical risks and dollar movement even on Thursday, November 28, 2024. Amidst the ceasefire deal between Israel and Lebanon, Gaza's terrorist group Hamas is reportedly seeking a similar ceasefire. While war between Russia and Ukraine continues to escalate ahead. Notably, the dollar index nosedived by at least 1% on Wednesday, which would be its lowest level in two weeks. Following the downfall in DYX, prices of gold in India and globally surged on November 27.

Gold Prices In India:

24K gold price surged by Rs 2,700 in 100 grams to Rs 7,75,100 on November 27, while 10 grams gold is up by Rs 270 to Rs 77,510. Earlier this week, 24K of 100 grams was down by Rs 13,100 on November 26, and plunged by Rs 10,900 on November 25, while 10 grams of gold dropped by Rs 1,310 and Rs 1,090 in these two days. Meanwhile, 22K and 18K gold price is at Rs 71,050 and Rs 58,130 in 10 grams, up by Rs 250 and Rs 200 on November 27.

Gold prices soared after cumulatively falling by Rs 24,000 in 100 grams and down by Rs 2,400 in 10 grams in the past two sessions.

MCX Gold, Silver Prices:

On November 27, there was a mixed trend in gold prices on MCX. The gold price with a December expiry dipped marginally to close at Rs 75,751 per 10 grams, while the gold price with a February 2025 expiry surged by Rs 45 to end at Rs 76,561 per 10 grams. Similarly, MCX silver with a December expiry dropped by Rs 31 to finish at Rs 87,649 per 1kg, and that of silver price with a March 2025 expiry edged higher by Rs 16 to Rs 89,777 per 1kg.

Spot Gold Price:

As per Trading Economics, gold rose to $2,640 per ounce on Wednesday, extending the rebound from the previous session as investors digested fresh economic data and new picks for President-elect Trump's cabinet. Core PCE prices refrained from surpassing expectations in October, holding the market's expectations that the Federal Reserve is due to deliver another rate cut in December.

Still, new data also pointed to some resilience in the economy limiting the urgency for lower borrowing costs next year. Personal income soared above expectations and spending remained at resilient levels, while unemployment claims held at multi-month lows. Earlier, minutes from the Fed's last meeting showed that policymakers stressed the importance of caution in its policy normalization process due to an uncertain economic outlook and the lingering threat of sticky underlying inflation, as per Trading Economics.

Gold Prices Outlook On November 28:

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, "Gold traded with strength as markets continued to factor in geopolitical tensions and dollar volatility. While the broader bullish trend in gold remains intact, short-term uncertainty persists. At ₹75,900 on MCX, gold is slightly off its peak but significantly above the ₹67,500 low seen during the Budget week. Investors are advised to adopt a SIP or dip-accumulation strategy for better portfolio management, rather than attempting to time the market at current elevated levels."