Gold Prices In India Outlook On Thursday, October 24, 2024: What Will Drive 24K, 22K, 18K Prices Today?

Gold prices in India are likely to continue on its bullish trend, extending new highs. On Thursday, October 24, 2024, gold prices will be influenced by the performance of bullion in the international market that will be eyeing US jobless data and other economic indicators. Currently, 24K/10 grams gold has surpassed the Rs 80,000 mark, while MCX gold even inched closer to Rs 79,000 per 10 grams level.

Gold Prices In India: 24K gold in 10 grams is Rs 80,080 per 10 grams, while 22K and 18K yellow metal are available at Rs 73,410 and Rs 48,056 per 10 grams. The most expensive gold is available at Rs 8,00,800 in 24K of 100 grams, while the cheapest gold is now priced at Rs 6,007 which is 1 gram in 18K.

Gold Prices In Major Cities: In Delhi, the gold price is high at Rs 80,230 per 10 grams in 24K, while at Rs 80,130 per 10 grams in cities like Vadodara and Ahmedabad. However, gold is cheaper at Rs 80,080 per 10 grams in cities like Chennai, Pune, Kerala, Hyderabad, Bangalore, Kolkata, and Mumbai.

MCX Gold Prices: This bullion witnessed volatility after hitting its all-time high of Rs 78,919 per 10 grams on Wednesday. MCX gold futures ended at Rs 77,868 per 10 grams, up by Rs 56 or 0.07%. This is of December expiry futures.

Spot Gold, US Gold Futures: As per Reuters, gold prices drifted higher on Thursday, as safe-haven demand countered a firmer dollar, while palladium hit a more than one-month peak. Spot gold rose 0.3% to $2,725.51 per ounce by 0143 GMT. Prices hit a record high of $2,758.37 on Wednesday as U.S. election jitters and Middle East tensions boosted demand. U.S. gold futures gained 0.3% to $2,738.50.

Gold Price Outlook On Thursday, October 24:

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, gold prices saw another positive move, supported by gains in Comex, where gold moved closer to $2750. This in turn helped MCX gold stay above ₹78,750, reflecting the underlying bullish sentiment.

He added that the ongoing favorable interest rate cycle has been one of the main factors supporting gold's rise. In addition, uncertainty around the upcoming U.S. election outcome is also playing a role in keeping gold prices elevated, as such political events often spur demand for safe-haven assets like gold.

Another critical data point to watch this week is the Initial Jobless Claims report on Thursday, which is expected to come in at 243K compared to the previous 241K. If jobless claims remain low, it would point to a stronger U.S. economy, which could temper expectations of aggressive interest rate cuts. This could, in turn, trigger some profit-booking in gold after the recent bull run, Trivedi added.

In such a scenario, a retracement towards the support levels of ₹77,000 - ₹77,500 in MCX is possible, especially if jobless data indicates better economic strength. However, as long as gold remains above these support levels, the overall trend remains bullish, he said.

On the upside, Trivedi concluded saying, "resistance is seen around ₹79,000, and a breach of this level could signal a further leg up in prices. The market will be keenly watching the jobless claims data and other economic indicators, with the election backdrop continuing to inject volatility into market sentiment."