Gold Prices In India: After the best week of November 2024 where prices surged by over 6%, yellow metal witnessed a pullback on Monday, November 25, as investors booked profit. 10 grams of 22K and 24k fell by over Rs 1,000. While MCX gold and spot gold dropped by 1-2%. Going ahead, gold prices are likely to be influenced by key macro data that have been lined up this week.
Gold Prices In India Outlook On November 26:
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, "Gold witnessed a sharp decline of more than 1000rs below 76500, as the war premium faded, with no fresh geopolitical escalations over the weekend to sustain the rally. Last week's strong 5% surge in MCX and Comex prices prompted profit booking, leading to unwinding long positions."
Trivedi further added, "A natural retracement of 2-3% is likely, with gold potentially testing $2,625 on Comex and ₹75,000 on MCX. This week, significant U.S. data, including CB Confidence, PCE Price Index, Weekly Jobless Claims, and the Fed's Meeting Minutes, will be in focus, keeping gold prices highly volatile."
Gold Prices In India:
24K gold prices declined by Rs 10,900 in 100 grams to Rs 7,85,500, while price has plunged by Rs 1,090 to Rs 78,550 in 10 grams. Yellow metal in 8 grams and 1 gram also dipped by Rs 872 and Rs 109 to Rs 62,840 and Rs 7,855 respectively.
Further, 22k gold prices tumbled by Rs 10,000 to Rs 7,20,000 in 100 grams and fell by Rs 1,000 to Rs 72,000. Also, gold price in 8 grams slipped by Rs 800 to Rs 57,600 and 1 gram is down by Rs 100 to Rs 7,200.
Moreover, 18K gold prices shed Rs 8,200 in 100 grams to Rs 5,89,100, and that of 10 grams of gold dipped by Rs 820 to Rs 58,910. Additionally, 8 grams of gold is lower by Rs 656 to Rs 47,128 and that of 1 gram gold is lower by Rs 82 to Rs 5,891.
MCX Gold, Silver Prices:
MCX gold price with December expiry after hitting an intraday low of Rs 75, 168 per 10 grams, ended at Rs 75,190 down by Rs 121 or 0.16%.
Spot Gold Prices:
Spot Gold dipped by over 3.5% to $2,620 an ounce, halting its five-consecutive sessions rally. As per Trading Economics, investors sought profit-taking and turned to risker assets after Donald Trump's nominated hedge fund manager Scott Bessent to lead the U.S. Treasury. Bessent advocated a phased introduction of trade restrictions and signaled willingness to negotiate tariff levels supported by the incoming president. His focus will be on fulfilling Trump's tax cut promises, reducing expenditures, and preserving the dollar's global reserve status.
Additionally, reports that Israel was close to reaching a ceasefire with the military group Hezbollah boosted investors' confidence. Meanwhile, investors await the Fed's November meeting minutes and PCE inflation data to assess the outlook for US interest rates. Markets currently see a 56% chance of another 25bps cut in December, compared to 62% last week. Last week, gold prices surged 6%, buoyed by safe-haven demand amid the intensifying Russia-Ukraine conflict, as per Trading Economics.
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