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

Gold prices in India are likely to continue their record rally on Tuesday, October 22, 2024, as the equity market continues to witness volatility. The ongoing escalation in the Middle East is a supporting factor for yellow metal. Gold prices are now shy of the Rs 80,000 mark in 24K/10 grams, while crossed its Rs 73,000 mark in 22K for the first time. Silver prices are now above Rs 1,00,000 levels in 1 kg.

Gold Prices In India: 24K gold in 10 grams is currently at Rs 79,650, an all-time high. Further, 22K and 18K gold prices in 10 grams are priced at Rs 73,010 and Rs 59,740 per 10 grams respectively.

Gold Prices In Major Cities: 24K gold prices are just Rs 200 away in Delhi to hit the Rs 80,000 mark, to Rs 79,800. While prices were also high in Vadodara and Ahmedabad to Rs 79,700 each for 10 grams. Further, in cities like Chennai, Mumbai, Kerala, Kolkata, Bangalore, Hyderabad, and Pune, gold price was at Rs 79,650 each in 24K/10 grams.

Silver Prices In India: 1 kg silver is now at Rs 1,01,100 in India. However, in cities like Chennai, Hyderabad, and Kerala, silver is available at Rs 1,09,100 per 1 kg.

MCX Gold, and Silver Prices: After a sharp rally of hitting a new all-time high, both MCX gold and silver prices corrected mildly.

MCX gold dipped by Rs 9 or 0.01% to end at Rs 78,030 per 10 grams after touching its highest level of Rs 78,460 per 10 grams on Monday.

While MCX silver futures dipped by Rs 88 or 0.09% to end at Rs 97,360 per 1kg after hitting an all-time high of Rs 98,598 per 10 grams.

Spot Gold, US Gold: As per a Reuters report, gold took a breather after surging to a record high on Monday, as higher U.S. Treasury yields and the dollar offset support from growing uncertainties surrounding the U.S. presidential election and the Middle East war. Spot gold was little changed at $2,723.25 per ounce, as of 1:35 p.m. ET, after hitting a record $2,740.37 earlier in the session. U.S. gold futures settled 0.3% higher at $2,738.9.

Gold Prices Outlook On Tuesday, October 22, 2024:

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, "Gold prices maintained their upward trajectory, rising by ₹500 to ₹78,250 in MCX, with Comex gold gaining $10 to reach $2,730. The ongoing escalation of conflict in the Middle East continues to act as a strong support for gold, as investors seek safe-haven assets amid rising geopolitical risks."

Additionally, he said, the downward trajectory in the interest rate cycle, coupled with broader global economic uncertainty, has further bolstered the yellow metal. Major central banks' consistent support for gold buying adds to its bullish outlook in the current risk-averse environment.

On the technical front, Trivedi said, gold has solid support between ₹77,000-₹77,250 in MCX, providing a floor for any short-term pullbacks. On the upside, resistance is seen in the range of ₹78,550-₹78,775, indicating the next potential targets for further gains. Given the current geopolitical and economic backdrop, gold's upward momentum is likely to persist, with any dips being viewed as potential buying opportunities in the market.