Gold prices in India have continued to be under pressure, and the momentum is likely to be the same on Wednesday, November 13, 2024. Yellow metal in India will also react to the 14-month high inflation data of India. At the same time, international gold prices have dipped to a nearly 1-month low. In the case of silver, in major cities, 1kg of this precious metal has erased the Rs 1,00,000 mark.
Gold Price Outlook On November 13, 2024:
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, gold continued to face significant pressure as the strength in the dollar index kept prices under $2,600 on COMEX, with a drop of $24. In MCX, gold fell by over ₹500, reaching ₹74,750 and slipping below ₹75,000 for the first time since October 10th.
Trivedi further said that the current downtrend suggests that further weakness could persist, potentially driving prices down towards ₹72,000 if COMEX gold remains below $2,600 and tests the $2,500 level in the upcoming sessions.
Key events this week, including the US CPI data and the speech by the Federal Reserve Chair, will be critical in providing further direction for gold prices, as per Trivedi.
Gold Prices In India:
22K of 10 grams is priced at Rs 70,840, while 100 grams is available at Rs 7,08,400. Further, 24K of gold is available at Rs 77,280 in 10 grams, and at Rs 7,72,800 in 100 grams. Additionally, 18K gold prices came in at Rs 57,960 in 10 grams and Rs 5,79,600 in 100 grams.
Silver Prices In India:
The price of silver in India is cheapest at Rs 90.90 per gram and highest at Rs 90,900 per kilogram. In cities like Chennai, Kerala and Hyderabad, prices have finally dropped from the Rs 1,00,000 level.
Click it and Unblock the Notifications
Sign in with Google