Gold Prices In Big Cities Rise After Rs 24,000 Dip In 2 Days: What Is Driving 24K, 22K, 18K Prices On Nov 27?

Gold prices in India surged on Wednesday, November 26, 2024, after FOMC minutes signalled an approach to gradually lower rates. Gold prices took a backseat as the dollar rose amidst tariff hikes by Donald Trump and ceasefire talks between Israel and Hezbollah earlier in the week. 24K gold prices latest surge comes after it plunged by Rs 2,400 in 10 grams and 24,000 in 100 grams from November 24-25. Gold prices are seeing momentum as the consensus of a 25Bps rate cut by the Federal Reserve in December heightened.

Gold Prices In India:

24K gold price surged by Rs 2,700 in 100 grams to Rs 7,75,100 on November 26, 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 25, and plunged by Rs 10,900 on November 24, while 10 grams of gold dropped by Rs 1,310 and Rs 1,090 in these two days.

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.

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 26.

Gold Prices In India:

Gold Prices In Chennai: 24K of 100 grams surged by Rs 2,700 to Rs 7,75,100, while 10 grams of gold is up by Rs 270 to Rs 77,510.

Gold Prices In Mumbai: Here as well, 100 grams of gold surged by Rs 2,700 to Rs 7,75,100, while 10 grams of gold is up by Rs 270 to Rs 77,510 in 24K.

Gold Prices In Delhi: Just like above cities, gold prices in Delhi also surged by Rs 2,700 and Rs 270 in 100 grams and 10 grams, however, yellow metal is higher in Delhi. 24K of 100 grams in the national capital is at Rs 7,76,600 and 10 grams price is at Rs 77,660.

Gold Prices In Kolkata: Gold prices in Kolkata is the same as in Mumbai and Chennai. 100 grams is up by Rs 2,700 to Rs 7,75,100, while 10 grams is up by Rs 270 to Rs 77,510 in 24K.

Gold Prices In Bangalore: Here too, 24K gold price in 100 grams and 10 grams is at Rs 7,75,100 and Rs 77,510 respectively.

Gold Prices In Hyderabad: Also in this southern city, 24K gold prices in 100 grams and 10 grams are Rs 7,75,100 and Rs 77,510 respectively.

Gold Prices In Ahmedabad: 100 grams of gold is at Rs 7,11,000, higher by Rs 2,500 in 24K on Wednesday, while 10 grams of gold is at Rs 71,100 up by Rs 250.

Spot Gold Price:

As per Trading Economics, gold rose toward $2,640 per ounce on Wednesday as investors continued to digest the latest FOMC minutes while awaiting key US data for further insights into the Federal Reserve's monetary policy outlook. While officials expressed confidence in the easing of inflation and the strength of the labour market, the minutes also revealed a cautious approach to further rate cuts, signalling a preference for gradual adjustments.

Further, Trading Economics data pointed out that most investors are still pricing in a 25bps rate cut in December, with the probability standing at around 63%, which would reduce the opportunity cost of holding non-interest-bearing gold. Traders are keeping a close watch on initial jobless claims, GDP second estimates and PCE figures set for release later in the day. Nevertheless, gold's appeal remained tempered by easing geopolitical risks and a stronger US dollar. Elsewhere, China's net gold imports through Hong Kong in October fell from September and dropped 43% year-on-year.