Gold Prices India, Nov 4: Yellow Metal Prices Steady, 32% Rally Since Last Diwali; Bullion Outlook?

Gold prices in India held stable on Monday despite the significant volatility brought on by the ongoing geopolitical concerns in the Middle East and upcoming Fed interest rate statements. Rising geopolitical tensions, expectations of the interest rate cut, a steady dollar index, indications of a global economic downturn, and strong central bank demand have all contributed to the spectacular surge of domestic gold prices over the last Samvat year, which has seen them leap by about 32% since last Diwali.

Gold Prices In India Today

The current price of gold in India is Rs 8,040 per gramme for 24-carat gold and Rs 7,370 per gramme for 22-karat gold. On Monday, the yellow metal price for 100 grammes of 22k gold was Rs 7,37,000, while the price for 10 grammes of 22k gold was constant at Rs 73,700. While the price of 100 grammes of 24k gold was constant at Rs 8,04,000 on Monday, the price of 10 grammes of 24k gold was stable at Rs 80,400.

However, as markets prepared for the impending US presidential election and the Federal Reserve's policy decision, the price of 1 gram of 18k gold stayed stable at Rs 6,030, the price of ten grammes of 18k gold stayed steady at Rs 60,300, and the price of one hundred grammes of 18k gold stayed stable at Rs 6,03,000 as well.

Spot Gold Today

As of 0227 GMT, spot gold climbed 0.1% to $2,738.32 per ounce, according to Reuters. On Thursday, the price of gold reached a record high of $2,790.15. At $2,747.80, U.S. gold futures were steady. The dollar index (.DXY), which opened the morning down 0.5%, was still near the two-week low. Spot silver, among other commodities, increased by 0.3% to $32.51 per ounce on Monday. Earlier in the session, it fell more than two weeks. Palladium gained 0.8% to $1,106.75 and platinum jumped 0.3% to $994.85. The Fed's interest rate decision and Chair Jerome Powell's comments are going to be in focus of the market watchers.

MCX Gold Outlook Today

"Technically, the domestic yellow metal MCX (Dec 2024 Contract) gold traded in a tight range and closed with formation of small positive kind of candle on daily chart suggesting positive bias may continue and it can move towards 80000/80500/81000 levels. On the higher side. However, On the downside, the support for the MCX Gold is seen at 79200/78800-78400 levels. Technically the short-term trend on GOLD is likely to remain positive and traders are advised to trade with strict stoploss as volatility may remain high due to ongoing geopolitical tensions in middle east and fed interest rate decisions," said the research analysts of Way2Wealth Brokers Private Ltd.

Gold Price Forecast

"There is a lot of uncertainty in market, with US elections and Geo-political tensions in Middle East. Focus this week will be on updates regarding US elections and second last Fed policy meeting this year. On data front, US factory orders, consumer sentiment and Services PMI from major economies will be in focus this week. Gold on domestic front is expected to trade between the range of 78,300 -79,300," said the research analysts of Motilal Oswal on Monday.

1 Gram of 22k Gold Prices In Top Metropolitan Cities In India Today

City	22 Carat Gold Price Per Gram
Delhi	Rs 7,380
Chennai	Rs 7,370
Mumbai	Rs 7,370
Kolkata	Rs 7,370
Hyderabad	Rs 7,370
Bangalore	Rs 7,370
Ahmedabad	Rs 7,375
Pune	Rs 7,370
Surat	Rs 7,375