Gold prices in India are likely to continue their positive momentum with MCX gold prices next big level seen at Rs 81,500 per 10 grams. With the enthusiasm of Diwali, gold demand is likely to stay up. On the occasion of Dhanteras, gold and silver prices in India touched a new all-time high.
Gold Prices In India:
24K gold price is at Rs 80,460 per 10 grams, while 22K and 18K yellow metal are available at Rs 73,760 and Rs 60,350 per 10 grams each. The most expensive gold is available at Rs 8,04,600 in 24K of 100 grams, and the cheapest gold among the three carats is 1 gram in 18K which is currently priced at Rs 6,035.
Gold Prices In Major Cities:
For the majority of cities, gold prices are at Rs 73,760 in 22K and at Rs 80,460 of 24K in 10 grams. However, gold prices in 18k/10 Grams vary significantly.
The price of silver in India today is ₹ 99.10 per gram and ₹ 99,100 per kilogram. Silver price in India is determined by international prices, which move in either direction.
Check City-Wise Silver Prices:
Majority of the cities are selling silver at Rs 99,100 per 1kg. In cities like Chennai, Hyderabad and Kerala, silver price is nearing Rs 1,10,000 levels.
After market hours of October 29, at MCX, gold futures with expiry of December 2024, closed at Rs 79,268 per 10 grams, after touching an all-time high of Rs 79,281 per 10 grams.
Meanwhile, silver futures with December expiry also surged by to hit a new lifetime high of Rs 99,332 per 1kg. After market hours, MCX silver closed at Rs 98,763 per 1kg.
Notably, Indian buyers of gold brushed off record high prices and made purchases for the Dhanteras and Diwali festivals starting on Tuesday, hoping bullion would continue to rally and deliver promising returns amid a cooling stock market, industry officials told Reuters.
Gold Price Outlook On Wednesday, October 30, 2024:
Spot Gold, US Gold Futures Today:
In the early trade of Wednesday, gold prices in the international market extended their record rally. Spot gold surged to hit new high of $2,779.81 an ounce, while US gold futures with December expiry clocked new high of $2,791.90 an ounce. Both bullion are trading near their all-time high zones.
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, "Gold prices in MCX remained positive, rising above ₹78,750, with Dhanteras adding enthusiasm for long positions. More buying occurred on this auspicious day, pushing prices up by over ₹200 on MCX and trading above ₹80,000 in the physical jewellery market."
Further, Trivedi added, "Upcoming U.S. economic data, including NFP and unemployment reports, may influence gold's movements, with major support at ₹77,000 and immediate resistance at ₹81,500."
On October 30, India will be celebrating Choti Diwali. This day marks Chaturdashi Tithi.
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