Gold prices in India will be influenced by international gold prices, global trends, and also Friday marks as a public holiday due to celebration of Guru Nanak Jayanti across the country. Currently, there has been significant correction in gold prices globally including India, especially after Donald Trump's win in US Presidential Election 2024. A bullish Trump Trade phenomena led strong upside in dollar and treasury yields, which dampened sentiments in non-yielding assets.
Gold Prices In India:
Ahead of Guru Nanak Jayanti, gold prices in 24K stood at Rs 75,640 in 10 grams, and at Rs 7,56,400 in 100 grams. Prices of 22K gold in 10 grams came in at Rs 69,340 and at Rs 6,93,400 in 100 grams. Also, the 18K gold was available at Rs 56,730 in 10 grams on November 14, while 100 grams gold price was at Rs 5,67,300.
Gold Prices In Major Cities:
24k/10 grams in major cities like Chennai, Mumbai, Kolkata, Bangalore, Hyderabad Kerala and Pune stood at Rs 75,640. While in Delhi, 24K of 10 grams gold is available at Rs 75,790, and it stood at Rs 75,690 in cities like Vadodara and Ahmedabad.
Silver Prices In India:
1 kg, also popularly known as 1,000 grams, of silver is currently below the Rs 90,000 level to Rs 89,400 in India. In cities like Chennai, Kerala and Hyderabad, prices of 1kg silver are higher at Rs 98,900.
MCX Gold, Silver Prices:
On November 14, MCX gold futures with December expiry, stood at Rs 74,072 per 10 grams, down by Rs 82 or 0.11%. While MCX silver prices came in at Rs 88,893 per 1kg, lower by Rs 304 or 0.34%. Trading at MCX will be closed for commodities on November 15 due to the celebration of Guru Nanak Jayanti.
US Gold Futures, Spot Gold:
As per Trading Economics data, the spot gold fell below $2,560 per ounce on Thursday, tumbling for the fifth consecutive session to reach an eight-week low, on risk-taking sentiment and strong US dollar following Donald Trump's election victory last week. Trump's return to the White House drove U.S. stocks and cryptocurrencies to reach record highs as investors believe his plans for higher trade tariffs, tax cuts and an increase in deficit spending are good for the US economy. While those policies can drive inflation higher they can also slow down the pace of interest rate cuts, making gold less appealing to investors.
Also, the data said that recent CPI and PPI data suggest the inflation rate is mostly under control but still requires monitoring. While energy and goods prices have slightly declined, inflation in shelter and services remains a concern. Also, factory gate prices rose 0.2% month-over-month in October after a 0.1% rise in September, while the annual gauge accelerated to 2.4% from 1.9%.
Gold Prices Outlook On Guru Nanak Jayanti:
Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services said, gold continues to trade lower, weighed by a higher dollar and elevated treasury yield after U.S. CPI data showed inflation remains sticky above the Fed's 2% target. Also in focus remains the U.S. Producer Price Index (PPI) and weekly jobless claims are due later today, with retail sales data on Friday and remarks from Fed Chair Jerome Powell and other central bank officials.
However, since the market is closed on November 15, Mer predicts momentum looks corrective with resistance at 74500/ 75350, while on the downside support holds at 73400/ 72580 for Monday, November 18th trade.
Click it and Unblock the Notifications
Sign in with Google