Gold prices in India surged massively by up to Rs 7,600 on Tuesday, November 19, 2024. Silver prices followed a similar trend. 24K gold price is above the Rs 77,000 mark in 10 grams, while the price of 22K also crossed the Rs 70,000 level. 18K of 10 grams is now near Rs 58,000. On Wednesday, the MCX exchange will be closed for trading in commodities like bullion and silver, while international gold prices will be influenced by a new escalation between Russia and Ukraine. Gold prices in India will likely see the impact of Ukraine's missile launch in Russia, coupled with global trends and also a holiday at MCX due to Maharashtra Election Day.
MCX Holiday On November 20:
MCX will be closed due to the general assembly election in Maharashtra. BJP, Congress and other local parties will compete for the 288 members seat of the 15th Maharashtra Legislative Assembly 2024. Voting will open on Monday, November 20, while the results of the votes will be announced on November 23, 2024.
After market hours of November 19, MCX gold with December expiry ended flat at Rs 75,585 per 10 grams, while silver of the same expiry date closed at Rs 90,630 per 1kg.
Gold Prices In India:
24K gold prices surged by Rs 76 to Rs 7,600 on Tuesday, in India. 100 grams and 10 grams of gold were at Rs 7,71,200 and Rs 77,120 respectively.
Meanwhile, 22K gold prices climbed by Rs 70 to Rs 7,000. Here, 100 grams and 10 grams of gold are priced at Rs 7,07,000 and Rs 70,700 respectively.
Coming to 18K, gold prices here were at Rs 5,78,500 in 100 grams and at Rs 57,850 in 10 grams. Prices are up by Rs 58 to Rs 5,800.
Silver Prices In India:
The price of 1kg silver soared by Rs 2,000 to Rs 91,500 in India, while the price of 100 grams of gold rose by Rs 200 to Rs 9,150. Additionally, 10 grams of gold is higher by Rs 20 to Rs 915, 8 grams of gold is up by Rs 16 to Rs 732 and 1 gram of gold is up by Rs 2 to Rs 91.50.
Spot Gold:
The spot gold price jumped more than 1% to hit $2,630 an ounce level, further recovering from its two-month low decline to $2,560 an ounce. Safe haven assets find support from escalation in geopolitical risks with the war between Russia and Ukraine taking new turn of events.
Ukraine has fired US-made missiles on Russian soil, and the Kremlin country has updated its nuclear doctrine for the usage of atomic weapons.
Gold Prices Outlook On Wednesday, November 20:
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, gold prices moved higher as geopolitical tensions escalated, with renewed fears surrounding nuclear risks in the ongoing Russia-Ukraine conflict driving a surge in safe-haven demand. Boosting gold's appeal. On Comex, gold rose sharply by $24 to $2,635, while in MCX, prices saw a ₹700 jump.
Technically, Trivedi added, gold faces stiff resistance in Comex around $2,640-2,650, with support zones near $2,600-2,610. In MCX, ₹76,100-76,300 acts as a strong resistance, while ₹75,000-75,200 serves as key support. The market is expected to remain highly volatile as these geopolitical developments unfold. Safe-haven buying is likely to persist, keeping gold prices elevated in the short term.
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