Gold prices in India will react to US inflation that accelerated slightly after cooling for seven months. Also, the date November 14th marks Children's Day which is celebrated across the country owing to the birthday of India's first Prime Minister Jawaharlal Nehru after Independence. Gold prices have corrected significantly since the US Presidential Elections where the victory of Donald Trump escalated demand for the dollars and in return dampened the mood in haven assets like yellow metals and silver.
Gold Prices In India:
22K gold rates are at Rs 7,04,400 in 100 grams, while 10 grams gold is available at Rs 70,440. In the higher carat aka 24K, gold prices stood at Rs 7,68,400 in 100 grams, and at Rs 76,840 in 10 grams. Lastly, 18K gold is available at Rs 5,76,300 in 100 grams and at Rs 57,630 in 10 grams.
Silver Prices In India:
The price of silver in India currently is at Rs 90.90 per gram and Rs 90,900 per kilogram. 1kg silver price is at Rs 1,01,100 in cities like Chennai, Kerala, and Hyderabad.
MCX Gold, Silver Prices:
MCX gold with December expiry, stood at Rs 74,456 per 10 grams, down marginally. In the trading session of November 13, the 10-gram gold did surge to hit Rs 75,320.
US Gold, Spot Gold:
According to Trading Economics data, gold edged up above $2,610 per ounce on Wednesday, continuing its rebound from earlier in the session, after a key report indicated that inflationary pressures remain persistent, yet within expected levels. The annual inflation rate in the US increased to 2.6% in October, from 2.4% in September while on a monthly basis, CPI rose by 0.2%, the same as in the previous three months. Also, core inflation stayed at 3.3% annually and 0.3% monthly. Still, gold remains near 2 month low as expectations have recently increased that the Fed may delay its easing cycle next year due to Trump's fiscal strategies and inflationary policies.
Gold Price Outlook On November 14, 2024:
Ahead of US inflation data, for gold prices in India, Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, Gold saw minor gains as investors anticipate the release of US CPI data, which could offer some short-term support amidst an overall weak trend. The CPI's downward trend towards the Federal Reserve's 2% target could pave the way for continued rate cuts, potentially supporting gold in the longer term.
Trivedi added currently gold is currently finding support near the $2,600 range on COMEX while facing resistance around $2,620-$2,625. A range-bound movement between $2,595 and $2,630 is expected before the release of the CPI data. A break below $2,590 could push gold prices lower towards $2,560, indicating potential downside risk.
Also, Kaynat Chainwala, AVP-Commodity Research, Kotak Securities said, investors continuing to assess the implications of Trump's victory, particularly as several key appointments in his cabinet have adopted tough stances on China. Additionally, the World Gold Council (WGC) reported global gold ETF outflows of around $809 million in the first week of November, after a six-month streak of inflows. While North American funds led the outflows, strong demand from Asia provided some counterbalance, signalling concerns over potential US-China trade tensions.
Lasting, Trading Economics data said, traders now see a 60% chance of another rate cut in December, down from around 80% before last week's election. Meanwhile, the World Gold Council reports that global gold ETFs shed around US$809 million (12t) in early November, driven by North American outflows and partially offset by Asian inflows.
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