Gold prices in India witnessed volatility ahead of US elections which is scheduled on Tuesday, November 5, 2024. It is believed that the election outcome could lead to a decision change of Rs 1,000 to Rs 1,500 in yellow metal prices. Currently, 24K gold prices is just Rs 610 away from hitting Rs 81,000 per 10 grams mark. While the cheapest gold price is at Rs 6,029 in 1 gram of 18K.
Gold Prices In India:
24K/10 gram gold is priced at Rs 80,390 on Monday, November 4, 2024. While 22K and 18K gold prices were at Rs 73,690 per 10 grams and Rs 60, 290 per 10 grams respectively.
In cities like Delhi, 24K/10 grams gold is available at Rs 80,540, while the price is at Rs 80,440 in cities such as Vadodara and Ahmedabad. In cities like Mumbai, Kerala, Hyderabad, Bangalore, and Pune, gold is sold at Rs 80,390 in 10 grams of 24K.
Silver Prices In India:
The price of silver in India is Rs 96.90 per gram and Rs 96,900 per kilogram. Further, in cities like Chennai, Kerala and Hyderabad, 1Kg of silver is available at Rs 1,05,900.
MCX Gold, Silver Prices:
MCX gold futures with December expiry ended at Rs 78,400 per 10 grams, while MCX silver prices closed at Rs 94,226 per 1 kg on Monday.
US Spot Gold, Spot Gold: As per Reuters report, gold prices edged up on Monday, as U.S. election uncertainty loomed with markets pricing in chances of a contested result and political tensions, while investors also kept a close tab on the Federal Reserve policy meeting later this week. Spot gold was up 0.1% at $2,737.35 per ounce as of 1:52 p.m. ET (1852 GMT), having hit a record high of $2,790.15 last Thursday. U.S. gold futures settled 0.1% lower at $2,746.20.
Gold Prices Outlook On November 5, 2024:
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, Gold prices experienced volatility as Comex gold found support near $2,730 but struggled to break above $2,750. With the U.S. election results due in the next two days, market participants are expected to have mixed sentiments, likely resulting in a range-bound session between ₹78,000 and ₹79,000 in MCX.
Further, Trivedi added, once the election outcome is announced, gold could see a decisive move of around ₹1,000-₹1,500 in the coming days. Key support levels lie between ₹78,000-₹77,800, while resistance is positioned at ₹79,000-₹79,175.
Meanwhile, Rahul Kalantri, VP Commodities, Mehta Equities said, We anticipate that gold and silver prices will remain volatile this week, given the upcoming U.S. Presidential elections, Federal Reserve policy meetings, fluctuations in the dollar index, and ongoing geopolitical tensions. Gold is expected to find support at $2,720-$2,705, with resistance between $2,754-$2,770. Silver has support at $32.20-$32.00 and resistance at $32.65-$32.82. In INR terms, gold has support at ₹78,440-₹78,250, with resistance at ₹78,950-₹79,140, while silver has support at ₹94,780-₹94,150, and resistance at ₹96,000-₹96,780.
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