Gold Prices Less Than Rs 550 Away From All-Time High, Is It The Right Time To Buy Gold?

Gold prices edged higher in India on Saturday. Today, the cost of 10 grams of 24-carat gold in India is Rs 62,290. Meanwhile, the price of the same quantity of 22-carat gold is currently sold at Rs 57,100. Gold Futures, maturing on December 5, 2023, closed 0.49% higher at Rs 61,370 on the Multi Commodity Exchange (MCX) on Friday.

At this rate, MCX gold rate is just Rs 544 per 10 gm away from its lifetime high of Rs 61,914 per 10 gm, which the yellow metal touched on November 16 this year.

Globally, the price of Gold remained above the key $2,000 mark on Friday, logging its second straight weekly gain. A weaker U.S. dollar also supported the appeal of the non-yielding bullion as investors hoped that the U.S. Federal Reserve would pause its rate hike spree going ahead.

On Friday, Spot gold gained 0.5% at $2,001.97 an ounce as of 2:30 p.m. ET (1930 GMT), while gold futures closed 0.5% higher at $2,003.00.

Gold Price Outlook:

Commodity market experts believe that the outlook for gold is positive as the US dollar has been losing gleam on a continuous basis. Once the yellow metal breaches its immediate hurdle placed at the $2,010 level in the global market, the MCX gold rate can also see a fresh high, according to experts.

Gold prices today in different Indian cities on November 25:

Today, the gold price in Delhi for 24-carat gold (10 grams) is Rs 62,440, while 10 grams of 22-carat gold in the national capital costs Rs 57,250. Remember that the gold rate in Delhi is at par with the price of gold in Chandigarh, Jaipur, and Lucknow.

Gold prices in Bangalore for 24-carat gold (10 grams) is Rs 62,290, while 10 grams of 22-carat gold in the city costs Rs 57,100. The gold rate in Bangalore is at par with the price of gold in Hyderabad, Kerala, and Kolkata.

In Chennai, the gold price for 24-carat gold (10 grams) is Rs 62,780, while 10 grams of 22-carat gold in the national capital costs Rs 57,550