Gold Prices Rally To 1-Week High On Nov 19; MCX Gold Nears Rs 75,500 Per 10 Grams; Right Time To Buy?

Gold prices in India extended their gaining spree for a second consecutive day on November 29, with 24K yellow metal prices surging by as much as Rs 7,600 in 100 grams. At MCX, gold and silver prices also rebounded and gained momentum. 1Kg silver at MCX crossed above Rs 91,000 mark and 10 grams of gold climbed near Rs 75,500 levels. There is an opportunity to buy both these precious metals.

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 here 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.

MCX Gold, Silver Prices:

At MCX, gold futures with December expiry traded at Rs 75,411 per 10 grams, after hitting an intraday high of Rs 75,499 per 10 grams. The price was up by Rs 364 or 0.49% currently.

As for MCX silver price with December expiry, it touched an intraday high of Rs 91,100 per 1kg. The 1kg silver is currently trading at Rs 90,949 up by Rs 436 or 0.48%.

Spot Gold, US Gold: As per a Reuters report, gold prices climbed to a one-week high on Tuesday, buoyed by a softer U.S. dollar, while the market awaited comments from Federal Reserve officials for cues on the U.S. interest rate outlook. Spot gold rose 0.4% to $2,623.54 per ounce by 0246 GMT, the highest since Nov. 12. Prices rose 2% on Monday. U.S. gold futures gained 0.5% to $2,627.60.

According to Trading Economics, market attention has shifted to comments from Federal Reserve officials, with investors seeking more clarity on the US central bank's path on monetary easing. Expectations for a quarter-point rate cut at the Fed's December meeting have dropped to just under 59%, down from 62% the previous day and over 65% a week ago, according to CME FedWatch. Investors are also closely monitoring President-elect Donald Trump's cabinet appointments. Moreover, heightened geopolitical risks are boosting safe-haven demand for precious metals like gold, amid ongoing hostilities in the Middle East and mounting tensions between Russia and Ukraine.

Should You Buy?

According to Nirmal Bang's technical outlook for November 19, gold prices are expected to rise. Traders can buy at 75150 with a stop loss of 74900 for the target at 75500-75650.

For silver, the brokerage said, silver prices are expected to rise. One can buy at 90700 with a stop loss of 90000 for the target at 91500-92000.

Also, giving an outlook, Rahul Kalantri, VP of Commodities, Mehta Equities said, gold has support levels at $2,593-$2,578 and resistance at $2,628-$2,642. Silver is supported at $30.98-$30.75 with resistance at $31.42-$31.60. In INR terms, gold has support at ₹74,880-₹74,750, with resistance at ₹75,310-₹75,540. Silver has support at ₹90,080-₹89,550, and resistance at ₹91,350-₹91,980.