Gold Rate Today, Nov 3: 22K Gold Price Jumps By Rs 2700 Per 100 Grams; Check Latest Prices Across All Purities

Gold rate today saw another sharp spike, continuing their gains after a sharp rebound seen yesterday. Post last week's decline, the gold rate in India has rebounded strongly as the new month begin, due to bullish sentiment among investors and jewellers.

As of today, the 22-carat gold price in India has climbed back to Rs. 1,28,000 per 10 grams, while the 24-carat gold rate has surged past Rs. 1,39,680 per 10 grams in major cities like Delhi, Mumbai, and Chennai.

The rise today in gold prices in India is being impacted by the global market uncertainties. According to trading economics, "Gold traded around $3,950 per ounce on Tuesday after rising nearly 2% in the previous session, recovering from one-year lows as oil prices dropped on signs of diplomatic progress between the US and Iran, easing inflation concerns. Gold has faced constant pressure this year as the conflict in the Middle East drove energy prices higher and fueled inflation, prompting central banks to raise interest rates."

Gold Rate in India Today

On Tuesday, November 3rd, the 24-carat gold rate in India surged by Rs. 270 per 10 grams to cost Rs. 1,39,640 per 10 grams. While the 22-carat gold prices today jumped by Rs.250 and cost Rs. 1,28,640per 10 grams. Similarly, the 18-carat gold rate today also rose by Rs 200 per 10 grams to cost Rs 1,04,730.

In a similar manner, 100 grams of 22-carat gold stand at Rs 12,80,000 after gaining Rs 2500. While the 24-carat gold price in India per 100 grams is now retailing at Rs.13,96,400, which jumped by Rs 2750.

MCX Gold Futures Update

On the Multi Commodity Exchange (MCX), gold futures slated to mature on December 4th, fell sharply and are currently trading at Rs. 1,38,996 after falling by 0.85%. City-Wise Gold Rates Today

Major metropolitan cities in India, including Chennai, Mumbai, Bangalore, and Hyderabad, mirrored this rise in the gold rates today. Here's the latest city-wise update on 22-carat and 24-carat gold rates on 3rd November.

City	24K Gold (Rs)	22K Gold (Rs)	18K Gold (Rs)
Chennai	13,964	12,800	10,473
Mumbai	13,964	12,800	10,473
Delhi	13,964	12,800	10,473
Kolkata	13,964	12,800	10,473
Bangalore	13,964	12,800	10,473
Hyderabad	13,964	12,800	10,473

Silver Rate in India Today

Silver prices in India have been stable for the second consecutive day so 1kg of silver in India costs Rs 2,00,000. While 100g of silver rates in India cost Rs 20,000.

Market Outlook for Gold Prices

"Spot Gold is expected to find support near $3900 and rise towards $4000 on weak dollar and softening of U.S treasury yields. Further, sharp dip in crude oil prices has eased inflation concerns and may persuade Fed to loosen monetary policy. Further, strong ETF inflows and Central Bank buying has helped prices to move upside. As per CME FedWatch Tool, Markets are pricing in 73%, chance that Federal Reserve will raise interest rates in December, down from 80% a week ago. Meanwhile, attention is now shifting to US midterm elections to assess the potential impact on fiscal policy, geopolitics and broader market sentiment." As per the ICICI Securities Commodities Report."

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