Gold Rates In India Today 15th Nov: 24K/100 Grams Yellow Metal Price Surges Rs 1,100; Silver Flat At Rs 89,500

Gold prices in India saw an enormous spike today, November 15, after declining for four days in a row from November 11 to November 14, dropping by Rs 13,070 for 24k of 100 grams of yellow metal. This was after US CPI data, which emerged higher at 2.6% compared to the expected 2.4%, fuelled the dollar's strength. Gold rates were under tremendous pressure due to the rising dollar and the possible change in Fed policy. The Fed has been lowering rates as inflation has gotten closer to its 2% objective.

Gold Rates In India Today

In India, the current price of gold is Rs 7,576 per gramme for 24-carat gold and Rs 6,945 per gramme for 22-carat gold. In India, the price of 22k of 10 grams of gold was Rs 69,450 on Friday, up from Rs 69,350 on Thursday, meaning a gain of Rs 100. Meanwhile, the price of 22k of 100 grams of gold was Rs 6,94,500, up from Rs 6,93,500 yesterday, meaning a gain of Rs 1,000.

The value of 24k of 10 grammes of gold today was Rs 75,760, up Rs 110 from yesterday's price of Rs 75,650, while the value of 24k of 100 grammes of gold today was Rs 7,57,600, up Rs 1,100 from Thursday's price of Rs 7,56,500.

While 18k of 100 grammes of gold prices in India on Friday remained at Rs 5,68,200, which was Rs 5,67,400 on Thursday, indicating a price rise of Rs 800, 10 grammes of 18k gold prices today reached Rs 56,820, which was Rs 56,740 yesterday, showing a gain of Rs 80.

Spot Gold Today

Following a two-month low on Thursday, spot gold dropped 0.1% to $2,570.05 an ounce as of 2:00 p.m. ET (1900 GMT) on Friday, the lowest level since September 12. This resulted in a drop in gold prices. Reuters reports that U.S. gold futures ended the day 0.5% down at $2,572.90. Earlier in the day, spot silver fell to its lowest level since September 12 and then climbed by 0.5% to $30.48 an ounce. Palladium increased 0.8% to $941.00, while platinum fell 0.1% to $936.94.

Silver Rates Today In India

The price of silver in India today is Rs 89.50 per gram and Rs 89,500 per kilogram. 100 grams of silver rates in India today reached Rs 8,950 whereas 1 kg of silver rates in India on Friday was steady at Rs 89,500.

Gold Outlook Today

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, "Gold's weakness persisted with price falling below 2550$ and near 73500rs in MCX as the dollar climbed above 106.50 and edged closer to 107. The US CPI data, which came in higher at 2.6% compared to the expected 2.4%, fueled the dollar's strength. While the Fed has been continuing with rate cuts as inflation approached its 2% target, the higher-than-expected CPI reading raises concerns that further cuts may be paused. This development added pressure on gold prices, which reacted negatively to the stronger dollar and the potential shift in Fed policy."

"Gold and silver prices are trading slightly higher today on the international bourses. We expect gold and silver prices to trade range-bound to higher for the day; as gold prices are steady near a seven-week low, with the precious metal remaining under pressure after Donald Trump's election win spurred a surge in the dollar," said the technical research analysts of Nirmal Bang Securities Pvt. Ltd.

"Lower borrowing costs tend to benefit gold, which doesn't pay interest. Treasury yields and the dollar slipped right after the print, helping bullion rise by as much as 0.8% before erasing all the gains. The precious metal has dropped more than 7% from an all-time high on Oct. 31. Prices are still up by more than 25% this year, supported by the Fed's monetary easing cycle, central bank purchases and heightened geopolitical and economic risks that drove haven demand," Nirmal Bang Securities further added.