Gold Rates In India Today 18-Nov: 24K/100 Grams Gold Price Jumps Rs 6,600; Silver Rates Flat

Gold prices in India experienced an enormous spike on Monday, November 18, after news from the presidency of Vice President Biden that boosted the geopolitical risk in the commodity market and also caused the dollar rise to stall. Strong U.S. economic and inflation statistics continue to influence gold rates in the upcoming sessions as investors wager that the Fed will need to limit the rate of policy cuts.

Gold Rates In India Today

The current price of gold in India is Rs 7,631 per gramme for 24-carat gold and Rs 6,995 per gramme for 22-carat gold. While the price of 100 grammes of 22k gold in India increased by Rs 6000 to Rs 6,99,500 from Rs 6,93,500 on Friday, the price of 10 grammes of 22k gold today increased by Rs 600 in a single day to Rs 69,950 from Rs 69,350 earlier.

However, the price of 24k of 10 grammes of gold in India today rose to Rs 76,310, up Rs 660 from Friday's price of Rs 75,650, while the price of 24k of 100 grammes of gold in India was Rs 7,63,100, up Rs 7,56,500 from Friday, up Rs 6,600. The price of 10 grammes of 18k gold in India climbed to Rs 57,230 today from Rs 56,740 on Friday, a 490 rupee rise, while 100 grammes of 18k gold would cost Rs 5,72,300 today from Rs 5,67,400 on Friday, a 4,900 rupee hike.

Spot Gold Today

Following steep drops last week, gold prices climbed by more than 1% on Monday as a dollar rise stagnated. U.S. gold futures were up 1% at $2,595.70 on Friday, while spot gold strengthened 1.2% to $2,591.16 per ounce at 04:44 GMT after plunging to its lowest week in almost three years, according to Reuters. Palladium jumped 2.1% to $970.36, platinum up 1.6% to $953.90, while spot silver climbed 1.5% to $30.67 an ounce.

Silver Rates In India Today

India's silver prices remained flat on Monday. Today, silver costs Rs 89.50 per gramme and Rs 89,500 per kilogramme in India. In India, the price of 10 grams of silver was Rs 895 today, 100 grams would cost Rs 8,950 on Monday, and 1 kilogramme of silver would remain at Rs 89,500.

MCX Gold Outlook Today

"On the domestic front, MCX Gold rebounded from the critical support zone of 7300073300 and closed with the formation of an inside bar candlestick pattern on the daily chart. A sustained move above the 74500 level could trigger short covering, propelling prices toward 76000/77000/77600 levels. On the downside, key support for MCX Gold is placed at 73300/72250 levels. Traders are advised to use strict stop losses, as volatility may remain high due to ongoing geopolitical issues," said the research analysts of Way2Wealth Brokers Private Limited.

Gold & Silver Price Outlook

"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 research analysts of Nirmal Bang Securities Pvt. Ltd.

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