Huge Drop In Gold Price Nov-11: 24K/100 Grams of Gold Rates Plunges Rs 6,000; Silver Price Drops Too

Considering the current geopolitical unpredictability, pandemic-related conditions, and worries about a global economic downturn, gold prices in India fell sharply on Monday, November 11. Consumption of gold jewellery has increased throughout the present global crisis and uncertainties. In the last two days since Republican nominee Donald Trump won the U.S. presidential election, gold prices in India have fallen by Rs 7,100 due to a stronger dollar and higher treasury yields.

Gold Rates Today In India

Today, 22-carat gold costs Rs 7,220 per gramme in India, whereas 24-carat gold costs Rs 7,876 per gramme. While 100 grammes of 22k gold fell by Rs 5,500 today to reach Rs 7,22,000 from Rs 7,27,500 previously, 10 grammes of 22k gold hit Rs 72,200 today in India, a drop of Rs 550 from the price of Rs 72,750.

The price of 24k of 10 grammes of gold in India dropped 600 rupees to Rs 78,760 on Monday from Rs 79,360 the day before, while the price of 24k of 100 grammes of gold fell 6000 rupees in a single day to Rs 7,87,600 today from Rs 7,93,600 the day before.

18 karat of 10 grams of gold in India reached Rs 59,070 today which was Rs 59,520 previously representing a price drop of Rs 450 on Monday. 18 karat of 100 grams of gold price in India reached Rs 5,90,700 on November 11 compared to a previous price of Rs 5,95,200 representing a price drop of Rs 4,500.

Spot Gold Today

Spot gold went down 0.5% to $2,669.22 per ounce as of 0306 GMT on Monday, marking the second consecutive day in which gold prices dipped. As investors braced themselves for U.S. economic data and comments from Federal Reserve officials this week, U.S. gold futures dropped 0.7% to $2,675.90, according to Reuters. Palladium jumped 0.5% to $993.74, platinum up 0.3% to $971.11, while spot silver dropped 0.4% to $31.17 an ounce.

Silver Price In India Today

In India, silver is currently priced at Rs 93,000 per kilogramme and Rs 93 per gramme. In India, the price of 100 grammes of silver dropped to Rs 9,300 today from Rs 9,400 earlier, which was a 100 rupee price decline. The price of 1000 grammes, or 1 kilogramme, of silver fell to Rs 93,000 from Rs 94,000 before, which was a 1,000 rupee price drop in a single day.

Gold Outlook Today

"On the physical front, gold demand in India faltered, while Japan and Singapore saw some buying. No major economic data is scheduled later in the day however, focus this week will be on US CPI, PPI, Retail sales and IIP data. Gold on domestic front is expected to trade between the range of 76,800 - 77,800," said the research analysts of Motilal Oswal.

"Gold and silver prices are trading slightly lower today on the international bourses. We expect gold and silver prices to trade range-bound to slightly lower for the day; as gold prices edged lower following a volatile week, in which it was whipsawed by a surging dollar in the wake of Donald Trump's election win and then a Federal Reserve rate cut," said the technical research analysts of Nirmal Bang Securities Pvt. Ltd.

MCX Gold Outlook

"The domestic yellow metal MCX (Dec 2024 Contract) gold traded in a tight range on last Friday and closed with formation of doji kind of candle on daily chart suggesting consolidation may continue and it can move towards 78330/79200/80000/80500 levels. On the higher side. However, On the downside, the support for the MCX Gold is seen at 76365/75700 levels. Technically the short-term trend on GOLD is likely to remain consolidation with positive bias and traders are advised to trade with strict stoploss as volatility may remain high ahead of US inflation data," said the research analysts of Way2Wealth Brokers Private Ltd.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.