Sharp Fall In Gold Prices India 12-Nov: 24k/100 Grams Gold Rate Drop Rs 14,700; 1Kg Silver Plunges Rs 2000

On Tuesday, November 12, gold rates in India fell precipitously as investors expected more insight into the interest rate trend from U.S. economic data and comments from Federal Reserve officials. The market's attention will be on the October Consumer Price Index data, the Producer Price Index, retail sales, and industrial production later this week. Additionally, U.S. central bank officials, including Chair Jerome Powell, are slated for remarks this week, which is anticipated to keep gold prices volatile.

Gold Price In India Today

Today, 22-karat gold costs Rs 7,085 per gramme in India, whereas 24-karat gold costs Rs 7,729 per gramme. In India, the price of 22k of 10 grams of gold is Rs 70,850 today, down Rs 1,350 from Rs 72,200 on Monday. The price of 22k of 100 grams of gold in India dropped by Rs 13,500 to Rs 7,08,500 today from Rs 7,22,000 yesterday.

In India, the price of 10 grammes of 24k gold fell by Rs 1,470 to Rs 77,290 today from Rs 78,760 on Monday, while the price of 100 grammes of 24k gold fell by Rs 14,700 in a single day to Rs 7,72,900 today from Rs 7,87,600 yesterday.

In India, the price of 10 grammes of 18-carat gold fell by Rs 1,100 to Rs 57,970 on Tuesday from Rs 59,070 on Monday, while the price of 100 grammes of 18-carat gold fell by Rs 11,000 to Rs 5,79,700 today from Rs 5,90,700 yesterday.

Spot Gold Today

After plunging to its lowest level since October 10, spot gold fell 0.1% to $2,617.15 an ounce at 0436 GMT on Tuesday, hovering close to a one-month low. Reuters reports that U.S. gold futures climbed 0.2% to $2,623.30. Wang Tao, a technical analyst of Reuters, believes that spot gold would retest the $2,610 support level; a breach below that level might lead to $2,566-$2,588. Palladium dropped 1% to $971.07, platinum dropped 0.9% to $956.45, while spot silver was down 0.4% to $30.57.

Silver Price In India Today

In India, silver currently costs Rs 91,000 per kilogramme and Rs 91 per gramme. 10 grams of silver price in India today reached Rs 910, 100 grams of silver is priced at Rs 9,100 whereas 1 kg of silver price in India dropped by Rs 2000 to Rs 91,000 today from Rs 93,000 yesterday.

"Gold and silver prices are trading marginally higher today on the international bourses. We expect gold and silver prices to trade range-bound to slightly lower for the day; as a gauge of the dollar rose to its highest level in a year, with markets expecting more gains linked to Trump's trade tariffs and solid US economic growth," said the technical research analysts of Nirmal Bang Securities Pvt. Ltd.

Gold Price Outlook Today

"Market focus will be on the October Consumer Price Index data, Producer Price Index, retail sales and industrial production, later this week. A throng of U.S. central bank officials are also scheduled to speak this week, including Chair Jerome Powell. Gold on domestic front is expected to trade between the range of 75,000 -76,000," said the research analysts of Motilal Oswal.

"Gold prices have taken a hit, retreating from their all-time record highs, as Donald Trump's victory in the US presidential election sent the Dow Jones IA index soaring. A stronger US dollar and rising Treasury yields also contributed to the decline, triggering a sell-off in precious metals. The market's reaction to Trump's win was swift, with investors seeking riskier assets and shying away from safehavens like gold. Meanwhile, the Federal Reserve's decision to cut interest rates has boosted risk appetite, further weighing on gold prices. In a surprising twist, the US dollar has managed to maintain its strength against rival currencies despite the central bank's easing measures. This development has added to the downward pressure on gold, which is now trading below USD2,700 a troy ounce. As the market ponder the implications of Trump's presidency, gold prices are likely to remain volatile. The coming week's US inflation data and Fed officials' speeches will be closely watched for clues on the direction of interest rates and their potential impact on gold prices," Geojit Financial Services Ltd said in a report.

MCX Gold Outlook Today

"The domestic yellow metal MCX Gold (Dec 2024 Contract) succumbed to selling pressure and closed with the formation of a bearish candle on the daily chart. The commodity failed to hold base levels around 75750-76500, delivering a negative breakout with strong selling volumes, indicating a weak bias. On the downside, support for MCX Gold lies at 74750/73800 levels, with a break below 73800 level potentially dragging prices toward 72280/71000 levels. In contrast, resistance for MCX Gold can be seen at 76200/77000 levels. Traders are advised to trade with strict stoploss as volatility may remain high due to US presidential elections outcome and fed interest rate decisions," the technical research analysts of Way2Wealth Brokers Private Limited said.

Disclaimer

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