Sharp Rebound In Gold Rate Today In India, Nov 2: 24K, 22K Gold Prices Rise Ahead of Dhanteras & Diwali

Gold prices in India rebounded at the start of November after recording consecutive declines last month. October saw a bearish trend in the bullion market, with 24K, 22K and 18K gold prices falling by around 7% during the month.

Despite a bearish trend, gold prices are expected to surge this week as people flock to buy gold and silver items on the auspicious Dhanteras, which will be celebrated on Nov 6th, and Diwali, which will be celebrated on Nov 8th. Given the demand, which is usually high during these festivals, the market will see a spike in gold prices.

Internationally, spot gold jumped above $3,900 per ounce this morning, making a slight recovery from the slump last week.

According to Trading Economics,"gold prices were impacted by the declining oil prices, which eased concerns over inflation and potential interest rate increases. Oil prices declined amid signs of ongoing diplomatic efforts to prevent renewed US military action against Iran following the midterm elections. Last week, gold faced significant selling pressure as persistent concerns over energy-driven inflation strengthened expectations of further Fed rate increases."

Gold Rate in India Today, November 2nd

The 24-carat gold rates in India jumped by Rs. 490 per 10 grams to cost Rs. 139,370. The 22-carat gold price stands at Rs. 127,750 per 10 grams after a rise of Rs. 450. The cheaper variant, 18-carat gold, spiked by Rs. 370 to retail at Rs. 104,530 per 10 grams.

The bigger weight variant of gold also saw the same spike. 100 grams of 24-carat gold rates now retail at Rs.13,93,700, and the 22-carat gold rates per 100 grams now cost Rs.12,77,500.

Silver prices in India today

Silver rates in India today stayed unchanged after slumping by Rs. 20000 last week. Currently, 1 kg of silver in India costs Rs. 200,000. While 100 g of silver rates in India retail at Rs. 20,000.

Latest 22-Carat & 24-Carat Gold Rates City-Wise

City	24K Gold	22K Gold	18K Gold
Chennai	Rs. 13,937	Rs. 12,775	Rs. 10,453
Mumbai	Rs. 13,937	Rs. 12,775	Rs. 10,453
Delhi	Rs. 13,952	Rs. 12,790	Rs. 10,468
Kolkata	Rs. 13,937	Rs. 12,775	Rs. 10,453
Bengaluru	Rs. 13,937	Rs. 12,775	Rs. 10,453

Gold Prices Target and Analysis

"The gold trading range for the day is 135440-144090. Gold slipped as higher oil prices and robust US inflation data strengthened the case for another Fed interest rate hike. Fed Chair Kevin Warsh said inflation can be lowered to the 2% target without having to "throw sand in the gears." Markets are pricing in a nearly 75% chance of a rate hike in December, according to the CME's FedWatch tool. US inflation accelerated in September as consumers paid more for gasoline and other goods, supporting expectations of an interest rate increase in December, as per the Bullion Report by Kedia Advisory.

MCX Gold and Silver Futures Prices Today

On MCX, gold futures maturing on December 4th also experienced a slight jump today, trading at Rs. 138,501 per 10 grams after rising by 0.01%. Similarly, silver futures, which mature on December 4th, climbed 0.89% to trade at Rs. 180,718 per kg at the time of writing.

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