Gold Prices In Big Cities Continue To Fall; Why Yellow Metal Prices Dropped Up To Rs 24,000 In 2 Days?

Gold prices in India continue to take a massive beating, so much so that the highest 100 gram of 24K yellow metal has nosedived by up to Rs 24,000 in a span of two days. A similar trend was seen in MCX gold price and international gold. A host of factors are impacting gold prices in India, including ceasefire talks between Israel-Hezbollah, and new sharp tariffs by Donald Trump in his 2.0 as US President.

Gold Prices In India:

24K gold price slipped by Rs 13,100 in 100 grams to Rs 7,72,400, and that of 10 grams fell by Rs 1,310 to Rs 77,240. Further, gold prices in 22K slipped by Rs 12,000 to Rs 7,08,000 in 100 grams, while gold price plunged by Rs 1,200 in 10 grams to Rs 70,800.

On the previous day, gold prices in India slipped by Rs 10,900 in 100 grams and down by Rs 1,090 in 10 grams of 24K. While the price dipped by Rs 10,000 in 100 grams and lower by Rs 1,200 in 10 grams of 22K.

Together, 24K of 100 grams plunged by Rs 24,000 in 2 days, and 22K of the same plummeted by Rs 22,000.

Gold Prices In Major Cities:

Gold Prices In Chennai: The price of gold in Chennai is currently at Rs 7,080 per gram for 22-karat gold and Rs 7,724 per gram for 24-karat gold (also called 999 gold).

Gold Prices In Mumbai: The price of gold in Mumbai is currently at Rs 7,080 per gram for 22-karat gold and Rs 7,724 per gram for 24-karat gold (also called 999 gold).

Gold Prices In Delhi: The price of gold in Delhi is currently at Rs 7,095 per gram for 22-karat gold and Rs 7,739 per gram for 24-karat gold (also called 999 gold).

Gold Prices In Kolkata: The price of gold in Kolkata is currently at Rs 7,080 per gram for 22-karat gold and Rs 7,724 for 24-karat gold (also called 999 gold).

Why Gold Prices Are Falling This Week?

Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services said, "Gold remains under selling pressure, weighed by a former U.S dollar and on reduced safe-haven bets after reports of a possible ceasefire between Israel and Lebanon, however, U.S president-elect Donald Trump's tariff threats are likely to provide some support".

"In the session's ahead traders will be looking at the minutes from the Federal Reserve's November meeting, U.S. GDP revisions and core PCE data that are expected to provide insights into the U.S. central bank's policy outlook.

Additionally, Mer said, on the chart... momentum looks down with resistance at 75500 and next at 76200, while on the downside more correction is expected towards 74750/ 74000 levels.

Should You BUY?

According to Nirmal Bang's technical report on November 26, gold prices are expected to pull back till 75600-700. One can sell with a stop loss of 75900 for the target at 7520074900.

For silver, the brokerage said, silver prices are expected to correct. One can sell at 88500 with a stop loss of 89200 for the target at 87500-86700.