Gold, Silver Prices November 26: 18-Carat Yellow Metal Gets Cheaper To Rs 46,718 Per 10 Grams

The prices of precious metals were broadly stable, however, the 18-carat yellow metal was cheaper across grams on November 26th owing to weakness in US currency ahead of Fed rates outcomes in December policy. 22-carat and 24-carat gold prices were steady along with silver prices. However, the MCX gold rate is Rs 544 per 10 grams away from hitting its historic high.

On Sunday, 18-carat gold per 10 grams slipped by Rs 2 to Rs 46,718, while 100 grams in this carat declined by Rs 20 to Rs 4,67,180 from the previous day. While 1-gram in 18-carat was lower by 20 paise to Rs 4,671.80, and 8-gram was down by Rs 1.60 to Rs 37,374.40 from the previous day.

In India, at retail stores, the 22-carat gold price was at Rs 51,700 per 10 grams on Sunday, unchanged from the previous day. While 100-gram in this carat stood at Rs 5,71,000, while 1-gram and 8-gram prices were at Rs 5,710 and Rs 45,680 respectively.

Meanwhile, prices for 24-carat gold in 10 grams were at Rs 62,290, 100-grams at Rs 6,22,900, while 1-gram and 10-gram were available at Rs 6,229 and Rs 49,832 respectively.

At MCX, gold futures maturing on December 5, stood at Rs 61370 per 10 grams, rising by Rs 298 or 0.5% on November 24th. That being said, MCX's gold price is Rs 544 per 10 grams away from clocking the all-time high of Rs 61,914 which was recorded in November this year.

Coming to silver prices, 1 kg in this commodity was at Rs 77,200 unchanged from the previous day. While silver prices in 1-gram also stayed muted at Rs 77.20, 8-gram at Rs 617.60, 10-gram at Rs 772, and 100-gram at Rs 7,720.

MCX silver also rose by a whopping 1.40% or Rs 1,017 on November 24th to Rs 73,915 per 1 kg.

On the global front, spot gold in London surged by 2.66% to cross $2,002 an ounce. Similarly, US gold futures jumped 0.6% to $2,003.70 an ounce.

Gold prices shot up globally after the dollar index weakened against a basket of currencies on expectations of a rate-hike cycle peaking and a pause in December policy from the US Federal Reserve.

In its latest note, SMC Global Securities said, "The CRB has been displaying bearish signals, remaining in negative territory for the past three weeks. Gold experienced a second consecutive week of gains due to a weakening dollar index, while silver, despite the rise in gold prices, saw a decline."

"The bullion counter is likely to gain further momentum. Gold and silver can oscillate between the range of 60,500-62,000 and 72,000-74,500, respectively," SMC's note said.