Big Jump In Gold Prices India, Nov-22: 24K/100 Grams Of Gold Rates Rally Rs 8,700; Silver Stable

Gold prices in India saw an impressive rise on Friday, November 22, following the escalation of the conflict between Russia and Ukraine and geopolitical tensions that have rekindled consumer interest in safe haven investments. Gold prices in India rose for the fifth consecutive day amid news of rising tensions and global unrest. The yellow metal rose Rs 31,700 for 24k of 100 grams of gold between November 18 and November 22. However, geopolitical modifications, projections for a Federal Reserve rate cut in December, and attention on Fed officials scheduled for remarks this week are expected to cause higher uncertainty in gold rates.

Gold Rates In India Today

Gold currently costs Rs 7,225 per gramme for 22 carat gold and Rs 7,882 per gramme for 24-carat gold in India. While 22k of 100 grammes of gold prices in India today jumped to Rs 7,22,500 from Rs 7,14,500 yesterday, signifying a more expensive rate of Rs 8,000, 22k of 10 grammes of gold prices on Friday reached Rs 72,250, which was Rs 71,450 on Thursday, marking a price rise of Rs 800.

24k of 10 grams of gold will cost Rs 78,820 on Friday, up from Rs 77,950 on Thursday, marking an 870 rupee rise in the price. Similarly, the price of 24k of 100 grams of gold in India today jumped to Rs 7,88,200, up from Rs 7,79,500 yesterday, marking an 8700 rupee price spike in a single day.

In India, the price of 10 grams of 18k gold today increased to Rs 59,120, up Rs 660 from yesterday's price of Rs 58,460. Meanwhile, the price of 100 grams of 18k gold on Friday was Rs 5,91,200, up from Rs 5,84,600 on Thursday, rising by Rs 6,600.

Spot Gold Today

According to Reuters, U.S. gold futures ended the day 0.9% higher at $2,674.90, while spot gold climbed 0.8% at $2,670.49 per ounce at 01:48 p.m. EST (1848 GMT) on Thursday, reaching a 1-week high after rising 4%. Palladium climbed 1.5% to $1,036.13, platinum up 0.5% to $965.75, and spot silver weakened 0.1% to $30.85 per ounce.

Silver Rates Today In India

Silver prices in India remained stable on Friday, November 22, despite the growing severity of Russia's conflict with Ukraine and traders' evaluations of the likelihood of more relaxation by the Federal Reserve. In India, silver currently costs Rs 92,000 per kilogramme and Rs 92 per gramme. Ten grams of silver would cost Rs 920, 100 grams will cost Rs 9,200, and one kilogramme of silver will cost Rs 92,000, exactly as it was yesterday.

MCX Gold Outlook Today

"The domestic yellow metal MCX Gold (Dec 2024 Contract closed firm near the highs for the day forming a strong bullish candle on the daily chart. The commodity is presently approaching its crucial supply zones around 77345-77500 levels which should act as resistance given these are 61.8 % retracement levels of the previous fall . On the downside, support for MCX Gold lies at 74850/75800 levels, with a break below 74800 level potentially dragging prices toward 73500/73000 levels. Traders are advised to trade with strict stoploss as volatility may remain high due to ongoing geopolitical issues," said the research analysts of Way2Wealth Brokers Private Limited.

Gold & Silver Price Outlook Today

"Gold and silver prices are trading higher today on the international bourses. We expect gold and silver prices to trade higher for the day; as gold prices held a four-day rally as haven demand added support amid an escalation in Russia's war with Ukraine, while traders assessed prospects for further easing by the Federal Reserve," said the brokerage firm Nirmal Bang Securities Pvt. Ltd.

Spot Gold & Spot Silver Outlook Today

"Spot gold is expected to extend its rebound towards $2695 amid safe haven buying following escalating geopolitical tension between Russia and Ukraine. Further, expectation of weak economic numbers from US could bring correction in the dollar and support bullions to trade higher. Meanwhile, diminishing probability of 25 bps interest rate cut by the Fed in December could restrict its upside. Now, focus will remain on the speeches from Fed members, as it could bring more clarity on interest rate outlook," said the research analysts of ICICI Direct Research.

"Spot gold has formed a bullish engulfing pattern on the daily chart. Now it is expected to retrace 61.8% Fibonacci level of the recent decline at $2696. MCX Gold December is expected to rise towards 77,200 as long as it holds above 50 day EMA at 76,000. Spot Silver is likely to hold the support of 100 day EMA at $30.60 and rise towards $31.50. MCX Silver is expected to move towards 91,500, as long as it holds above 89,000," they further added.

Disclaimer

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