Gold Prices In India Outlook On Wednesday, October 16, 2024: How 24K/22K/18K Prices Will React Today?

Gold prices in India are likely to be influenced by global trends. While Israel's vow for retaliation against Iran's military bases, is a key support for the yellow metal, investors are keenly awaiting more economic data in the US that could offer some clarity related to the upcoming Federal Reserve's monetary policy. On Wednesday, October 16, MCX gold is expected to find support from Rs 75,700 to Rs 75,800 per 10 grams.

Gold Prices In India: 10 grams of yellow metal is available at Rs 77,390 in 24K, while the price is at Rs 70,940 in 22K, and at Rs 58,040. The prices fell by Rs 1 to Rs 100 in the early hours of October 16, 2024. The cheapest gold is Rs 5,804 which is 1 gram in 18K, and the most expensive gold is Rs 7,73,900 in 24K/100 grams.

Gold Prices In Major Cities: 24K/10 grams is available at Rs 77,540 in Delhi, higher than compared to other metro cities. While price was at Rs 77,390 in cities like Chennai, Mumbai, Kolkata, Bengaluru, Hyderabad, Kerala and Pune. Further, 24K/10 grams is available at Rs 77,440 in Vadodara and Ahmedabad.

Silver Prices In India: 1 kg of silver in India is available at Rs 96,800. In the early hours of October 16, at retail stores, this precious metal is cheaper by Rs 0.10 to Rs 100. Silver price is highest in Chennai, Kerala, and Hyderabad at a staggering Rs 1,02,900. The shiny metal is cheap in Bangalore at Rs 91,900, compared to cities like Delhi, Kolkata, and Ahmedabad where 1 kg silver is at RS 96,900. In Mumbai and Pune, the silver price is at Rs 96,800 per 1 kg.

MCX Gold, Silver Prices: MCX gold with December expiry, stood at Rs 76,385 per 10 grams, up by Rs 25 or 0.03% on Tuesday. While MCX silver with December expiry is at Rs 91,600 per 1kg down by Rs 23 or 0.03%.

US Gold, Spot Gold: As per a Reuters report, Gold edged higher on Tuesday lifted by retreating Treasury yields, while investors cautiously awaited more data that could offer fresh clues on the Federal Reserve's monetary easing cycle. Spot gold rose 0.4% to $2,662.50 per ounce, off one-week highs hit in the last session. U.S. gold futures gained 0.5% to $2,678.80.

Gold Price In India Outlook On Wednesday, October 16, 2024:

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, "Gold prices traded with volatility but gained upward momentum after touching lower levels of $2,640 in Comex. Early selling pressure was seen due to the positive opening of the dollar index, which briefly touched highs of 103.25. However, as the dollar softened, gold found support and rose from $2,640 to $2,655."

Trivedi added, "This pattern was mirrored in MCX, where gold prices saw support in the 75,750-75,800 range during the morning session."

Meanwhile, Nirmal Bang is expecting gold to test 75850-800. The brokerage suggests that one can buy with a stop loss of 75550 for the target at 76200-76400.

For silver price, Nirmal Bang's technical report said, silver prices are expected to correct. One can sell at 91200 with a stop loss of 91800 for the target at 90200-89700.