Gold Rate Drops In India Today Across All Purities But Spot Gold Near 2-Week High; MCX Gold Aims For 127000

Today, November 27, gold prices in India saw a substantial drop in all purities. Today, the price of gold in India fell to Rs 9,581 per gram for 18 carat gold, Rs 11,710 per gram for 22 carat gold, and Rs 12,775 per gram for 24 carat gold. On the other hand, good US data failed to change estimates of an 80% possibility of a Fed rate cut next month, and spot gold fell to almost $4,150 per ounce, although remaining close to a two-week high.

Gold Prices In India Today

The price of 24k of 100 grams of gold in India dropped to Rs 1,27,750 today from Rs 1,27,910 yesterday, a fall of Rs 160. As a result, the price of 24k of 100 grams of gold saw a dramatic drop of Rs 1,600 overnight, reaching Rs 12,77,500 on Thursday.

Gold prices in India for 22k of 10 grams reached Rs 1,17,100 today, down Rs 150 from Rs 1,17,250 yesterday. As a result, 22k of 100 grams of gold reached Rs 11,71,000 on Thursday, down from Rs 11,72,500 on Wednesday, representing a savings of Rs 1,500 for Indian customers today.

In India, the price of 18k of 10 grams of gold dropped by Rs 120 to Rs 95,810 today from Rs 95,930 yesterday. Similarly, 18k of 100 grams of gold dropped by Rs 1,200 to Rs 9,58,100.

MCX Gold Outlook Today

"On the technical front, MCX gold continued its positive momentum yesterday. Recently, the yellow metal has seen a narrow-range breakout on the chart. The daily trend remains largely sideways, while the broader trend stays positive. MCX Gold is likely headed towards its upper resistance levels. Immediate support is placed at 125200-124700, while resistance lies at 127040-127900. Traders can consider buying near 125200 for targets of 126000- 127000. Any sustained drop below 124050 should act as a stop-loss for the current view," commenting Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.
"MCX Gold Dec is expected to rise towards ₹126,800 level as long as it stays above ₹124,500 level," recommended the technical research analysts of ICICI Direct.

Spot Gold Outlook Today

"Spot Gold is likely to trade with the positive bias and rise towards $4200 level on weak dollar and decline in US treasury yields across curve. Further, prices may rally as soft economic data followed by dovish comments from Fed officials bolstered expectation of another rate cut in December meeting. As per CME FedWatch tool traders are now pricing almost 85% chance of a rate cut in December, up from 30% a week ago," commented the technical research analysts of ICICI Direct.

"Moreover, prices may rally on strong central bank demand for gold and as the concern over Fed independence resurfaced after White House National Economic Council Director Kevin Hassett emerged as the front-runner to serve as the next Fed chair. Possibility of Hassett being nominated put rate cuts back on the table," they further added.

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