Sharp Drop In Today’s Gold Rates In India But Hint At Upside, Spot Gold Weakens; Alert For MCX Gold Traders!

Due to uncertainties around a backlog of official data sets following the US government's return from a six-week closure, gold prices in India saw a substantial drop on Friday, November 14. Today, the price of gold in India fell to Rs 9,589 per gram for 18 carat gold, Rs 11,720 per gram for 22 carat gold, and Rs 12,785 per gram for 24 carat gold. Additionally, after reaching three-week highs, spot gold fell around $4,160 per ounce as a result of the news. Strong central bank demand for gold may have cushioned the significant decline in prices amid rising US Treasury rates as investors' bets for a rate cut at the December meeting plummeted following hawkish remarks from Fed officials.

Gold Price In India Today

In India, the price of 24k of 10 grams of gold fell to Rs 1,27,850 today from Rs 1,28,650 yesterday, a drop of Rs 800. As a result, the price of 24k of 100 grams of gold plunged by Rs 8,000 to Rs 12,78,500.

The price of 22k of 10 grams of gold in India reached Rs 1,17,200 today, down Rs 700 from Rs 1,17,900 on Thursday. As a result, the price of 22k of 100 grams of gold has dropped by Rs 7,000 to Rs 11,72,000.

The price of 18k of 10 grams of gold in India reached Rs 95,890 today, down Rs 580 from Rs 96,470 yesterday. As a result, on Friday, the price of 18k of 100 grams of gold in India dropped by Rs 5,800 to Rs 9,58,900.

In India, the price of silver is currently Rs 173.10 per gram and Rs 1,73,100 per kilogram, as opposed to Rs 173 and Rs 1,73,000 yesterday, respectively.

MCX Gold Outlook Today

"On the technical front, MCX gold continued its upward momentum in yesterday's session; however, it closed after giving up the majority of its gains, forming an inverted hammer candlestick pattern on the daily chart. Some consolidation may be expected after a strong rally, though the broader momentum and trend remain positive. Immediate support is placed at 126200- 124150, while resistance is seen at 127940-129480," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

"MCX Gold Dec is expected to correct further towards ₹125,000 level as long as it stays below ₹127,800 level. A break below ₹125,000 will open doors for ₹124,000," said the technical research analysts of ICICI Direct.

MCX Silver Outlook Today

"MCX Silver Dec is expected to slip further towards ₹159,000 level as long as it stays below ₹164,000 level," commented the technical research analysts of ICICI Direct.

Spot Gold Outlook Today

"Spot Gold is likely to correct further towards $4120 level amid rise in US treasury yields. Further, investors bet on rate cut in December meeting took a dive after hawkish comments from Fed officials. Boston Fed President Susan Collins, Cleveland Fed President Beth Hammack, and St. Louis Fed President Alberto Musalem all said they favored keeping interest rates steady," commented the technical research analysts of ICICI Direct.

"As per CME FedWatch tool traders are now pricing a 50.7% chance of a rate cut in December, down from about 62.9% a day ago. Meanwhile, sharp fall in the prices may be cushioned on strong central bank demand for gold and as the concern over Fed independence resurfaced," they further added.

Gold & Silver Price Fundamental Outlook Today

"Gold and silver prices are trading slightly higher today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly higher for the day; as gold prices are on track for its best week in a month, with its appeal reignited by uncertainty around a backlog of official data set to follow the US government's return from a six-week shutdown," commented the research analysts of Nirmal Bang Securities.

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