Gold Price In India Drops Today: 22/24K Falls Over Rs 5k, MCX Gold Faces Major Breakdown; Spot Gold Outlook?

On Friday, November 7, gold prices in India saw a steep decline after spot gold was close to $3,980 per ounce on Thursday due to concerns about political risks and anticipation of Fed easing spurred by disappointing US labor data. In India today, 24 carat gold costs Rs 12,202 per gram, 22 carat gold costs Rs 11,185 per gram, and 18 carat gold costs Rs 9,152 per gram.

Gold Rates In India Today

Today 24k of 10 grams of gold will cost Rs 1,22,020, which was Rs 1,22,570 yesterday, representing a drop of Rs 550 hence, 24k of 100 grams has become cheaper by Rs 5,500 overnight to cost Rs 12,20,200 on Friday.

In India, the price of 22k of 10 grams of gold dropped to Rs 1,11,850 today from Rs 1,12,350 yesterday, a drop of Rs 500. As a result, 22k of 100 grams of gold will cost Rs 11,18,500 on Friday, a savings of Rs 5,000.

Gold rates in India for 18k of 10 grams reached Rs 91,520 compared to Rs 91,930 yesterday, representing a price drop of Rs 410 hence, 18k of 100 grams of gold has dropped by Rs 4,100 to cost Rs 9,15,200 for Indian customers today.

MCX Gold Outlook Today

"On the technical front, MCX Gold continues to trade within the 122325-117628 range, with the daily trend remaining on the bearish side. The short-term 10 & 20 DEMA lines are acting as strong supply zones. A decisive close above the short-term DEMA could indicate initial signs of reversal. Immediate support is placed at 119150-118665, while resistance is seen around 121550-122150. Traders can sell MCX Gold near 121550 for a target of 118700, while sustained strength above 122150 should be taken as a stop-loss," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

"MCX Gold Dec is expected to rise towards ₹122,000 level as long as it stays above ₹119,500 level," commented the technical research analysts of ICICI Direct.

MCX Silver Outlook

"MCX Silver Dec is expected to rally towards ₹149,500 level as long as it stays above ₹145,000 level," recommended the technical research analysts of ICICI Direct.

Spot Gold Outlook Today

"Spot Gold is likely to rise back towards $4050 level amid softening of US treasury yields across curve and weakness in dollar. Further, recent batch of private economic data from US showed weakening labor market conditions, boosting hopes for additional monetary easing by the Federal Reserve. As per CME FedWatch tool traders are now pricing a 69% chance of a rate cut in December, up from about 62% previous day," stated the technical research analysts of ICICI Direct.

"Further, demand for safe haven may increase on ongoing concerns over prolonged U.S. government shutdown and uncertainty over the legality of tariffs. Market fears that longer shutdown may hurt US economy, giving more room for Fed to cut interest rates. Meanwhile, all eyes will be on U.S consumer sentiment index and Inflation expectation data," they further added.

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