Gold Price In India Today: Rates Drop Across All Purities, MCX Gold Slips Sharply; Find Outlook Here

On Monday, November 17, gold prices in India fell in response to negative global trends. Today, the price of gold in India fell to Rs 9,373 per gram for 18 carat gold, Rs 11,455 per gram for 22 carat gold, and Rs 12,497 per gram for 24 carat gold. In light of a significant backlog of US economic data during the record government shutdown, spot gold prices fell below $4,100 per ounce.

Gold Rates In India Today

Gold rates in India for 24k of 10 grams reached Rs 1,24,970 compared to Rs 1,25,080 yesterday, representing a price drop of Rs 110. Hence, 24k of 100 grams of gold in India on Monday has become cheaper by Rs 1,100 to price at Rs 12,49,700.

Gold rates in India for 22k of 10 grams reached Rs 1,14,550 on Monday, which was Rs 1,14,650 on Sunday, representing a price drop of Rs 100 overnight. Hence, 22k of 100 grams of gold has become cheaper by Rs 1,000 to price at Rs 11,45,500.

18k of 100 gms of gold will cost Rs 9,37,300 in India today, which is Rs 800 less than it did yesterday. Gold rates in India for 18k of 10 grams hit Rs 93,730 compared to Rs 93,810 yesterday, indicating a price decline of Rs 80.

MCX Gold Outlook Today

"On the technical front, MCX gold saw a sharp decline in Friday's trading session. The yellow metal witnessed a strong pullback toward the short-term 10 and 20 DEMA lines in yesterday's session, coming immediately after the formation of a bearish inverted hammer candlestick pattern. With Friday's price action, the daily trend and momentum have weakened. Immediate support is placed at 123000, while resistance is positioned at 124000-127000," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

"MCX Gold Dec is expected to slip further towards ₹121,800 level as long as it stays below ₹124,800 level. A break below ₹121,800 will open doors for ₹121,000," said the technical research analysts of ICICI Direct.

Spot Gold Prediction Today

"Spot Gold is likely to correct further towards $4020 level amid rise in US treasury yields and strong dollar. Further, prices may slip as hawkish comments from Fed officials has dim hopes for December rate cut. More Fed officials are signaling caution over further easing, citing worries about inflation. Additionally, investors fear that longest government shutdown which ended recently has created gaps in economic data and it will take time to gather and publish it," commented the technical research analysts of ICICI Direct.

"As per CME FedWatch tool traders are now pricing a 45.8% chance of a rate cut in December, down from about 66.9% a week ago. Meanwhile, sharp fall in the prices may be cushioned on rise in demand for safe haven amid geopolitical tension," they further added.

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