Gold Rates In India Sees Meteoric Rally: 100 Grams Up Rs 39,000 In 2 Days; 24K, 22K, 18K Gold Prices On Nov-11

Gold rates in India have recorded meteoric rallies for two consecutive days, with 24 carat gold of 100 grams skyrocketing by a whopping Rs 39,000 and 10 grams surging by Rs 3,900. On November 11, both gold and silver rates in India touched 3-week highs. The reason behind the latest fresh rally in precious metals is expectations of resolution in the US government shutdown and hope for future rate cuts from the US Federal Reserve. Also, the MCX gold price crossed the Rs 1.25 Lakh mark, while MCX silver reclaimed the level above Rs 1.56.

"Gold and silver opened the week on a strong note, hitting a 3-week high. Expectations of a resolution to the U.S. government shutdown and growing anticipation of rate cuts in the December Fed meeting supported the rally," said Rahul Kalantri, VP Commodities, Mehta Equities.

Also, Kalantri added, "weakness in the dollar index triggered profit-taking, while safe-haven demand further boosted prices. Fed Governor Stephen Miran also suggested a larger 50 bps rate cut to address rising unemployment and sluggish inflation."

Gold Rates In India:

24 Carat Gold Prices:

10 grams gold rises by Rs 2,460 on November 11 to Rs 1,26,800, while 100 grams gold price skyrocketed by Rs 24,600 to Rs 12,62,800. Additionally, the price of 8 grams gold surged by Rs 1,968 to Rs 1,01,024 and 1 gram is up by Rs 246 to Rs 12,628.

The price of 100 grams and 10 grams gold climbed by Rs 18,000 and Rs 1,800 on November 10th.

Cumulatively, 10 grams and 100 grams gold of 24 carat advanced sharply by Rs 3,900 and Rs 39,000 in these two days.

The highest carat is 24K which is 100% pure gold which means it does not have any alloy mixed.

22 Carat Gold Prices:

Under 22 carat, 10 grams gold price soared by Rs 2,250 to Rs 1,15,750, and the highest 100 grams climbed by Rs 22,500 to Rs 11,57,500. Also, 8 grams gold price zoomed by Rs 1,800 to Rs 92,600 and the lowest 1 gram gold is up by Rs 225 to Rs 11,575.

The second purest gold is 91.67% and it is 22 carat which is made with a mixture of gold along with metals like silver, copper, and zinc.

18 Carat Gold Prices:

18 carat gold is the third purest yellow metal which is 75% gold and 25% alloys. On November 11, 10 grams gold gained by Rs 1,840 to Rs 94,710, 100 grams climbed by Rs 18,400 to Rs 9,47,100, 8 grams surged by Rs 1,472 to Rs 75,768 and 1 gram edged higher by Rs 184 to Rs 9,471 under 18 carat.

"Gold prices have experienced a small increase this week, as investor sentiment shifted to positive territory in hopes of a US Federal Reserve rate cut and better local demand," said Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA).

Furthermore, Kamboj added, "The price increase also reflects the increase in local demand as the wedding season approaches. Traditionally, the wedding season brings added consumer interest in jewellery purchases. According to market experts, investors remain interested in investing in gold as a stable alternative amidst changing monetary policies and inflationary pressures."

Check Gold Rates In Major Cities:

Gold Rates In Chennai:

Gold Rates In Mumbai:

Gold Rates In Hyderabad:

Gold Rates In Bengaluru:

Gold Rates In Delhi:

Silver Rates In India:

Following the bullish trend, silver rates in India jumped by Rs 3,000 to Rs 1,60,000 per 1Kg, and rose by Rs 300 to Rs 16,000 in 100 grams. Silver prices of 10 grams is higher by Rs 30 to Rs 1,600, while up by Rs 24 to Rs 1,280 per 8 grams. The cheapest silver is priced at Rs 160 per 1 gram.

"Silver values have gone up slightly, backed by strong industrial interest and new buying from investors," said Kamboj.

The expert further mentioned that in India, the price increase in silver is supported by demand related to India's current wedding season, where there is a spike in purchases of silver jewellery and related articles.

MCX Gold Price + MCX Silver Price

MCX Gold price touched an intraday high of Rs 1,25,839 per 10 grams in the early trade of Tuesday. At the time of writing, the bullion traded at Rs 1,24,781 per 10 grams, up by Rs 811 or 0.65%.

Meanwhile, MCX silver price touched an intraday high of Rs 1,56,079 per 1kg. Currently, silver performed at Rs 1,54,883 per 1kg, which has zoomed by Rs 1,192 or 0.8%.

Gold & Silver Prices Outlook:

JP Morgan expects gold prices to remain supported longer term, projecting levels above $5,000 next year due to continued central bank buying.

Looking ahead, Kalantri said, "Gold has support at $4065-4020 while resistance at $4135-4155. Silver has support at $49.80-49.35 while resistance is at $50.85-51.20. In INR gold has support at Rs1,23,450-1,22,880 while resistance at Rs1,24,850-1,25,400. Silver has support at Rs1,52,850-1,51,900 while resistance at Rs1,54,940, 1,55,880."

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