Gold rates in India see an enormous jump on November 13, following a strong rally in international prices as the record-long US shutdown finally ends with President Donald signing the much-awaited funding bill. 100 grams in 24 carat gold climbed by Rs 22,900, while the price of 10 grams surged by Rs 2,290. Gold prices are nearing their record highs steadily. Following the bull trend, the silver rate in India also skyrocketed by a whopping Rs 10,000 in a single day.
10 grams gold price stood at Rs 1,27,800 on November 13, registering an upside of Rs 2,290. Further, 100 grams gold rate skyrocketed by Rs 22,900 to Rs 12,78,000. Additionally, 8 grams gold also soared by Rs 1,832 to Rs 1,02,240 and 1 gram gold is up by Rs 229 to Rs 12,780.
22 Carat Gold Prices:
Under 22 carat, the price of 10 grams gold surged by Rs 2,100 to Rs 1,17,150, while 100 grams gold price jumped by Rs 21,000 to Rs 11,71,500. Also, 8 grams gold price zoomed by Rs 1,680 to Rs 93,720 and 1 gram gold is up by Rs 210 to Rs 11,715.
18 Carat Gold Prices:
Here, 10 grams gold price climbed by Rs 1,720 to Rs 95,850, 100 grams gold price rose by Rs 17,200 to Rs 9,58,500. Meanwhile, 8 grams gold price jumped by Rs 1,376 to Rs 76,680 and 1 gram gold price surged by Rs 172 to Rs 9,585.
What Is Driving Gold Prices In India?
"Gold has recovered from a pullback towards what we believe could be a USD 4800 target in the next few months. Our stop loss for the move remains at USD 3550 or so levels and therefore there is a 2: 1 risk return ratio at current levels. While global tensions have reduced and there could be more headwinds as US deals with India and other major nations may be reached, Gold is on a structural bull run," said Sandip Raichura, CEO - Retail Broking & Distribution and Director at PL Capital.
Also, Raichura added, " data last week showed the U.S. economy has shed jobs in October and consumer sentiment is moving to new lows in multiple years and therefore there is anticipation that the incremental data flow, which was stopped due to the US govt shutdown, will reveal weakness that's higher than what Mr. Powell estimated. This could create a further impulse to gold prices."
Silver rates in India recorded robust gains on November 13 as well. Silver price jumped by Rs 10,000 to Rs 1,72,000 per 1kg, while 100 grams and 10 grams silver rates are up by Rs 1,000 and Rs 100 to Rs 17,200 and Rs 1,720. Also, 8 grams silver price is up by Rs 80 to Rs 1,376 and 1 gram is up by Rs 10 to Rs 172.
Gold & Silver Prices Outlook:
As per Rahul Kalantri, VP Commodities, Mehta Equities, bullion prices advanced sharply midweek, with gold and silver climbing to three-week highs and silver nearing its record in international trade. The ongoing strength in precious metals came despite expectations that the U.S. government will reopen within 24 hours. Traders anticipate that the resumption of U.S. economic data could reinforce prospects for a December Fed rate cut, providing additional momentum to the market.
Going ahead, Kalantri said that the near-term technical postures for gold and silver have turned more bullish recently, which is inviting the chart-based speculators to play the long sides of both markets. Gold holds its make and break level of $4,000 and crossed $4,150 per troy ounce and silver also holds its key support level of $50.00 per troy ounce and crossed $52 per troy ounce levels and showing strength.
Technically, he added, "Gold has support at $4140-4100 while resistance at $4240-4265. Silver has support at $52.50-52.10 while resistance is at $53.75-54.20. In INR gold has support at Rs1,25,750-1,24,980 while resistance at Rs1,27,750-1,28,400. Silver has support at Rs1,60,950-1,59,400 while resistance at Rs1,63,850-1,64,900."
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