Gold & Silver Prices Skyrocket In India Today, Spot Gold Eyes $4110; Is MCX Gold Preparing For An Upside Too?

On Wednesday, November 19, gold prices in India saw an enormous rise ahead of Fed officials' comments. Today, the price of gold in India jumped to Rs 9,364 per gram for 18 carat gold, Rs 11,445 per gram for 22 carat gold, and Rs 12,486 per gram for 24 carat gold. As investors were cautious ahead of key US announcements, such as the FOMC minutes and Thursday's jobs report, spot gold prices fell to about $4,060.

Gold & Silver Price In India Today

The price of 24k of 10 grams of gold in India today is Rs 1,24,860, up from Rs 1,23,660 yesterday. This is an uptick of Rs 1,200. As a result, the price of 24k of 100 grams of gold went up by Rs 12,000 overnight to Rs 12,48,600 on Wednesday.

The price of 22k of 10 grams of gold in India today is Rs 1,14,450, up from Rs 1,13,350 on Tuesday. This is an increase in value of Rs 1,100. Therefore, on Wednesday, 22k of 100 grams of gold will cost Rs 11,44,500 in India, a spike of Rs 11,000 from yesterday.

The price of 18k of 10 grams of gold in India today reached Rs 93,640, up from Rs 92,740 on Tuesday. This represents a rise in the price by Rs 900. As a result, the price of 18k of 100 grams of gold in India on Wednesday jumped by Rs 9,000 from yesterday to Rs 9,36,400.

In India, the price of silver has gone up by Rs 3 per gram and Rs 3,000 per kilogram from Rs 162 and Rs 1,62,000 yesterday to Rs 165 per gram and Rs 1,65,000 per kilogram.

MCX Gold Outlook Today

"On the technical front, MCX gold witnessed volatile price action in yesterday's session. It formed a bullish hammer candlestick pattern, indicating buying interest near the support zone. The immediate trend remains weak as it continues to trade below the short-term DEMA, while the broader trend remains sideways. Support is currently placed at 120760- 119800, while resistance is seen at 123200-123650," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

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

Spot Gold Prediction Today

"Spot Gold is likely to recover further towards $4110 amid weak dollar and softening of US treasury yields. Further, fresh data showed weakening labor market conditions, fueling hopes for another rate cut from US Fed in December meeting. As per CME FedWatch tool traders are now pricing almost 50% chance of a rate cut in December, up from about 42% a day ago," commented the technical research analysts of ICICI Direct.

"Moreover, demand for safe haven may increase on escalating geopolitical tension in eastern Europe and concern over Fed independence. US President Donald Trump administrations has started interviews for next Fed Chair, fueling bets that Trump may replace with someone who would be dovish and push for more rate cuts," they further added.

MCX Silver Outlook Today

"MCX Silver Dec is expected to rise towards ₹156,700 level as long as it stays above ₹152,300 level," said the technical research analysts of ICICI Direct.

Gold & Silver Rates 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 steady as investors weighed a decline in global equities, unease over lofty tech valuations and fading expectations of an interest-rate cut in the US," commented the research analysts of Nirmal Bang Securities.

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