Huge Jump In Today’s Gold Rates In India: 24K/10 Gm Tops Rs 1.23 Lac, 22K Near Rs 1.13 Lac; MCX Gold Weakens

Today, Monday, November 10, the price of gold in India saw an abrupt rise owing to a stronger US dollar and a slump in demand for safe havens. Today, 24 carat gold costs Rs 12,322 per gram, 22 carat gold costs Rs 11,295 per gram, and 18 carat gold costs Rs 9,242 per gram in India. As investors remained cautious ahead of significant US payroll data, spot gold prices extended Friday's stability, hovering around $4,000 per ounce on Monday.

Gold Prices In India Today

The price of 24k of 10 grams of gold in India reached Rs 1,23,220 today, up from Rs 1,22,020 yesterday, indicating a rise in the price of Rs 1,200 overnight. As a result, the price of 24k of 100 grams of gold in India on Monday climbed by Rs 12,000 to Rs 12,32,200.

The price of 22k of 10 grams of gold in India reached Rs 1,12,950 today, compared to Rs 1,11,850 yesterday, indicating an overnight rise in price of Rs 1,100. As a result, 22k of 100 grams of gold in India would cost Rs 11,29,500 on Monday, a spike of Rs 11,000 from yesterday.

Today, 18k of 10 grams of gold will cost Rs 92,420 in India, up from Rs 91,520, indicating an upward trend of Rs 900. As a result, the price of 18k of 100 grams of gold has gone up by Rs 9,000 to reach Rs 9,24,200 on Monday.

The price of silver in India today is Rs 155 per gram and Rs 1,55,000 per kilogram compared to Rs 152.50 and 1,52,500 yesterday respectively.

MCX Gold Outlook Today

"On the technical front, after a strong rally, MCX Gold is currently in a consolidation zone. Immediate resistance is placed at 122,145, while support is seen at 119,150. In the last few trading sessions, demand and supply appear to be in equilibrium, with selling pressure at higher levels and buying interest near the lower range. However, the daily trend and bias remain on the weaker side. Traders can consider selling MCX Gold near 121,630 for targets of 119,800-119,200, while any sustained move above 121,800 should be viewed with caution," 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 ₹120,000 level," commented the technical research analysts of ICICI Direct.

MCX Silver Prediction

"MCX Silver Dec is expected to rally towards Rs 150,000 level as long as it stays above Rs 146,000 level," recommended the technical research analysts of ICICI Direct.

Gold & Silver Price Fundamental Outlook Today

"Gold and silver prices are trading 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 rose for a second day as a weakening US economy outweighed progress on ending the government shutdown in Washington," commented the research analysts of Nirmal Bang Securities.

Spot Gold Prediction

"Spot Gold is likely to rise towards $4080 level amid weakness in dollar and softening of US treasury yields across curve. Further, recent batch of data from US raised concerns over economic slowdown, boosting hopes for additional monetary easing by the Federal Reserve. As per CME FedWatch tool traders are now pricing a 67% chance of a rate cut in December, up from about 63% weak ago," commented 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. Additionally, strong central bank demand for gold will be supportive for the prices," they further added.

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