Gold Rates Change – Check 22K, 24K Gold Price in Delhi, Mumbai, Kolkata & More
The India Bullion and Jewellers Association Ltd (IBJA) Reports Gold Prices Drop to Rs 76,570 for 24-Carat in Indiafor November24-carat gold is priced at Rs 76,570 per 10 grams, 22-carat at Rs 74,720, 20-carat at Rs 68,130, and 18-carat at Rs 62,201 per 10 grams
The India Bullion and Jewellers Association Ltd (IBJA) Reports Gold Rates Change – Check 22K, 24K Gold Price in Delhi, Mumbai, Kolkata & More in India for November24-carat gold is priced at Rs 76,570 per 10 grams, 22-carat at Rs 74,720, 20-carat at Rs 68,130, and 18-carat at Rs 62,201 per 10 grams
Gold Prices Drop Post-US Election
In a noteworthy shift, gold and silver prices in India have seen a significant drop following the U.S. presidential election, aligning with global trends and impacting local bullion rates. According to the latest report from the India Bullion and Jewellers Association Ltd (IBJA), the current prices for gold are as follows:
- 24-carat gold: Rs 76,570 per 10 grams
- 22-carat gold: Rs 74,720 per 10 grams
- 20-carat gold: Rs 68,130 per 10 grams
- 18-carat gold: Rs 62,201 per 10 grams
This adjustment in gold prices reflects the ongoing influence of the U.S. elections and market reactions to a stronger dollar, with investors now turning their attention to upcoming Federal Reserve policies and economic indicators.
The Impact of U.S. Elections on Gold Prices
Gold prices began to fall immediately after the U.S. election, largely driven by the strengthening of the U.S. dollar. On the Multi Commodity Exchange (MCX), December gold future contracts saw a 0.37% decline, opening at Rs 76,369 per 10 grams. Similarly, silver December futures dropped by 0.24% to Rs 90,601 per kilogram.
The election has contributed to substantial shifts in the market, causing gold prices to decline by Rs 2,100 per 10 grams and silver by Rs 4,050 per kilogram over the past two days. This downward trend has impacted both local and global investors, as they reassess the immediate economic implications.
Gold Prices in Delhi – A 24-hour Perspective
In the national capital of Delhi, gold prices have also experienced a notable decrease, with 24-carat gold trading at Rs 76,570 per 10 grams. According to IBJA, the falling prices highlight a significant change in the precious metals market. Gold prices in Delhi were previously Rs 81,100 per 10 grams, representing a fall of Rs 1,300 within a day.
Updated Gold Prices by Purity:
| Purity | Price per 10 grams |
|---|---|
| 24-carat | Rs 76,570 |
| 22-carat | Rs 74,720 |
| 20-carat | Rs 68,130 |
| 18-carat | Rs 62,201 |
Market Reactions and Expert Analysis
Pranav Mer, Vice President of EBG-Commodity & Currency Research at JM Financial Services, stated that a strong U.S. dollar has driven the decline in gold prices. “The election results have led to significant fluctuations across global commodities, with most trading in negative territory,” Mer noted.
Furthermore, he emphasized that if key support levels are breached, additional corrections may follow. However, if prices stabilize, gold could resume an upward trend, with resistance levels observed at Rs 78,000 on the MCX and $2,755 per ounce in international markets.
Jateen Trivedi from LKP Securities noted the dollar’s impact on gold prices, adding, “The dollar index’s ascent to 105 has pushed gold prices to new lows. While a resistance level is currently pegged at $2,740, further support can be expected around $2,680.”
Factors Influencing Gold Prices
1. U.S. Dollar Strength
The dollar index rose sharply post-election, affecting gold prices globally. Gold prices often have an inverse relationship with the dollar; as the dollar strengthens, gold typically becomes less attractive to holders of other currencies.
2. Federal Reserve Policy
Market participants are also closely watching the Federal Reserve’s upcoming policy decisions. Any shifts in interest rates or inflation expectations could further affect gold prices. Higher interest rates generally make non-yielding assets like gold less appealing.
3. Global Economic Uncertainty
Investors often turn to gold as a safe-haven asset during periods of economic uncertainty. With the U.S. election completed, some investors may feel less inclined to buy gold, contributing to the recent price dip.
Key Resistance and Support Levels
With gold prices showing signs of volatility, identifying critical support and resistance levels has become essential for traders. Here’s an outline of the current support and resistance metrics:
- Resistance Levels
- MCX: Rs 78,000
- International Markets: $2,755 per ounce
- Support Levels
- International Spot: $2,680 to $2,700 per ounce
Future Gold Price Predictions
Analysts predict that gold prices may continue to fluctuate in response to external factors such as the dollar’s performance and the Federal Reserve’s stance. If the dollar maintains its strength, gold may face further downward pressure. However, renewed interest from investors during economic uncertainties could bolster gold prices in the long run.
Silver Market Update
In addition to gold, silver prices have also experienced a downturn. As of the latest MCX updates, silver December futures were trading 0.24% lower at Rs 90,601 per kg. Like gold, silver’s performance is affected by the dollar’s strength and economic indicators post-election.
Key Takeaways
- 24-carat gold: Rs 76,570 per 10 grams
- Significant drop in gold prices post-U.S. election
- Focus on Federal Reserve policy for further price movements
- Support and resistance levels offer insight for traders
Final Thoughts on Gold and Silver Market Trends
As the market adjusts to the U.S. election results and anticipates Federal Reserve actions, gold and silver prices may continue to see sharp fluctuations. Investors should consider current market factors, including the dollar’s performance and upcoming U.S. policies, to make informed decisions.
Image Caption
“Gold bars and coins displayed in a jewelry store as gold prices fluctuate following the U.S. presidential election.”
