Gold Rates In India Rally On Nov-6 After 1-Week Low; Silver Up Too; 24K, 22K, 18K Gold Prices In Top 10 Cities

Gold Rates In India: After a one-week low, gold and silver prices rebounded on November 6, with 24 carat gold nearing Rs 1.22 lakh mark in 10 grams. The sharpest surge is seen in 24 carat of 100 grams to the tune of Rs 4,300. 22 carat and 18 carat gold prices also climbed significantly. The bull trend is seen in silver rates as well. The latest booster for precious metal is the uncertainty in political conditions at US, and strong demand in China and Australia. However, the gains are capped due to uptrend in dollar which crossed 100 mark. MCX gold holds above Rs 1.20 lakh levels and MCX silver is racing for Rs 1.48 lakh mark.

Gold Rates In India:

24 Carat Gold Prices:

10 grams gold rate surged by Rs 430 to Rs 1,21,910 in 24 carat, while 100 grams gold price soared by Rs 4,300 to Rs 12,19,100. Meanwhile, 8 grams gold rises by Rs 344 on Thursday to Rs 97,528 and 1 gram is up by Rs 43 to Rs 12,191.

22 Carat Gold Prices:

Under 22 carat gold, 10 grams jumped by Rs 400 to Rs 1,11,750, 100 grams surged by Rs 4,000 to Rs 11,17,500, 8 grams advanced by Rs 320 to Rs 89,400 and 1 gram gold inched up by Rs 40 to Rs 11,175.

18 Carat Gold Prices:

On November 6th, 18 carat gold price is higher by Rs 320 to Rs 91,430, 100 grams up by Rs 3,200 to Rs 9,14,300,while 8 grams gold is up by Rs 256 to Rs 73,144 and1 gram gold edged higher by Rs 32 to Rs 9,143.

Silver Rates In India:

Following the uptrend, 1Kg silver price rose by Rs 1,000 to Rs 1,51,000 on November 6. The cheapest silver is of Rs 151 in 1 gram. The prices of 100 grams and 10 grams silver stood at Rs 15,100 and Rs 1,510 respectively. Lastly, 8 grams silver is at Rs 1,212.

Reason Behind Gold & Silver Prices Rally:

"Gold and silver prices rebounded from a one-week low, supported by safe-haven buying amid rising political uncertainty in the United States. The U.S. President's party losing the New York City mayoral elections has heightened concerns ahead of the upcoming mid-term polls," said Rahul Kalantri, VP Commodities, Mehta Equities.

Explaining further, Kalantri said, strong physical demand from China and Australia also provided support to precious metals. However, the dollar index surged past the 100 mark, hitting a three-month high, which capped further gains. Additionally, stronger-than-expected ADP non-farm employment data, which rose by 42,000 versus expectations of 32,000, limited the upside.

Gold & Silver Prices Outlook:

Looking ahead, Kalantri said, " Gold has support at $3930-3900 while resistance at $4025-4055. Silver has support at $47.50-47.15 while resistance is at $48.35-48.70. In INR gold has support at Rs1,19,870-1,19,280 while resistance at Rs1,21,090-1,21,600. Silver has support at Rs1,46,450-1,45,750 while resistance at Rs1,48,340, 1,49,280."

Spot Gold Price + Spot Silver Price

At present, spot gold traded $3,980 per ounce, staying in a narrow range near its four-week low. Meanwhile, spot silver price performed around $48.3 per ounce after stronger-than-expected US economic data.

MCX Gold Price + MCX Silver Price

MCX Gold Price with December expiry, traded at Rs 1,20,703 per 10 grams, up by Rs 181 or 0.15% at the time of writing. The bullion is near its intraday high of Rs 1,20,714 per 10 grams.

MCX Silver Price with December expiry, spurred by Rs 360 or 0.24% to trade at Rs 1,47,681 per 1Kg, which is also near its day's high of Rs 1,47,859 per 1Kg.

MCX Gold Vs MCX Silver: What To Buy/Sell?

Analysts at Nirmal Bang said, "Gold prices are expected to rise. Traders can buy at 120200 with a stop loss of 119500 for the target at 121300-122000.''

For silver, these analysts said, this precious metal's prices are expected to rise. One can buy silver at 146000 with a stop loss of 144000 for the target at 148000-150000.

Check Gold Rates In Ten Major Cities:

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