Gold Rates Today Live Updates: MCX Gold Reclaims Rs 1,23,000, Silver Up 1%; Check 24K, 22K, 18K Gold Prices

Gold rates in India recovered sharply on November 19 after the previous day's big crash. The 24 carat gold price surged by up to Rs 12,000, while 100 grams gold prices in 22 carat and 18 carat are up by Rs 11,000 and Rs 9,000 respectively. The price of 10 grams of gold in 24 carat is nearing Rs 1.25 lakh mark. MCX gold price neared the Rs 1.23 lakh mark, while silver crossed the Rs 1,55,500 level. Both precious metals have continued on their volatile trajectory this week.

Overall, the commodity market traded on a mixed note. Copper, natural gas and zinc prices witnessed slight buying; however, crude oil and aluminum traded flat at MCX.

Traders are now focused on the FOMC minutes and the upcoming labor market report for insights into the Federal Reserve's policy stance. However, policymakers' Persistent doubts about additional easing continue to weigh on sentiment.

Gold rates globally are correcting sharply. Comex gold is struggling between 4,060 and 4,070 dollars, while the spot silver price is breathing around 51 dollars.

Yesterday, after crashing by 1.5% to 2%, both gold and silver recovered heavy losses to end marginally lower. MCX gold held above the Rs 1,22,500 mark and MCX silver over Rs 1,54,500.

Traders are expected to be cautious on Wednesday. The latest opinion by a Fed official is to take a slower pace in rate cuts during upcoming policies. This has prompted traders to pull back on their expectation of 25 basis points rate cut in the December policy.

Credit: Goodreturns