Gold, silver prices today: Gold falls to Rs 52,640, silver at Rs 61,000 despite weak dollar, US Treasury bond yields

Gold prices today: Gold prices fell further to Rs 52,640 early in the domestic market despite dovish US Federal pivot yesterday. The silver prices dipped to Rs 61,000. On November 24, Thursday, the price of 10 grams of 24-carat gold is Rs 52,640. The price of 10 grams of 22-carat gold is Rs 48,250 on average. 

In the international market, gold prices were at the best levels so far this week after recapturing the $1,750 psychological mark. The yellow metal did well after the US Dollar weakness extended along with the US Treasury bond yields. Supportive US Federal Reserve minutes and weak United States PMIs and Jobless Claims data triggered a fresh sell-off in the US dollar, leading to gold’s gain.

"Gold and silver prices rose and closed above key levels on Thursday, benefitted from a weaker dollar as the minutes of the Federal Reserve’s latest meeting showed that a growing number of members supported a slower pace of interest rate hikes. Precious metals prices jumped into positive territory as flash manufacturing and service-sector PMI data falls into contraction territory. Gold has support at $1744-1734 while resistance at $1764-1774. Silver has support at $21.35-21.22, while resistance is at $21.78-21.95. In INR terms gold has support at Rs 52,370-52,240, while resistance is at Rs 52,680, 52,850. Silver has support at Rs61,050-60,580, while resistance is at Rs62,050–62,480," said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

Domestic prices 

Gold prices change daily due to currency exchange rates, excise duty, state taxes, and making charges of jewellers, which vary from state to state. On Wednesday, 10 grams of 24-carat gold in Mumbai and Kolkata can be bought and sold at Rs 52,640. In Delhi, the same amount of gold can be bought at Rs 52,800 in New Delhi, whereas in Chennai, one can buy it for Rs 53,410, which is the highest among all metropolitan cities.  

The prices for 22-carat gold in Mumbai, Kolkata, Delhi, and Chennai are Rs 48,250, Rs 48,250, Rs 48,400, and Rs 48,960, respectively. 

“COMEX Gold trades higher by 0.60 per cent at $1756/oz as the dollar fell after the release of FOMC meeting minutes on Wednesday. The minutes were out yesterday and as expected it showed a majority of the policymakers were with the view of slower rate hikes as the aggressive stance is impacting economic growth. The US Dollar index closed near a day low of 106.03, a fall of more than 1%. Although the minutes indicated the end of jumbo rate hikes, the policymakers were uncertain about when will be the endpoint of the rate hikes. Smaller rate hikes by Fed are positive for precious metals, especially gold which had witnessed deep corrections since Fed started the jumbo rate hikes. On the price front after a Doji candlestick formation on Tuesday a high wave candlestick has been formed indicating the start of bullish momentum after a brief correction. Support remains near the $1740-1735/oz zone which needs to penetrate on a closing and sustaining basis. Till then there is a good probability of a recovery back to $1762/oz followed by $1778/oz,” said Ravindra V. Rao, CMT, EPAT VP-Head Commodity Research Kotak Securities Ltd.