Gold, silver prices today: Gold prices surge to Rs 53,190, silver rates at Rs 61,800 despite weaker global cues

Gold prices today: Gold surged again to Rs 53,190 on Friday in the domestic market despite weaker global cues. Silver prices dipped to Rs 61,800. On November 18, Friday, the price of 10 grams of 24-carat gold was Rs 53,190. The price of 10 grams of 22-carat gold was Rs 48,760 on average.  

In the international market, though gold and silver have seen better gains this month, experts feel the precious metals would go down a difficult road in 2023 as US Fed would continue to tighten its monetary policy. On Friday, spot gold was trading at $1,761.29 per ounce, while US gold futures were flat at $1,763.40 per ounce after Fed announced that the interest rates would rise again. 

“COMEX Gold trades near $1766 after a 0.72 per cent fall in yesterday’s session. Gold’s rally took a pause mid-week as the geopolitical premium that was built after a missile fell into Polish territory diminished after Poland's President's statement. The recent rally in gold was mainly due to the expectation that Fed would slow down the rate hike in their upcoming meeting after data showing inflation cooled in October. However, in the last few sessions, various Fed governors seemed hawkish that have supported the US dollar. Although some more correction can’t be ruled out, the undertone in gold still remains bullish as the probability of a smaller rate hike by the Fed in the upcoming meeting is still more than 80 per cent," said Ravindra Rao, head of commodity research, Kotak Securities.

"Precious metals fell following the release of the US housing data from October, with housing starts and building permits dropping less than expected. We expect gold and silver prices to remain volatile in today’s session. Gold has support at $1758-1748 while resistance at $1785-1794. Silver has support at $21.38-21.22, while resistance is at $21.86-22.10. In rupee terms gold has support at Rs 52,670-52,450, while resistance is at Rs 53,080, 53,220. Silver has support at Rs 61,450-60,780, while resistance is at Rs 62,470–62,880," said Rahul Kalantri, Vice-President, 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 53,190. In Delhi, the same amount of gold can be purchased at Rs 53,360 in New Delhi, whereas in Chennai, one can buy it for Rs 54,010, which is the highest among all metropolitan cities.  

The prices for 22-carat gold in Mumbai, Kolkata, Delhi, and Chennai are Rs 48,760, Rs 48,760, Rs 49,910, and Rs 49,510, respectively. 

"On the price front, as mentioned in our previous report gold failed to break the $1780/oz resistance on closing. Support now is pegged near $1740/oz which should hold and the price might trade between $1740-$1780. Break on either side might give direction,” Rao added.