Gold and silver prices are rising high as India immerses in the auspicious festival of lights, fireworks, sweets, etc. The price of 24-carat gold is inching towards the Rs 80,000 per 10-gram mark, on the back of an increase in festive demand. Purchasing gold around the festivities is common, serving both as an investment and as gifts for loved ones.
As the Iran-Israel conflict escalated, its impact could be seen on precious metals like gold and silver. The prices of gold and silver experienced significant fluctuations. Regarded as a safe-haven investment, gold remains a popular choice for investors seeking assurance and stability in uncertain times.
The 24-carat gold rate in India was quoted for a price of Rs 78,610 per 10 grams on October 29. The rate for 24-carat gold per gram is Rs 7,861. The rate of 22-carat gold was Rs 72,059 per 10 grams.
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“The outlook for MCX Gold (December) suggests a bullish scenario as the price has tested the upward trend line twice and is nearing a potential third test. If it holds support at this trend line, which aligns with the bottom band of the Bollinger Bands, it could signal further upward movement. Therefore, it is recommended to consider going long, provided the price maintains support at these critical levels,” said Sriram Iyer, Senior Research Analyst at Reliance Securities.
“COMEX gold prices to a record high of $2,772.60 per ounce last week as tightly contested race between Vice President Kamala Harris and former President Donald Trump boosted safe-haven demand. However, prices retreated to $2,722 during the week as strong US economic data raised expectations that the Federal Reserve would take a cautious approach to monetary easing. Concerns over the growing US budget deficit and a pullback in the US 10-year Treasury yield from 4.25%, its highest level since late July,
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