Gold prices trade at Rs 79,181 on November 1: MCX data

The price of 24-carat gold in Mumbai on November 1 was Rs 78,490, while the gold rate for 22-carat was Rs 74,750

Gold price was Rs 79,181 on November 1, 2024, according to data released by MCX.

The yellow metal has been trading at 25.48 percent, higher compared to the start of the year, in the spot market.

It was trading 30.14 percent higher from the previous year as well, as per Moneycontrol analysis.

The commodity is still below the Rs 79,362 mark, which it had hit on October 30, 2024.

For gold futures expiring on December 5, 2024, the closing price was Rs 78,867 per 10 grams on November 1, 2024, representing a 0.56 percent jump from the previous day.

Gold price rate varied city-wise on November 1, 2024.

Gold price in Mumbai

The price of 24-carat gold in Mumbai on November 1 was Rs 78,490, while the gold rate for 22-carat was Rs 74,750. The price was -0.92 percent lower, compared with the previous day.

Gold price in Delhi

In Delhi, 24-carat gold was Rs 78590.00, while 22-carat was Rs 74850.00. The cost of gold in Delhi was -0.93 percent lower for 24-carat compared with the previous day.

Gold price in Chennai

In Chennai, 24-carat gold cost Rs 77,540, -0.95 percent lower compared with the previous day. And, 22-carat gold traded at Rs 73,850.

Gold price in Bengaluru

In Bengaluru, 24-carat gold cost Rs 78,750 and 22-carat gold was Rs 75,000. Price was -0.93 percent lower from the previous day.

For information on more cities, you can visit our gold page.

Outlook

Demand for the commodity dipped 6 percent to 929 tonnes in the second quarter of 2024, led by a sharp decline in the jewellery segment.

As per the World Gold Council’s report, central bank gold buying was 6 percent higher at 183 tonnes.

“Gold used in technology jumped 11 percent yoy, as the AI trend continued to drive demand in the sector,” WGC said.

The organisation noted that US elections are also likely to impact gold.

“Elections have not, historically, had a significant or immediate effect on gold's performance, but regardless of the winning candidate, near-term geopolitical risks remain high and may serve as a catalyst for gold,” said WGC.