Gold and Silver Prices See Minor Fluctuations Across India: ₹80,523 for Gold, ₹99,100 for Silver

Gold prices in India have increased slightly by 1.37% over the past week but decreased by 3.48% over the last month, with 24-carat gold priced around ₹80,523 per 10 grams. Silver prices have remained steady recently but have fallen from last week’s levels, with silver costing ₹99,100 per kilogram in Delhi. These price movements are influenced by global demand, currency fluctuations, and economic conditions.

CONTENTS:

• Prices of gold and silver are fluctuating globally.
• Prices of gold and silver are fluctuating worldwide.
• Gold and silver prices are falling due to stronger U.S. dollar.
• Silver prices are under pressure due to U.S. dollar strength.
• Silver prices are under pressure from a stronger U.S. dollar and geopolitical shifts.
• Gold and silver prices fluctuate due to global demand and economic factors.

Gold and Silver Prices See Minor Fluctuations Across India: ₹80,523 for Gold, ₹99,100 for Silver

Prices of gold and silver are fluctuating globally

Gold and Silver Prices See Minor Fluctuations  As of November 7, 2024, the price of 10 grams of 24-carat gold in Delhi is ₹80,523, while 1 kg of silver is priced at ₹99,100. The price of 24-carat gold has remained unchanged at ₹8,052.3 per gram, and the rate of 22-carat gold is ₹7,382.3 per gram, also steady.

In the past week, the price of 24-carat gold has fallen by 1.37%, and over the last month, it has decreased by 3.48%. The price of silver has not changed, staying at ₹99,100 per kg.

In different cities:
– In Delhi, the price of gold is ₹80,523 per 10 grams, the same as yesterday, but lower than ₹81,513 last week.
– In Chennai, the price is ₹80,371 per 10 grams, slightly up from ₹80,261 yesterday, but down from ₹81,361 last week.
– In Mumbai, the rate is ₹80,377 per 10 grams, up from ₹80,267 yesterday, but down from ₹81,367 last week.
– In Kolkata, the price is ₹80,375 per 10 grams, up from ₹80,265 yesterday, but lower than ₹81,365 last week.

As for silver:
– In Delhi, it remains at ₹99,100 per kg, unchanged from yesterday and down from ₹103,000 last week.
– In Chennai, silver is priced at ₹107,700 per kg, unchanged from yesterday but lower than ₹111,600 last week.
– In Mumbai, it is ₹98,400 per kg, the same as yesterday, and down from ₹102,300 last week.
– In Kolkata, silver costs ₹99,900 per kg, unchanged from yesterday, and down from ₹103,800 last week.

Gold futures for December 2024 on the MCX are trading at ₹76,395 per 10 grams, and silver futures for the same period are at ₹90,609 per kg.

Prices of gold and silver are influenced by several factors, including global demand, currency fluctuations, interest rates, government policies, and international economic conditions, particularly the strength of the US dollar.

Prices of gold and silver are fluctuating worldwide

Gold and Silver Prices See Minor Fluctuations   On November 7, 2024, the price of 24-carat gold increased by ₹10, with 10 grams of the metal priced at ₹80,360. Meanwhile, silver saw a decline of ₹100, with 1 kilogram of silver trading at ₹95,900.

The price of 22-carat gold also rose by ₹10, reaching ₹73,660 per 10 grams.

In major cities, the price of 10 grams of 24-carat gold in Mumbai, Kolkata, and Hyderabad is ₹80,360, while in Delhi, it is ₹80,510. In Bengaluru and Chennai, it is priced at ₹80,360.

For 22-carat gold, Mumbai, Kolkata, and Hyderabad have the same price of ₹73,660 per 10 grams, while in Delhi, it is ₹73,810. Bengaluru and Chennai also have it priced at ₹73,660.

Silver prices are aligned in Delhi, Mumbai, and Kolkata at ₹95,900 per kilogram, whereas in Chennai, it is priced higher at ₹1,04,900 per kilogram.

Internationally, US gold prices struggled to maintain momentum due to a stronger dollar following Donald Trump’s election win. Investors are now turning their attention to the Federal Reserve’s upcoming rate cut decision. Spot gold remained steady at $2,663.02 per ounce, down from a high of $2,790.15 last week. Spot silver rose by 0.2% to $31.21 per ounce, platinum gained 0.13% to $987.90, and palladium decreased by 0.2% to $1,032.93.

Gold and silver prices are falling due to stronger U.S. dollar

Gold and Silver Prices See Minor Fluctuations   On November 6, 2024, following Donald Trump’s victory in the U.S. presidential election, the U.S. dollar index surged by 2%, leading to a significant drop in gold and silver prices. Gold futures for December 2024 fell by 2.4%, reaching ₹76,583 per 10 grams, while silver futures dropped 4.3%, standing at ₹90,492 per kilogram.

Spot gold traded 0.65% lower at $2,731 per ounce, with an intraday low of $2,710, as the U.S. dollar gained strength. Similarly, spot silver prices declined 1.23%, settling at $32.37. This downturn occurred ahead of the Federal Reserve’s two-day meeting, where analysts expect another rate cut of 25 basis points.

In crude oil markets, prices fell due to concerns over a higher-than-expected increase in U.S. crude oil inventories. Brent Futures dropped to $73.65, and WTI Crude fell to $71.24, both down more than 1%.

For commodities in India, gold prices on the MCX dipped below key support levels, with the next support for gold around ₹77,200 and silver around ₹91,000. Crude oil also showed weakness, with support around ₹5,800.

Investors are advised to be cautious, as derivatives trading carries high risks and requires effective risk management strategies like stop-losses.

Silver prices are under pressure due to U.S. dollar strength

Gold and Silver Prices See Minor Fluctuations   Silver prices experienced a significant drop on November 6, 2024, after Donald Trump’s victory in the U.S. presidential election, which strengthened the U.S. dollar. The XAG/USD pair fell below key support levels, including the 50-day Simple Moving Average (SMA) at $31.27, reaching a low of $30.84. If silver closes below $31.00, it could continue its decline towards the 100-day SMA at $30.23, with further downside potential to $30.00.

On the upside, key resistance levels are at the July 11 high of $31.75, and surpassing this could lead to a move towards $32.00, with the next significant resistance at $32.51 from May 20.

Despite the drop, silver’s overall uptrend remains intact. The metal’s price movements are influenced by various factors, including its industrial demand, the performance of gold, and broader economic conditions such as inflation and currency fluctuations.

Investors turn to silver as a hedge against inflation or as a diversification tool in their portfolios, using physical silver, coins, bars, or exchange-traded funds (ETFs) to gain exposure.

Silver prices are under pressure from a stronger U.S. dollar and geopolitical shifts

Gold and Silver Prices See Minor Fluctuations   The silver market has experienced significant volatility following a major Republican victory in the U.S. elections, which led to a surge in the U.S. dollar. On November 6, 2024, silver prices dropped sharply, breaking below the 50-day Exponential Moving Average (EMA). This decline is not entirely unexpected, as the strengthening U.S. dollar and potential business-friendly policies under the new administration could diminish the appeal of silver as a hedge.

Additionally, there are geopolitical factors at play, with some analysts suggesting that concerns over global conflicts might decrease under Trump’s leadership, as he is the only U.S. president in recent history not to initiate a new foreign conflict. This may reduce some of the geopolitical risk that has previously supported silver prices.

From a technical standpoint, the market’s pullback is not surprising, but the critical question now is whether silver can hold above the $30 mark. If it fails to do so, the uptrend may be over. The upcoming Federal Reserve decision, which is expected to announce a 25 basis point rate cut, could influence the dollar and silver’s future direction, though it’s anticipated that the press conference afterward may have a more significant impact. Currently, the strength of the U.S. dollar is overshadowing the silver market.

Gold and silver prices fluctuate due to global demand and economic factors

Gold and Silver Prices See Minor Fluctuations   As of November 7, 2024, gold and silver prices have seen minor fluctuations across major cities in India:

– In Delhi, 24-carat gold is priced at ₹80,523 for 10 grams, and silver is at ₹99,100 per kilogram.
– In Chennai, 24-carat gold costs ₹80,371 for 10 grams, and silver is ₹107,700 per kilogram.
– In Mumbai, gold is priced at ₹80,377 for 10 grams, and silver is ₹98,400 per kilogram.
– In Kolkata, gold is ₹80,375 for 10 grams, and silver is ₹99,900 per kilogram.

Gold prices have increased by 1.37% over the past week but have dropped by 3.48% over the past month. Silver prices have remained steady compared to yesterday but have fallen from last week’s levels.

Factors such as global demand, currency fluctuations, interest rates, and geopolitical events influence these price changes. The performance of the U.S. dollar and overall economic conditions also impact gold and silver rates in India.