Gold and Silver Price: A huge fall was seen in the prices of 24 carat, 22 carat and 18 carat gold in the country on Wednesday, November 5. The sudden fall in gold prices has raised expectations among investors that 24 carat gold may soon fall below the level of Rs 1.2 lakh.
What is the price of gold today?
Today the price of 24 carat gold in the country is Rs 1,21,910 per 10 grams, which is Rs 430 more than yesterday’s Rs 1,21,480. At the same time, the price of 22 carat gold today is Rs 1,11,750 per 10 grams. Whereas yesterday the price of 22 carat gold per 10 grams was Rs 1,11,350. That means today 10 grams of 22 carat gold has become costlier by Rs 400 as compared to yesterday. Whereas, if we talk about 18 carat, today the price of 10 carat gold is Rs 91,430, which is Rs 320 more than Wednesday. So far this year, gold prices have increased by almost 60 percent.
Gold price today in some big cities
Today the price of 24 carat gold per gram in cities like Mumbai, Kolkata, Hyderabad, Bengaluru, Kerala, Pune, Vijayawada, Nagpur and Bhubaneswar is Rs 12,191. At the same time, today in the national capital Delhi, the price of 24 carat gold per gram is Rs 12,206. Today the price of 24 carat gold in Vadodara, Ahmedabad, Surat and Patna is Rs 12,196 per gram. Even in Jaipur, Lucknow and Chandigarh today, the price of 24 carat gold is Rs 12,206 per gram. Today it is Rs 12,273 in Chennai, Coimbatore and Madurai.
What is the price of silver?
Today the price of silver in India is Rs 151.50 per gram and Rs 1,51,500 per kg. Whereas yesterday i.e. on Wednesday, the price of silver in India was Rs 150.5 per gram and Rs 1,50,500 per kilogram. The price of silver in India is determined by international prices, which keep changing in either direction. Apart from this, it also depends on the movement of rupee against dollar. If the rupee depreciates against the dollar and international prices remain stable, then silver will become more expensive.
How much will the price reduce?
According to the report of GoodReturns, investors believe that there may be some decline in gold prices in the coming days, but there is little possibility of it going below the record of Rs 1 lakh. Ross Maxwell of Global Strategy says that gold prices may fall below Rs 1,24,873 per gram in the coming days.
He said, if trade talks are successful, especially if the US reaches an agreement with China and India, then risk aversion concerns will go away to some extent, due to which the US dollar will strengthen and gold will fall.
Experts also believe that during this period, there may be excess purchase of gold for some time. The possibility of gold moving above $1,409.96 depends on which direction trade talks take and how the Fed responds to changing economic signals. “If the talks fail or global uncertainty increases, gold could go higher.”
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