On Wednesday, November 5, a huge fall was seen in the prices of 24 carat, 22 carat and 18 carat gold in the country. The sudden fall in gold prices has raised hopes among investors that 24 carat gold may soon fall below the ₹1.2 lakh level.
What is the price of gold today?
Today the price of 24 carat gold in the country is ₹ 1,21,910 per 10 grams, which is ₹ 430 more than yesterday’s ₹ 1,21,480. At the same time, the price of 22 carat gold today is ₹ 1,11,750 per 10 grams, which was ₹ 1,11,350 per 10 grams yesterday. That means today 10 grams of 22 carat gold is ₹ 400 more expensive than yesterday. Whereas, if we talk about 18 carat gold, the price of 10 carat gold today is ₹ 91,430, which is ₹ 320 more than Wednesday. Gold prices have increased by about 60% so far this year.
Gold prices in some major cities today
Today the price of 24 carat gold per gram in cities like Mumbai, Kolkata, Hyderabad, Bengaluru, Kerala, Pune, Vijayawada, Nagpur and Bhubaneswar is ₹12,191. Today the price of 24 carat gold per gram in the national capital Delhi is ₹ 12,206. Today 24 carat gold price in Vadodara, Ahmedabad, Surat and Patna is ₹12,196. In Jaipur, Lucknow and Chandigarh also, the price of 24 carat gold on Thursday is ₹ 12,206 per gram. Its price in Chennai, Coimbatore and Madurai is ₹12,273.
What is the price of silver?
Today the price of silver in India is ₹151.50 per gram and ₹151,500 per kilogram. Yesterday, Wednesday, silver price in India was ₹150.50 per gram and ₹150,500 per kg. The price of silver in India is determined by international prices, which keep fluctuating. 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, silver will become more expensive.
How much will the price fall?
According to a report by Good Returns, investors believe that gold prices may fall slightly in the coming days, but it is unlikely to fall below the record ₹1 lakh level. Ross Maxwell of Global Strategy says that gold prices may fall below ₹ 1,24,873 per gram in the coming days. He pointed out that if trade talks are successful, especially if the US reaches a deal with China and India, risk aversion will ease to some extent, which will lead to a stronger US dollar and a fall in gold.
Experts also believe that there may be excessive buying of gold for some time during this period. 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 talks fail or global uncertainty increases, gold could rise further.