Gold Price Today: Gold and Silver Prices Surge on November 20: Check Latest Rates Across Major Cities

On November 20, the Indian markets experienced a notable increase in the prices of both gold and silver. This upward movement is attributed to a combination of domestic and global factors that consistently influence the precious metals market. It marked a significant day for investors and consumers alike, as prices climbed to new highs across various cities.

Gold Prices Witness Sharp Rise

Thursday, November 20, saw a distinct surge in gold prices. In the national capital, Delhi, the price of 24-carat gold climbed to ₹125020 per 10 grams, reflecting strong market demand and prevailing global trends. This increase wasn't confined to Delhi alone; other major cities across the country also reported a rise in gold prices, indicating a widespread market phenomenon. The rates for 22-carat gold also followed a similar upward trajectory, albeit with variations across different urban centers.

Delhi's Latest Gold Rates

Gold prices in Delhi have been particularly elevated. The 24-carat gold in Delhi was recorded at ₹125020 per 10 grams. Concurrently, the 22-carat gold was priced at ₹114610 per 10 grams. Alongside Delhi, cities such as Jaipur, Lucknow, and Chandigarh also reported 24-carat gold at ₹125020 per 10 grams and 22-carat gold at ₹114610 per 10 grams, showcasing a consistent price hike in these regions.

24-Carat Gold Prices in Major Cities

Several other prominent Indian cities also maintained high prices for 24-carat gold. In Mumbai, Chennai, Kolkata, Hyderabad, Pune, and Bengaluru, the 24-carat gold price stood at ₹124870 per 10 grams, while ahmedabad and Bhopal saw this variant priced at ₹124920 per 10 grams. This data indicates a nationwide increase in the value and demand for 24-carat gold, with only minor variations observed across different urban centers. The prices of 22-carat gold also experienced a parallel increase. Mumbai, Chennai, Kolkata, Hyderabad, Pune, and Bengaluru recorded 22-carat gold at ₹114460 per 10 grams, while in Ahmedabad and Bhopal, the price for 22-carat gold was ₹114510 per 10 grams. These figures highlight that the cost of 22-carat gold, commonly used in jewelry, has also risen across the country, making purchases more expensive for consumers.

Global Gold Market Performance

On the global front, the spot price of gold remained strong. On November 20, the global spot gold price was recorded at $4,114. 01 per ounce. This international strength directly influences gold prices in the Indian market. Factors such as global demand and supply, geopolitical developments, and the status of the US dollar determine international gold prices, which ultimately impact domestic rates.

Silver Prices Also Witness an Uptick

Mirroring gold's performance, silver prices also saw an increase on November 20. In the domestic market, silver reached ₹168100 per kilogram. This surge reflects the growing popularity of silver among investors and its industrial demand. Silver is often considered an alternative to gold, and its. Prices tend to move in tandem with the yellow metal.

Global Silver Market Overview

In international markets, the spot price of silver rose to $52. 26 per ounce, while this global strength in silver plays a crucial role in pushing up domestic prices. The demand for silver in industrial applications, investment, and jewelry manufacturing influences its prices globally. Any fluctuations in the international market are quickly reflected in the Indian silver market.

Factors Influencing Precious Metal Prices

The prices of gold and silver within the country are influenced by both domestic and global factors, while domestic factors include local demand, festive seasons, import duties, and government policies. Global factors, on the other hand, primarily encompass international gold and silver prices, the strength or weakness of the US dollar, the global economic situation, geopolitical tensions, and the monetary policies of central banks. The complex interplay of all these factors leads to the daily fluctuations observed in precious metal prices. The surge witnessed on November 20 is a result of a favorable combination of these factors, propelling both gold and silver to higher levels.