On Monday, the first trading day of the week, both gold and silver prices registered a decline in the Indian bullion market. According to data released on November 24, gold prices have decreased, and silver has also slipped. This downturn reflects the impact of both domestic and global factors that continuously influence the precious metals market, while it's crucial for investors and consumers to be aware of the latest gold and silver rates in major cities across the country.
24 Carat Gold Prices in Major Cities
In the national capital, Delhi, the price of 24-carat gold fell to ₹125980 per 10 grams on November 24, while similarly, in major cities like Mumbai, Chennai, Kolkata, Pune, and Bengaluru, the price of 24-carat gold was recorded at ₹125830 per 10 grams. Ahmedabad and Bhopal saw a slightly lower rate of ₹124010 per 10 grams compared to other cities. Jaipur, Lucknow, and Chandigarh also reported the same rate as Delhi, at ₹125980 per 10 grams. This indicates that minor variations exist in gold prices across different parts of the country, which can be influenced by factors such as local demand and supply, as well as transportation costs, while
Latest Rates for 22 Carat Gold
Similar to 24-carat gold, the prices of 22-carat gold also saw a decline on Monday. In Delhi, the rate for 22-carat gold reached ₹115490 per 10 grams. Mumbai, Chennai, Kolkata, Hyderabad, Pune, and Bengaluru recorded 22-carat gold prices at ₹115340 per 10 grams. In Ahmedabad and Bhopal, this rate was ₹113680 per 10 grams, while jaipur, Lucknow, and Chandigarh registered 22-carat gold prices at ₹115490 per 10 grams. This decline is significant information for consumers planning to purchase jewelry, as 22-carat gold is commonly used in making ornaments.
Weekly Trend: Strength Despite Daily Decline
Although gold prices witnessed a decline on Monday, the weekly trend for gold showed strengthening. Over the past week, the price of 24-carat gold has strengthened by ₹760 per 10 grams, while 22-carat gold has gained ₹700 per 10 grams. This contradictory situation highlights market volatility, where short-term daily fluctuations can occur despite different long-term or medium-term trends, while this weekly strengthening could be a positive sign for investors who consider gold a safe-haven asset.
Overview of the Silver Market
Just like gold, silver prices also registered a fall on Monday, November 24. The price of silver dropped to ₹163900 per kilogram. Unlike gold, silver also showed weakness on a weekly basis. Over the past week, silver prices have seen a significant decline of ₹5000 per kilogram, while this drop could be a concern for silver investors and industrial consumers, as the metal plays a crucial role in various industrial applications.
Global Market and Domestic Influences
Gold and silver prices are profoundly affected not only by domestic factors but also by global factors. Globally, the spot price of gold stands at $4061. 91 per ounce, while meanwhile, in international markets, silver futures have reached $49. 56 per ounce. Factors such as the strengthening US dollar, geopolitical tensions, monetary policies of central banks, and prospects for global economic growth directly influence the prices of gold and silver, while these global trends also impact the Indian market, thereby determining domestic prices.
Important Information for Investors
These fluctuations in gold and silver prices provide crucial information for investors. It's essential to monitor both daily and weekly trends to make informed investment decisions. Paying attention to the global economic outlook and domestic policies is also vital, as these factors shape the future performance of precious metals.
Market experts believe that gold and silver prices react to various. Macro-economic data, inflation figures, and expectations of changes in interest rates.
