The upward trajectory of gold prices has come to a halt on November 13, with a noticeable decline in rates across major cities in India, while this dip has garnered attention from both investors and consumers. In the capital city of Delhi, the price for 24-carat gold has settled at 125650 rupees per 10 grams, while 22-carat gold is priced at 115190 rupees per 10 grams. This reduction in prices occurs amidst ongoing global uncertainties, though domestic factors also play a significant role in influencing these market movements.
Gold Prices Across Major Indian Cities
Across various prominent cities in India, gold prices have experienced a slight downturn. In metropolitan hubs like Mumbai, Chennai, and Kolkata, the price for 24-carat gold is recorded at 125500 rupees per 10 grams. Concurrently, 22-carat gold in these cities is priced at 115040 rupees per 10 grams, while a similar trend is observed in Pune and Bengaluru, where 24-carat gold is also 125500 rupees per 10 grams and 22-carat gold is 115040 rupees per 10 grams. Ahmedabad and Bhopal show 24-carat gold at 125550 rupees per 10 grams and 22-carat gold at 115090 rupees per 10 grams. Jaipur, Lucknow, and Chandigarh report 24-carat gold at 125650 rupees per 10 grams and 22-carat gold at 115190 rupees per 10 grams. This widespread decline indicates a consistent market adjustment across the country, albeit with minor variations between cities.
Silver's Sustained Upward Momentum
While gold's luster has dimmed slightly, silver prices have maintained. Their solid upward trend, continuing their rally on Thursday, November 13. Silver has now reached a price of 162100 rupees per kilogram. This sustained increase is a positive indicator for investors holding silver. Internationally, the spot price of silver also saw a significant rise, increasing by 0. 86 percent to 51, while 66 dollars per ounce, reflecting strong global demand. This surge in silver prices is influenced by both domestic and international factors,. Including industrial demand and its appeal as a safe-haven asset in volatile economic climates.
Expert Projections for Gold Prices
Several leading financial institutions have released their projections for future gold prices. According to a Bloomberg report, JP Morgan Private Bank anticipates that gold could reach the 5000 dollars per ounce mark in 2026, while alex Wolf, the bank's Global Head of Macro and Fixed Income Strategy, further suggests that gold prices could climb to between 5,200 dollars and 5,300 dollars per ounce by the end of 2026. These significant projections indicate a strong potential for growth, which could be encouraging for long-term investors looking at gold as a valuable asset.
Goldman Sachs and ANZ Forecasts
Adding to JP Morgan's outlook, Goldman Sachs has also forecasted that gold could reach 4,900 dollars per ounce by December 2026. This prediction, while slightly lower than JP Morgan's highest estimate, still points towards a substantial increase in value. Also, ANZ believes that gold will trade at 4,600 dollars per ounce by the middle of next year. These collective forecasts from major financial institutions underscore a general expectation. Of considerable appreciation in gold prices over the medium to long term. Such predictions are often driven by analyses of global economic conditions, inflationary pressures, and geopolitical stability, suggesting that despite current fluctuations, gold remains a favored investment for wealth preservation and growth.
Influence of Domestic and Global Factors
The prices of gold and silver within India are influenced by a combination of domestic and global factors. Internationally, the strength or weakness of the US dollar, geopolitical tensions, monetary policies adopted by central banks, and the global economic growth rate directly impact gold prices. Domestically, factors such as local demand, the festive season, import duties, and government policies also contribute to price fluctuations. Despite the current dip, the high price estimates from experts suggest that the long-term outlook for gold remains strong, positioning it as a key asset in diverse investment portfolios.
