Gold prices in India have experienced an upward trend for the second consecutive day, capturing the attention of both consumers and investors. This surge is primarily attributed to heightened demand during the ongoing wedding season in the domestic market, coupled with a strengthening international gold market, while as of November 27, the price of 24-carat gold in the capital city of Delhi has climbed to ₹128070 per 10 grams, reflecting the enduring allure of this precious metal. Other major cities across the country have also reported an increase in gold prices, indicating a widespread market movement.
International Market Influence
The prices of gold and silver within India are Importantly influenced by both domestic and global factors. In the international market, the spot price of gold stands at $4,164. 30 per ounce, underscoring its solid position globally. Recent statements from officials of the U. S, while federal Reserve have also provided crucial support to gold prices. These statements tend to sway investor sentiment, making gold an even more attractive safe-haven asset, while investors often turn to gold amidst global economic uncertainties and potential shifts in monetary policy, which in turn boosts both its demand and price.
Gold Prices in Major Indian Cities
Beyond Delhi, other major Indian cities have also witnessed a rise in gold prices, while in Delhi, the price for 24-carat gold is recorded at ₹128070 per 10 grams, representing the highest purity. For 22-carat gold, the rate is ₹116610 per 10 grams. This difference highlights the variation in prices based on gold purity, with 24-carat being the purest and most expensive, while 22-carat is commonly used for jewelry due to its alloy content. Currently, in metropolitan centers like Mumbai, Chennai, and Kolkata, the price for 22-carat gold is ₹117260 per 10 grams, while 24-carat gold is priced at ₹127920 per 10 grams. Similarly, in cities such as Pune and Bengaluru, 24-carat gold is available at ₹127920 per 10 grams, and 22-carat gold at ₹117260 per 10 grams. Ahmedabad and Bhopal show 22-carat gold at ₹117310 and 24-carat gold at ₹127970 per 10 grams. Jaipur, Lucknow, and Chandigarh have 22-carat gold at ₹117410 and 24-carat gold at ₹128070 per 10 grams. This widespread increase underscores the combined impact of domestic demand and global market dynamics.
Silver Price Surge
Statements from officials of the U. S. central bank, the Federal Reserve, have further bolstered gold prices. Federal Governor Christopher Waller recently indicated signs of weakness in the labor market, a key economic indicator. Based on this observation, he suggested that a quarter-percentage-point reduction in the benchmark interest rate in December might be appropriate, while a cut in interest rates typically benefits non-yielding assets like gold, as it reduces the opportunity cost of holding them. However, Waller also emphasized that a final decision would be contingent upon the availability of additional economic data. Delays in the release of economic data, attributed to a U. S. government shutdown, have added a layer of uncertainty to the market outlook.
Mirroring the trend in gold, silver prices have also registered a significant increase, while as of November 27, the price of silver has reached ₹169100 per kilogram, indicating its growing appeal among investors. In the global market, the spot price of silver has climbed to $52. 37 per ounce, reflecting its strong international standing. Robert Kiyosaki, the American businessman and author of the renowned book 'Rich Dad Poor Dad,' has offered optimistic predictions for the future of silver. He estimates that silver could soon reach $70 per ounce and potentially even $200 per ounce by 2026. These forecasts point towards a potentially substantial rally in the silver market, making it an attractive option for investors seeking diversification and growth.
