On the morning of November 29, both gold and silver prices witnessed a significant surge in the bullion markets across the country. Globally, the spot price of gold increased to $4,169. 88 per ounce, while silver reached $53. 81 per ounce. This upward movement is primarily driven by the growing expectations of interest rate cuts by the US central bank, the Federal Reserve, in December, which has steered investors towards safe-haven assets like gold.
Global Market Dynamics Driving Gold's Rise
In the national capital, Delhi, the price of 24-carat gold climbed to. ₹128620 per 10 grams, with 22-carat gold trading at ₹117910 per 10 grams. Major cities like Mumbai, Chennai, and Kolkata recorded 24-carat gold at ₹128470 per 10 grams, while 22-carat gold was priced at ₹117090 per 10 grams. Pune and Bengaluru also saw 24-carat gold at ₹128470 per. 10 grams and 22-carat gold at ₹117760 per 10 grams. Cities such as Jaipur, Bhopal, Lucknow, and Chandigarh also experienced a rise in gold prices, with 24-carat gold reaching ₹128620 per 10 grams and 22-carat gold at ₹117910 per 10 grams, mirroring the highest rates seen in Delhi.
The global spot price of gold has risen to $4,169. 88 per ounce. This rally is primarily fueled by the increasing anticipation of interest rate cuts by the US central bank, the Federal Reserve, in December. When interest rates are lowered, the returns on government bonds and other fixed-income investments become less attractive. Consequently, investors tend to shift their capital towards non-yielding safe-haven assets like gold, which in turn boosts its demand and price. The crucial Federal Open Market Committee (FOMC) meeting of the Fed is scheduled for December 9-10, and market participants are closely watching for any indications regarding future monetary policy decisions.
Detailed City-wise Gold Rates on November 29
On November 29, significant variations were observed in gold prices across various major cities in India. Delhi, Jaipur, Lucknow, and Chandigarh recorded the highest 24-carat gold price at ₹128620 per 10 grams, with 22-carat gold at ₹117910 per 10 grams. Mumbai, Chennai, Kolkata, and Hyderabad saw 24-carat gold priced at ₹128470 per 10 grams and 22-carat gold at ₹117090 per 10 grams. Ahmedabad and Bhopal registered 24-carat gold at ₹128520 per 10 grams and 22-carat gold at ₹117810 per 10 grams. These city-specific rates reflect local demand, supply dynamics, and regional. Factors, although the overarching global trend indicates a general upward movement.
Silver's Sustained Upward Momentum
Alongside gold, the price of the other precious metal, silver, has also maintained its upward trajectory. On November 29, silver prices reached ₹176100 per kilogram. In the global market, silver recorded gains for the fifth consecutive day, with its spot price standing at $53. 81 per ounce. This indicates that investor interest isn't limited to gold alone, but silver is also being. Viewed as an attractive investment option, particularly in times of economic uncertainty when investors seek safe havens. The industrial demand for silver also plays a role in influencing its prices, distinguishing it slightly from gold.
Expert Outlook on Silver's Future
Robert Kiyosaki, the American businessman and author of the renowned book 'Rich Dad Poor Dad,' has made a significant prediction regarding the future of silver. He anticipates that silver will soon reach $70 per ounce and potentially even $200 per ounce by 2026. Such forecasts from influential figures like Kiyosaki can be encouraging for silver investors and may further stimulate demand in the market, as investors often pay close attention to expert predictions. This outlook also reinforces silver's position as a potential long-term investment.
Interplay of Domestic and Global Factors
The prices of gold and silver within India are influenced not only by domestic factors but also Importantly by global dynamics. International market trends, such as the strength or weakness of the US dollar, geopolitical tensions, monetary policies of central banks (like changes in interest rates), and global economic data, directly impact the prices of these precious metals. Also, in India, factors like festive demand, import duties, local supply-demand balance, and government policies also play a crucial role in determining prices. The combined effect of all these factors leads to the daily fluctuations observed in precious metal prices.
Overall, November 29 witnessed a bullish sentiment for both gold and silver, primarily driven by global economic indicators and the anticipated interest rate cuts by the US Federal Reserve. Investors gravitated towards these metals as safe-haven assets, leading to a surge in their prices, while in the coming days, the Federal Reserve's meeting and other global economic developments will play a critical role in shaping the direction of these precious metal prices.
