Gold & Silver Prices Today: Gold prices edge up slightly to Rs 51,670, Silver to Rs 61,400 amid subdued dollar
Gold Prices Today: Gold prices edged up to 51,670 rupees on Thursday as US Treasury yields showed a decline. On Thursday 10th November the price for 10 grams of 24k gold is Rs 51,670. The average price of 10 grams of 22k gold is 47,360 rupees. A kilogram of silver can be bought for 61,400 rupees, almost 300 rupees below Wednesday’s price.
In the international market, gold prices saw some demand around $1,702.00 on the muted performance of the US dollar index. Investors are eagerly awaiting the US CPI report, which is due later today (Nov. 10) to assess the Fed’s next steps ahead of another round of interest rate hikes, experts said. If the CPI is higher than expected, rates could continue to rise, meaning gold prices could fall further.
Gold prices change daily due to exchange rates, excise duties, state taxes and jeweler’s fees, which vary from state to state. As of Wednesday, 10 grams of 24-karat gold can be bought and sold in Mumbai and Kolkata for Rs 51,670. In Delhi, the same amount of gold can be bought for Rs 51,770 in New Delhi, while in Chennai it can be bought for Rs 52,530, which is the highest value among all metropolitan cities.
Also Read: Gold and Silver Prices Today: Gold price falls to 46,790 rupees, Silver price rises to 61,700 rupees on strengthening US dollar
Prices for 22k gold in Mumbai, Kolkata, Delhi and Chennai are Rs 47,360, Rs 47,360, Rs 47,460 and Rs 48,150 respectively.
|cities||Prices for 22 carat gold||24k gold prices|
|Chennai||Rs 48,150||Rs 52,530|
|Bombay||Rs 47,360||Rs 51,670|
|Delhi||Rs 47,460||Rs 51,770|
|Calcutta||Rs 47,360||Rs 51,670|
|Bangalore||Rs 46,410||Rs 51,720|
|Hyderabad||Rs 47,360||Rs 51,670|
Gold prices during the recession
Many experts say that when inflation lowers the value of the currency, the price of gold tends higher. The yellow metal thus moves inversely to market conditions. But situations and factors may be different. Gold can be just as vulnerable as the stock market if investors choose not to. The price and value of the yellow metal is directly proportional to social perception and popularity.
In short, the yellow metal cannot be called a recession-proof asset. One should diversify one’s portfolio and reserve only part of it for gold.