Gold prices in India on November 1 have now retreated to Rs 80,560 10 grams from record highs and have dipped with a decline of Rs 770. The 100-gram price is down by Rs 7,700 at Rs 8,05,600. Gold prices declined by Rs 700 in the 22-carat segment to Rs 73,850 per 10 grams. The 100-gram rate slipped by Rs 7,000 to Rs 7,38,500. Silver prices in the 18-carat version dropped by Rs 580 and now stand at Rs 60,420 per 10 grams. The 100-gram rate slipped by Rs 5,800 to Rs 6,04,200.
Gold price in India on November 1 dips slightly, silver crashes either
On November 1, silver prices crashed significantly in India. Silver, which had remained stable at the end of October 31, had come down by Rs 3,000 to Rs 97,000 per kg. For every 100 grams of silver, the price had dropped by Rs 300 to Rs 9,700. This kind of price movement happens at a time when there is some kind of changes in international markets where both gold and silver spot prices have been indicated. Spot is trading 0.4% over $2,753.75 per ounce, and spot silver at $32.75 per ounce.
Adjustments in one-gram prices across the board for all karat categories also tell the price of gold in India on November 1. One gram of 22-carat has come down to Rs 7,385 from Rs 70 24-carat from Rs 77 to Rs 8,056, and 18-carat to Rs 6,042.
The price of 22-carat gold in India was volatile over the last ten days, having touched new heights and new lows in terms of fluctuations due to changing market conditions and investor psychology. This October saw more than 4% in price gain, mainly led by the uncertainty in economies due to global tensions and the election cycle in the United States, which promoted a “buy-the-dip” trend in precious metals. Market analysts foresee that this trend may go on since investors are seeking to hedge against potential instability in economies.
The following is the 22-carat rate per gram of gold in Indian cities on November 1, 2024:
Chennai, Mumbai, Kolkata, Kerala, and Bangalore all stand at Rs 7,385 while Delhi prices are a wee bit higher at Rs 7,400. The regional break-up of the above data reveals slight variations of demand and pricing across all major urban centres in the country.
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