Gold and Silver Prices Plunge in India: Is It the Right Time to Buy? Check Today's Rates!
Gold price in India sees a surprising dip as silver falls below ₹1 lakh—explore latest updates and expert insights on market trends!
Gold and silver futures rose slightly on Wednesday, though overall market trends remain unpredictable. Gold price in India showed a slight decrease, as 24-carat gold fell by ₹10 to ₹77,280 per 10 grams, while 22-carat gold also dipped by ₹10, trading at ₹70,840 per 10 grams.
Futures Contracts Open Higher
Despite recent declines, gold December futures opened higher at ₹75,209 per 10 grams, a 0.41% increase. Silver futures also saw a 1% rise, trading at ₹90,195 per kilogram. This uptrend in futures reflects market adjustments ahead of anticipated US inflation data.
Gold Rate Today In India: November 13
|
City
|
22 Carat Gold Rate Today
|
24 Carat Gold Rate Today
|
|
Delhi
|
70,990
|
77,500
|
|
Mumbai
|
70,840
|
77,280
|
|
Ahmedabad
|
70,500
|
76,900
|
|
Chennai
|
70,840
|
77,280
|
|
Kolkata
|
70,840
|
77,280
|
|
Pune
|
70,840
|
77,280
|
|
Lucknow
|
70,990
|
77,500
|
|
Bengaluru
|
70,840
|
77,280
|
|
Jaipur
|
70,990
|
77,500
|
|
Patna
|
70,500
|
76,900
|
|
Bhubaneshwar
|
70,840
|
77,280
|
|
Hyderabad
|
70,840
|
77,280
|
Impact of a Strong Dollar and Rising Bond Yields
The recent strength of the US dollar and rising bond yields have added pressure to gold price in India and globally. The US Dollar Index held steady near 106.01, reflecting investor expectations of delayed interest rate cuts by the Federal Reserve. High-interest rates often reduce gold's appeal, as it yields no interest, contrasting with bonds and other assets.
Silver Price in India Sees a Drop Below ₹1,00,000
Silver price in India, especially in cities like Chennai, Kerala, and Hyderabad, has dropped below the ₹1,00,000 per kilogram mark. Today, the price of silver in India stands at around ₹90.90 per gram. This decline has aligned with the general global market trend, where silver prices have softened.
US Inflation and Gold's Safe-Haven Appeal
Investors await the upcoming US Consumer Price Index (CPI) report today, which could influence the Federal Reserve’s stance on rates. Globally, gold prices have slightly rebounded after sharp drops, largely due to bargain-hunting by investors. In India, gold price momentum may continue to be subdued, especially with India's inflation hitting a 14-month high.
Future Outlook for Gold and Silver in India
Geopolitical uncertainties and demand fluctuations will continue to affect the prices of gold and silver in India. The World Gold Council noted a reduction in central bank buying, which could further influence gold price trends in the coming months.