Today, there is a huge fall in the prices of gold and silver. This decline has come due to reduced demand for precious metals in the global market and strengthening of the US dollar. This decline is affecting both investors and the general public.
Gold and silver prices in India are influenced by the international market. Apart from this, fluctuations in the value of rupee also affect the prices of these metals. Today, the decline seen in the prices of gold and silver has come after the rise of the last few weeks.
Gold and silver prices today 28 November 2024
| Description | price |
|---|---|
| 24 carat gold price (10 grams) | ₹66,250 |
| 22 carat gold price (10 grams) | ₹60,730 |
| Silver Price (1 Kg) | ₹90,000 |
| gold-silver ratio | 85:1 |
| Percentage of fall (gold) | 0.4% |
| Percentage of decline (silver) | 3.5% |
Due to fall in gold prices
There are several reasons behind the fall in gold prices:
- global economic situation: Demand for gold has decreased due to signs of improvement in the global economy.
- strengthening of the US dollar: Due to the strengthening of the dollar, gold becomes expensive against other currencies.
- Possibility of increase in interest rates: Higher interest rates make non-yielding assets like gold less attractive.
- Reduction in geopolitical tension: Due to reduced tension in the Middle East, the demand for gold as a safe investment has decreased.
fall in silver prices
Even in silver prices huge decline Is being watched. This decline is more rapid than that of gold. The main reasons for the fall in silver prices are:
- decline in industrial demand
- Impact of fall in gold prices
- global economic uncertainty
Importance of Gold-Silver Ratio
gold-silver ratio An important indicator that helps investors understand which metal is more valuable among gold and silver. The ratio currently stands at 85:1, which is higher than the historical average. This indicates that silver may be cheaper than gold.
Gold and silver prices in Indian cities
Gold and silver prices vary in different Indian cities:
Gold Silver Rates in Delhi
- 24 carat gold: ₹66,400 per 10 grams
- Silver: ₹90,200 per kg
Gold Silver Rates in Mumbai
- 24 carat gold: ₹66,250 per 10 grams
- Silver: ₹90,000 per kg
Gold Silver Rates in Chennai
- 24 carat gold: ₹66,850 per 10 grams
- Silver: ₹94,500 per kg
Gold Silver Rates in Kolkata
- 24 carat gold: ₹66,300 per 10 grams
- Silver: ₹90,800 per kg
Tips for investing in gold and silver
- monitor the market: Check prices regularly and pay attention to long-term trends.
- diversification: Include both gold and silver in your investment portfolio.
- shopping time: Consider buying during falling prices.
- physical vs etf: Consider investing in ETFs along with physical gold and silver.
- accuracy check: Always buy from certified dealers and prefer hallmarked products.
Other factors affecting gold and silver prices
- seasonal demand: Demand increases during festivals and wedding seasons.
- government policies: Import duties and tax policies affect prices.
- activities of central banks: Large scale buying or selling affects the market.
- global economic indicators: Inflation, GDP growth, and employment data affect prices.
Importance of Spot Price and Futures Contract
spot price It is the price at which gold or silver can be bought or sold for immediate delivery. This price keeps changing throughout the day. There itself, futures contract An agreement in which a promise is made to buy or sell gold or silver at a specified price at a specified date in the future.
Importance of Hallmark and Premium
Hallmark There is a proof of purity of gold. This gives buyers confidence that the gold they are purchasing is actually of the purity as claimed. premium That is the additional amount that investors pay on top of the spot price. This premium depends on the type of product, rarity, and dealer’s margin.
Gold and Silver Prices on MCX Futures
Prices of gold and silver futures contracts on Multi Commodity Exchange (MCX) are also showing a decline:
- Gold (December 2024 expiry): ₹66,190 per 10 grams
- Silver (December 2024 expiry): ₹89,652 per kg
Strategies for Investors
- long term perspective: Consider gold and silver as long term investments.
- regular investment: Invest regularly through Systematic Investment Plan (SIP).
- technical analysis: Identify buying and selling opportunities using charts and technical indicators.
- Keep track of market news: Stay updated with global economic news and events.
- portfolio balancing: Maintain proper proportion of gold and silver in your investment portfolio.
projections for the future
Experts believe that gold and silver prices are likely to rise in the long term. However, volatility may persist in the short term. Investors are advised to remain cautious and keep a close eye on market movements.
Disclaimer:
This article is for informational purposes only and should not be taken as financial advice. Gold and silver prices may change according to market conditions. Always consult a qualified financial advisor before investing. The information in the article was correct at the time of writing, but it may change over time.
