Drop in Gold and Silver Prices, Find Out How Much the Price Has Decreased?
In Brief
Pressure on gold due to the strengthening of the dollar
What's the trend in silver?
What are the prices in Mumbai-Pune?
On the morning of November 4, there was a slight decline in the prices of gold and silver. Due to the strengthening of the dollar, profit booking by investors, and the policy of the American Federal Reserve, both metals have become cheaper. At 10:20 AM today, in the futures market (MCX), there was a 0.68% decline in gold for the December contract. Gold will reach 1,20,583 per 10 grams, while silver saw a 0.66% decline, trading at 1,46,783 per kilogram. In the past few days, there was a significant increase in gold. However, the decline in prices was due to profit booking by investors. This means that investors who had previously bought gold at a lower price sold it as soon as the prices surged. As a result, a large amount of gold entered the market, and prices fell.
Pressure on Gold Due to Dollar Strength
Global gold prices are always determined in US dollars. When the dollar strengthens, buying gold in other currencies becomes expensive. As a result, demand also decreases. The dollar index has risen by about 0.20% today to reach 100.05. This is the highest level in the last three months. It is believed that the dollar's advance is due to the possibility that the US Federal Reserve may soon reduce the rate of interest rate cuts. In October, the Fed cut interest rates for the second time this year. Its impact is visible on gold and silver prices. If there is a third interest rate cut, there is a possibility of a decline in gold and silver prices.
Silver's Movement
For the past 15 days, there was a decline in silver. But now, an uptrend is visible in silver. After Monday, a decline in silver prices was seen on Tuesday. On MCX, silver is trading at 1,46,783 rupees per kilogram today. Silver is not only used for making jewelry but also has a significant role in the industrial world. Silver is used in various industries. There is a large use of silver in mobile phones, computers, solar energy panels, electronic devices, and automobile parts. According to an estimate, approximately 60-70% of silver is used for industrial purposes.
What's the price in Mumbai-Pune?
The price of 24-carat 10-gram gold in Delhi is 1,22,510 rupees, in Mumbai it is 1,22,460 rupees, in Kolkata the rate is 1,22,460 rupees, in Bangalore the price of 24-carat 10-gram gold is 1,22,460 rupees, and the same price is in Pune. In Baroda, the price of gold is 1,22,510 rupees, and in Ahmedabad, it is the same. Due to local taxes and GST, there is a difference in prices in various cities.