Gold rates in India witnessed rocketed on November 22, as wedding season demand nears. 100 grams gold jumped by a whopping Rs 18,600 and 10 grams up by Rs 1,860 on Saturday in 24 carat. Furthermore, silver rates climbed significantly as well. The performance comes after spot gold price erased $4,080 mark and recorded its weekly decline after digesting stronger than US job data, which hints that US Federal Reserve may halt on rate cuts in December policy. Is this the right time to enter gold and silver ahead of wedding season?
10 grams gold rate on Saturday jumped by Rs 1,860 to Rs 12,58,400, while 100 grams gold rate soared by Rs 18,600 to Rs 12,58,400. Furthermore, 8 grams gold is up by Rs 1,488 to Rs 1,00,672 and 1 gram gold is higher by Rs 186 to Rs 12,584.
22 Carat Gold Prices:
In case of 22 carat, gold prices jumped by Rs 17,000 to Rs 11,53,500 per 100 grams, climbed by Rs 1,700 to Rs 1,15,350 per 10 grams, surged by Rs 1,360 to Rs 92,280 per 8 grams, and 1 gram gold is up by Rs 170 to Rs 11,535.
18 Carat Gold Prices:
Meanwhile, 100 grams gold rate soared by Rs 13,900 to Rs 9,43,800, 10 grams zoomed by Rs 1,390 to Rs 94,380, while 8 grams gold price rallied by Rs 1,112 to Rs 75,504, and lastly 1 gram gold edged higher by Rs 139 to Rs 9,438.
BUY Gold Before Wedding Season?
According to Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA), as wedding-season buying continues to be strong in various markets, the price of 24-karat gold has gone up slightly, resulting from cautious investor sentiment rather than robust demand.
He explained that the continued fluctuation in prices of the metal and seasonal buying indicate that many buyers are hesitant to buy. While gold continues to be an attractive investment in the U.S., especially after record inflows into gold-viewed ETFs this year, movement continues to be muted.
Also, recent weeks show that both jewelry buyers and investors prefer to stake into the market for the small but moderate price increases rather than to benefit from more aggressive price increases.
"This indicates that the buyers are still finding their footing in the market," he added.
Silver prices surged sharply in India as well. On November 22, 1Kg silver price surged by Rs 3,000 to Rs 1,64,000, while 100 grams and 10 grams silver rates soared by Rs 300 and Rs 30 to Rs 16,400 and Rs 1,640. Additionally, 8 grams silver is up by Rs 24 to Rs 1,312.
The cheapest silver is of Rs 164 in 1 gram and it is up by merely Rs 3 on Saturday.
Buy Silver Before Wedding Season?
For this precious metal, Kamboj said, silver has posted a slight price dip today, driven by the broader industrial tone and global macro factors. The dip stems from a combination of softer speculative flows while the dollar rallies, further diminishing the appeal of silver as an investment, despite its structural demand from manufacturing & retail purchases.
Explaining further, the expert added, while demand is still seasonal, the correction is counter to sellers who are showing to be a bit more selective on entry levels during this time period and waiting for clearer signals before entering more aggressively.
From an investment perspective, Kamboj said, "while the underlying factors from a long-term investment still support silver, there is a possibility of near-term moderation."
Gold Prices In Major Cities:
Gold Rates In Chennai:
10 grams gold price is at Rs 1,26,880 in 24 carat, at Rs 1,16,300 in 22 carat and at Rs 97,000 in 18 carat.
Gold Rates In Hyderabad:
10 grams gold price stood at Rs 1,25,840 in 24 carat, at Rs 1,15,350 in 22 carat and at Rs 94,380 in 18 carat.
Gold Rates In Bengaluru:
10 grams gold price in this city stood at Rs 1,25,840 in 24 carat, at Rs 1,15,350 in 22 carat and at Rs 94,380 in 18 carat.
Gold Rates In Mumbai:
10 grams gold price in the financial hub, Mumbai, is at Rs 1,25,840 in 24 carat, at Rs 1,15,350 in 22 carat and at Rs 94,380 in 18 carat.
Gold Rates In Delhi:
10 grams gold price in Delhi is at Rs 1,25,990 in 24 carat, at Rs 1,15,500 in 22 carat, and at Rs 94,530 in 18 carat.
Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.
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