Gold Rates Today, Nov 7: Massive Fall in Gold Prices Bangalore, Chennai: Check 22K, 24K Gold and Silver Rates

Gold rates in Bangalore and Chennai fell sharply on Friday morning after the yellow metal gained in the previous session. This week has been rather volatile for gold as the prices have seen multiple ups and downs through the week. After the end of the festive season, the demand for gold dropped a little; however, experts predict that it may pick up once the wedding season begins later this month.

City-Wise Gold and Silver Rates on 7th November

Bangalore Gold Price and Silver Price

Gold rates in Bangalore today declined sharply for 24-carat gold, which now costs Rs. 1,22,020 per 10 grams after slipping Rs. 550, while 22-carat is retailing at Rs. 1,11,850 which fell by Rs. 500 per 10 grams. Meanwhile, the 18-carat gold rate in Bangalore also declined by Rs. 410 per 10 grams to cost Rs. 91,520.

The silver rate in Bangalore today remained stable and now costs Rs 1,52,200, while per 100 grams it costs Rs 15,220.

Chennai Gold Price and Silver Prices

On 7th November, the 22-carat gold rate in Chennai slipped by Rs. 550 to Rs.1,12,700, and the 24-carat gold price fell by Rs. 540 to Rs. 1,22,950 per 10 grams.

Silver prices in Chennai today also remained stable, just like in Bangalore, which is currently priced at Rs. 1,65,000, while 100 grams of silver costs Rs. 16,500.

Hyderabad Gold Price and Silver Prices

Gold prices in Hyderabad also dropped on November 7th, and 24-carat gold fell by Rs. 550 to Rs. 1,22,020 per 10 grams, and 22-carat gold decreased by Rs. 500 to Rs. 1,11,850. The 18-carat gold rate also declined by Rs. 410, standing at Rs. 91,250 per 10 grams.

Silver prices in Hyderabad today are priced at Rs. 1,65,000, and 100 grams of silver is retailing at Rs. 16,500.

Analysts on Gold Price Trends and Targets

"Gold and silver prices are attempting to establish a base before the next upleg rise, following confirmation of supporting factors, including massive layoffs and the US government shutdown. In October, US challenger job losses tripled, marking the biggest increase in more than 20 years, as businesses cited a decline in customer demand. October saw 153,074 job cutbacks, up 183% from September and 175% from the same month the previous year. It has been the worst year for layoffs since 2009 and the worst amount for any October since 2003. A total of 1.1 million layoffs have been declared by companies this year, which is the most since the COVID-19 pandemic year of 2020 and a 65% increase from the previous year. The greatest number for a fourth-quarter month since 2008 was recorded in October," said Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., President of India Bullion and Jewellers Association Ltd. and Chairman at Jain International Trade Organisation

"As the U.S. government enters its longest-ever shutdown, investors will be watching for any economic data from private sources while official data remains missing. Gold prices are expected to consolidate in the range of $3900 (Rs 117,500) to $4060 ( Rs 122,500) for the next few days, so buy on dips and sell on rallies. Silver prices are expected to consolidate in the range of 45.5(~Rs 140,000) and $49 (~Rs 150,000) for the next few days, so buy on dips and sell on rallies," he further added.

MCX Gold & Silver Futures Performance

On the Multi Commodity Exchange, Gold December Futures rose by 0.34% to Rs. 1,21,018 per 10 grams. While the Silver December Futures surged today by 1.01% to Rs 1,48,549 per kg as of 11:50 PM on November 7th.

Global Gold and Silver Spot Rates

As per Reuters, "Spot gold was up 0.5% at $3,996.67 per ounce, as of 0537 GMT, but set for a weekly loss of 0.2%. Bullion has fallen 9% since hitting a record high of $4,381.21 on October 20. Spot silver firmed 1% to $48.46 per ounce."

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