Get the latest insights on what’s driving these shifts across major cities like Delhi, Mumbai, and Chennai
The gold and silver markets in India have experienced notable shifts in November 2024, with price variations reflecting both domestic and international influences. Gold prices, while mostly steady, have shown minor declines across major cities, while silver has faced sharper fluctuations. This article provides a detailed analysis of the current prices, recent trends, and factors influencing these precious metals.
Gold Prices in India: November 2024 Overview
1. National Averages and Recent Changes
The current rate for 24-carat gold is ₹7746.3 per gram.
The rate for 22-carat gold is ₹7102.3 per gram.
Over the past week, the 24-carat gold rate has dropped by 0.25%.
The one-month trend shows a broader decline of 1.46% for 24-carat gold.
Gold prices across Indian cities, including Delhi, Chennai, Mumbai, and Kolkata, have similarly shown downward trends this month. Minor fluctuations in these prices reveal a cooling period after recent highs.
2. Gold Price Trends by City
Delhi: Gold prices today stand at ₹77,463 per 10 grams for 24-carat gold. This marks a decrease from yesterday’s price of ₹78,933, and last week’s rate of ₹78,733.
Chennai: In Chennai, the current rate for 24-carat gold is ₹77,311 per 10 grams, down from ₹78,781 yesterday and ₹78,581 a week ago.
Mumbai: Gold in Mumbai is priced at ₹77,317 per 10 grams. It has fallen from ₹78,787 yesterday and from ₹78,587 recorded last week.
Kolkata: Today, Kolkata’s 24-carat gold rate is ₹77,315 per 10 grams, down from ₹78,785 yesterday and ₹78,585 last week.
Silver Prices in India: November 2024 Overview
3. National Averages and Recent Changes
Silver today is priced at ₹94,100 per kilogram.
The price has seen notable changes recently, with variations of around ₹2,000 per kilogram over the past week.
Silver prices appear more volatile compared to gold, as seen in the price shifts across major Indian cities.
4. Silver Price Trends by City
Delhi: The current price of silver in Delhi is ₹94,100 per kilogram, down from ₹96,100 yesterday and last week.
Chennai: Silver today in Chennai is ₹1,02,700 per kilogram, a decrease from yesterday’s rate of ₹1,04,700 and a similar rate a week ago.
Mumbai: In Mumbai, silver stands at ₹93,400 per kilogram, a drop from ₹95,400 yesterday and last week.
Kolkata: The silver rate in Kolkata today is ₹94,900 per kilogram, down from ₹96,900 recorded yesterday and last week.
These changes in silver prices reflect a range of factors influencing both demand and supply across the country.
Futures Market: Gold and Silver MCX Rates
- MCX Gold Futures: Gold futures for April 2025 on the Multi Commodity Exchange (MCX) are currently trading at ₹76,465 per 10 grams, up by 0.329%. This indicates investor interest in locking in future gold rates, possibly to hedge against further price fluctuations.
- MCX Silver Futures: Silver futures for May 2025 on MCX are trading at ₹94,150 per kilogram, marking a rise of 0.747%. These gains reflect confidence in silver’s potential as a store of value amid market volatility.
Factors Influencing Gold and Silver Prices in India
- Global Demand for Precious Metals Global demand for gold and silver affects their prices in India. High demand often leads to price increases, while reduced demand typically leads to lower prices. The recent dip in gold prices could indicate a cooling of global demand after a strong buying period in previous months.
- Currency Exchange Rates Gold prices are sensitive to the value of the Indian rupee against the U.S. dollar. A strong dollar often raises gold prices in India, as gold becomes more expensive to import. Conversely, a weakening dollar may lower prices. The recent price stability in India indicates a balanced exchange rate scenario, with no extreme shifts in dollar value.
- Interest Rates and Monetary Policies Interest rates impact gold prices globally. When central banks, such as the U.S. Federal Reserve, raise interest rates, gold prices may decline, as high-yield financial products become more attractive than non-yielding assets like gold. The ongoing stability in global interest rates has kept gold prices relatively steady, though any changes in these rates could shift the scenario.
- Economic and Political Developments Global economic conditions, including inflation and geopolitical tensions, can influence precious metals. In times of uncertainty, investors tend to move toward safe-haven assets like gold and silver. While prices in November remain mostly stable, any unexpected economic events could drive a surge in demand, impacting both metals’ prices.
Summary: November 2024 Trends and Projections
In summary, November 2024 has seen a period of stability for gold, with slight declines recorded across major cities. Silver has experienced more noticeable fluctuations, particularly in cities like Chennai, where price changes have been sharper.
Both gold and silver prices remain underpinned by a combination of global demand, currency rates, and economic indicators. As the year-end approaches, many investors are eyeing possible shifts in the global economy, which could influence these metals’ prices into 2025. The MCX futures market shows some optimism for both gold and silver, with modest price increases, reflecting anticipation of higher demand or potential price recovery in the coming months.
Keeping an eye on these market factors will be crucial for traders, investors, and consumers, as fluctuations in gold and silver prices can have a significant impact on investment portfolios, consumer behavior, and the overall economy.
