Gold and silver rates today, November 06
The 24-carat gold rate in India was Rs 78,600 per 10 grams on November 06. The rate for 24-carat gold per gram is Rs 7,860. The rate of 22-carat gold was Rs 72,050 per 10 grams.
The rate of 24-carat gold has fallen by 1.55% in the last one week, and the yellow metal has plunged by 1.50% in the last ten days. The silver is currently quoted at Rs 95,710 per kilogram.
Experts on Gold & Silver Outlook
Commenting on the gold outlook Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said that Gold prices are currently facing minor resistance near the Rs 78,500 level, with a similar hurdle in the international market at around $2,745-$2,750. This resistance is holding firm, as the upcoming US election adds a layer of caution for investors. Additionally, the Federal Reserve’s interest rate cut decision on November 7th is expected to keep gold prices volatile throughout the week.
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Trivedi also added that should gold fail to hold above the $2,725 level, it may see further weakness, potentially targeting levels around $2,680 to $2,650. These technical thresholds will be critical for determining the near-term trend in gold prices amidst the heightened market sensitivity to these major events.
Why is gold a safe haven investment?
Gold is widely regarded as a safe-haven investment, providing protection against monetary expansion and helping preserve currency value. As central banks increase the money supply, gold acts as a hedge against potential currency devaluation, making it a reliable asset during uncertain economic times.
Its resilience to inflation further enhances its appeal. As living costs rise, gold’s value often appreciates in tandem, shielding investors from inflationary pressures. In economic downturns, gold generally outperforms other assets, helping protect portfolios from devaluation and offering a safeguard against financial instability.
Gold rate in Mumbai on November 06
The glittering metal was quoted for a price of Rs 78,600/10 grams in Mumbai on November 06. On November 05, the price of gold was Rs 78,510/10 grams. Seven days back, on October 30, gold was trading for Rs 79,820/10 grams.
Silver rate in Mumbai on November 06
The shining metal silver was selling for a rate of Rs 94,780/Kg on November 06 in Mumbai.
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