Gold and silver rates today, November 07
The 24-carat gold rate in India was Rs 76,840 per 10 grams on November 06. The rate for 24-carat gold per gram is Rs 7,684 The rate of 22-carat gold was Rs 70,437 per 10 grams.
The rate of 24-carat gold has fallen by 2.29% in the last one week, and the yellow metal has plunged by 2.19% 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 experienced intense volatility, fluctuating sharply between Rs 78,500 and Rs 77,500, as the U.S. election outcome bolstered the dollar index, which climbed to 105. This dollar strength pushed gold to lows of Rs 77,500 in INR terms and $2,700 in dollar terms.
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Trivedi also added However, gold prices found some stability, recovering from oversold levels near $2,700 to around $2,725. Despite this recovery, a short-term bearish sentiment seems to prevail, with a critical resistance level at $2,740 and support at $2,680.
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 07
The glittering metal was quoted for a price of Rs 76,840/10 grams in Mumbai on November 07.
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