Gold prices have experienced a sharp correction, falling around 6% since Diwali. On November 1, the price of 24-carat gold per 10 grams was at Rs 80,710, but recent market pressures have driven it down to Rs 74,031. This decline is primarily attributed to a stronger dollar and investor concerns over US inflation data, which continue to influence the broader commodity markets.
Despite The Fall Gold Yields 64% in Two Years
Despite the recent dip, gold has shown remarkable gains over the past year, rising nearly 37%. This uptrend reflects the metal’s enduring role as a safe-haven asset, especially in the context of fluctuating currency rates and ongoing geopolitical instability. Compared to October last year, this substantial increase underscores gold’s appeal to investors seeking shelter from economic uncertainties.
A longer-term analysis reveals an even more pronounced upward trajectory. Since October 2022, gold prices have soared by approximately 64%, underscoring the impact of global economic factors, such as currency volatility, and geopolitical tensions, on demand for the precious metal. As global economic pressures and geopolitical issues persist, gold remains a cornerstone investment for those prioritizing stability in their portfolios.
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Gold and Silver Rates in India Today on November 19
The 24-carat gold rate in India was Rs 75,210 per 10 grams on November 19. The rate for 24-carat gold per gram is Rs 7,521. The rate of 22-carat gold was Rs 68,943 per 10 grams.
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The rate of 24-carat gold has fallen by 1.07% in the last one week, and the yellow metal has plunged by 4.09% in the last ten days. The silver is currently quoted at Rs 89,110 per kilogram.
Experts on Gold Outlook
Commenting on the gold outlook Jateen Trivedi, VP Research Analyst – Commodity and Currency,
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