Gold prices surged by Rs 1,000 per 10 grams over the past two days, while silver saw a rise of Rs 700 per kilogram, signaling a strong rebound after both metals ended their recent losing streak.
On Tuesday, both gold and silver futures closed on a positive note, both domestically and internationally. The Gold December futures contract settled at Rs 75,585 per 10 grams, marking a 0.72% gain, while the Silver December futures contract ended at Rs 90,630 per kilogram, up by 0.13%.
Gold and silver rates today, November 21
The 24-carat gold rate in India was Rs 76,190 per 10 grams on November 21. The rate for 24-carat gold per gram is Rs 7,619. The rate of 22-carat gold was Rs 69,841 per 10 grams.
Experts on Gold & Silver Outlook
Commenting on the gold outlook, Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, noted that gold prices rose sharply due to escalating geopolitical tensions, particularly concerns over nuclear risks in the ongoing Russia-Ukraine conflict, which fueled a surge in safe-haven demand. On Comex, gold climbed by $24 to $2,635, while on MCX, prices jumped by Rs 700.
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Trivedi also pointed out that technically, gold faces significant resistance in Comex around $2,640–2,650, with support levels near $2,600–2,610. In MCX, strong resistance is seen between Rs 76,100 and Rs 76,300, while key support is around Rs 75,000–75,200. He expects continued market volatility as geopolitical developments unfold, with safe-haven buying likely to sustain gold prices in the short term.
Why is gold a safe haven investment?
Gold is considered a safe-haven investment, offering protection against monetary expansion and helping preserve currency value. As central banks increase the money supply, gold serves as a hedge against potential currency devaluation, making it a dependable asset during times of economic uncertainty.
Its ability to withstand inflation further boosts its attractiveness. As living costs rise, gold’s value often climbs, providing a shield for investors against inflationary pressures. During economic downturns, gold tends to outperform other assets, safeguarding portfolios from devaluation and offering a buffer against financial instability.
Gold rate in Mumbai on November 21
The glittering metal was quoted for a price of Rs 76,190/10 grams in Mumbai on November 21.
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