Gold and silver rates today, November 04
The 24-carat gold rate in India was Rs 78,890 per 10 grams on November 04. The rate for 24-carat gold per gram is Rs 7,889. The rate of 22-carat gold was Rs 72,316 per 10 grams.
The rate of 24-carat gold has risen by 0.35% in the last one week, and the yellow metal has gained by 0.03% 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 witnessed slight profit-taking as traders preferred to secure gains from recent rallies ahead of Friday’s key events—the Non-Farm Payroll (NFP) and unemployment reports.
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Trivedi also added that currently trading around Rs 79,400 in MCX, gold faces resistance at Rs 79,600, while Comex shows a hurdle near $2,790. The upcoming U.S. election next week is expected to be a decisive factor for gold’s trend, with market participants closely watching its outcome for further direction.
Why is gold a safe haven investment?
Gold is widely regarded as a safe-haven investment, providing protection against monetary expansion and helping to preserve currency value. As central banks increase the money supply, gold acts as a hedge against potential currency devaluation, making it a reliable asset in uncertain economic conditions.
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Its resilience against inflation further enhances its appeal. As the cost of living rises, gold’s value often increases, shielding investors from inflationary pressures. During economic downturns, gold typically outperforms other assets, helping to protect portfolios from devaluation and offering a buffer against financial instability.
Gold rate in Mumbai on November 04
The glittering metal was quoted for a price of Rs 78,890/10 grams in Mumbai on November 04. On November 01, the price of gold was Rs 78,870/10 grams. Seven days back, on October 28, gold was trading for Rs 78,610/10 grams.
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