Gold and silver rates today, November 05
The 24-carat gold rate in India was Rs 78,510 per 10 grams on November 05. The rate for 24-carat gold per gram is Rs 7,851. The rate of 22-carat gold was Rs 71,968 per 10 grams.
The rate of 24-carat gold has fallen by 0.77% in the last one week, and the yellow metal has gained by 0.15% 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 volatility as Comex gold found support near $2,730 but struggled to break above $2,750. With the U.S. election results due in the next two days, market participants are expected to have mixed sentiments, likely resulting in a range-bound session between Rs 78,000 and Rs 79,000 in MCX
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Trivedi also added that Once the election outcome is announced, gold could see a decisive move of around Rs 1,000-Rs 1,500 in the coming days. Key support levels lie between Rs 78,000- Rs 77,800, while resistance is positioned at Rs 79,000-Rs 79,175.
Why is gold a safe haven investment?
Gold is widely seen as a safe-haven investment, offering protection against monetary expansion and helping to preserve currency value. As central banks expand the money supply, gold serves as a hedge against potential currency devaluation, making it a reliable asset in uncertain economic climates.
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Its resilience to inflation adds to its appeal. As living costs rise, gold’s value often follows suit, shielding investors from inflationary pressures. In economic downturns, gold typically outperforms other assets, helping protect portfolios from devaluation and providing a buffer against financial instability.
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