Gold and silver rates today, November 08
The 24-carat gold rate in India was Rs 77,560 per 10 grams on November 08. The rate for 24-carat gold per gram is Rs 7,756 The rate of 22-carat gold was Rs 71,097 per 10 grams.
The rate of 24-carat gold has jumped by 0.92% in the last one week, and the yellow metal has plunged by 1.68% in the last ten days. The silver is currently quoted at Rs 92,050 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 traded in a flat to range-bound manner as market participants awaited the outcome of the Federal Reserve’s meeting tonight, with expectations leaning toward a 0.25% rate cut. Additionally, investors anticipate a statement hinting at potential further rate reductions. After yesterday’s significant selloff of over Rs 1,800, dropping from Rs 78,500 to Rs 76,700, gold may find some short-term relief if the Fed’s announcement aligns with projections.
Trivedi also added the upside could be limited, with major resistance set at Rs 77,500. The short-term outlook remains cautious, as the expected 0.25% rate cut is not likely to spark a substantial rally, given that it had already been projected in previous Fed communications.
Why is gold a safe haven investment?
Gold is widely seen as a safe-haven investment, offering protection against monetary expansion and helping preserve currency value. When central banks increase the money supply, gold acts as a hedge against currency devaluation, making it a dependable asset during economic uncertainty.
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Gold’s resilience to inflation further strengthens its appeal. As living costs rise, gold’s value often increases, shielding investors from inflationary pressures. In economic downturns, gold generally outperforms other assets, protecting portfolios from devaluation and providing a buffer against financial instability.
Gold rate in Mumbai on November 08
The glittering metal was quoted for a price of Rs 77,560/10 grams in Mumbai on November 08. On November 07, the price of gold was Rs 76,840/10 grams. Seven days back, on November 01, gold was trading for Rs 78,870/10 grams.
Silver rate in Mumbai on November 08
The shining metal silver was selling for a rate of Rs 92,370/Kg on November 08 in Mumbai.
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