Gold and silver prices dropped to a month low on the back of geopolitical concerns while some attribution can be given to the strengthening dollar as well. The drop in gold prices can bring some relief to buyers.
The 24-carat gold trading at Rs 5000 below the Rs 80,000 per 10-gram mark, which it touched on the back of increased festive demand.
“Gold continued to face significant pressure as the strength in the dollar index kept prices under $2,600 on COMEX, with a drop of $24. In MCX, gold fell by over ₹500, reaching ₹74,750 and slipping below ₹75,000 for the first time since October 10th. The current downtrend suggests that further weakness could persist, potentially driving prices down towards ₹72,000 if COMEX gold remains below $2,600 and tests the $2,500 level in the upcoming sessions. Key events this week, including the US CPI data and the speech by the Federal Reserve Chair, will be critical in providing further direction for gold prices,” said Jateen Trivedi, Vice President of Research Analyst of Commodity and Currency at LKP Securities.
Gold and silver rates today, November 13
The 24-carat gold rate in India was quoted for a price of Rs 75,070 per 10 grams on November 13. The rate for 24-carat gold per gram is Rs 7,507. While the rate of 22-carat gold was Rs 68,814 per 10 grams, continue to depreciate below Rs 70,000 mark.
The price of 24-carat gold has fallen by 2.3% in the last week and 4.8% in the last ten days. The silver is available to Indian customers today at a price of Rs 89,440 per kilogram.
Gold rate in Mumbai on November 13
Today, the 24-carat Gold is priced at Rs 75,070/10 grams. On November 12, the gold was available for Rs 75,470/10 grams. A week back, on November 06, gold was sold for Rs 76,840/10 grams.
Silver rate in Mumbai on November 13
Silver was sold for a price of Rs 89,440/Kg on November 13 in Mumbai, up Rs 140 from November 12, when it was priced at Rs 89,300/Kg and a week ago the price was Rs 91,050, a significant drop of Rs 3,730.
Gold rate in Kolkata on November 13
The 24-carat gold was trading for a price of Rs 74,970/10 grams,
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