Gold and silver prices rose a bit on the back of US CPI data anticipation by investors as it could provide some support to the glittering metal. The rise in gold prices can bring some relief to traders after falling for three continuous days.
“Gold saw minor gains as investors anticipate the release of US CPI data, which could offer some short-term support amidst an overall weak trend. The CPI’s downward trend towards the Federal Reserve’s 2% target could pave the way for continued rate cuts, potentially supporting gold in the longer term. Currently, gold is finding support near the $2,600 range on COMEX, while facing resistance around $2,620-$2,625. A range-bound movement between $2,595 and $2,630 is expected before the release of the CPI data,” Jateen Trivedi, Vice President and Research Analyst of Commodity and Currency at LKP Securities.
Gold and silver rates today, November 14
The 24-carat gold rate in India was quoted for a price of Rs 74,620 per 10 grams on November 14. The rate for 24-carat gold per gram is Rs 7,462. While the rate of 22-carat gold was Rs 68,402 per 10 grams, continues to depreciate below the Rs 70,000 mark.
The price of 24-carat gold has fallen by 3.8% in the last week and 5% in the last ten days. The silver is available to Indian customers today at a price of Rs 89,420 per kilogram.
“Spot gold prices, after falling for three consecutive days, are currently changing hands at $2604, up around 0.20% on the day. Yesterday, the metal extended its decline to a nearly seven-week low and closed 0.88% lower at $2597 as the US yields and the Dollar Index surged. Bitcoin rallying to a fresh record high above $89K also pressurized the metal,” said Praveen Singh, Associate Vice President of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas.
Gold rate in Mumbai on November 14
Today, the 24-carat Gold is priced at Rs 74,620/10 grams. On November 13, the gold was available for Rs 75,070/10 grams. A week back, on November 14, gold was sold for Rs 77,560/10 grams.
Silver rate in Mumbai on November 14
Silver was sold for a price of Rs 89,420/Kg on November 14 in Mumbai, down Rs 20 from November 13, when it was priced at Rs 89,440/Kg and a week ago the price was Rs 92,370,
» Read More
