Over the past two days, gold prices surged by Rs 1,480 per 10 grams, while silver saw an increase of Rs 2,700 per kilogram, reflecting a strong rebound. This marks a positive shift after both metals ended their recent losing streak.
On Tuesday, gold and silver futures settled on a positive note both domestically and internationally. The Gold December futures contract closed at Rs 75,585 per 10 grams, gaining 0.72%, while the Silver December futures contract finished at Rs 90,630 per kilogram, with a gain of 0.13%.
The Multi Commodity Exchange of India (MCX) announced via circular that it will not trade on November 20 during its morning session from 9 a.m. to 5 p.m. on account of the Maharashtra Assembly Election 2024. However, trading will resume as usual in the evening session, operating from 5 p.m. to 11:55 p.m.
Gold and silver rates today, November 20
The 24-carat gold rate in India was Rs 75,790 per 10 grams on November 20. The rate for 24-carat gold per gram is Rs 7,889. The rate of 22-carat gold was Rs 69,474 per 10 grams.
Experts on Gold & Silver Outlook
Commenting on the gold outlook Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said that Gold prices moved higher as geopolitical tensions escalated, with renewed fears surrounding nuclear risks in the ongoing Russia-Ukraine conflict driving a surge in safe-haven demand. boosting gold’s appeal. On Comex, gold rose sharply by $24 to $2,635, while in MCX, prices saw a Rs 700 jump.
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Trivedi also added that technically, gold faces stiff resistance in Comex around $2,640–2,650, with support zones near $2,600–2,610. In MCX, Rs 76,100–76,300 acts as a strong resistance, while Rs 75,000–75,200 serves as key support. The market is expected to remain highly volatile as these geopolitical developments unfold. Safe-haven buying is likely to persist, keeping gold prices elevated in the short term.
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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